Metropolitan Bank (NYSE:MCB) Research Coverage Started at Hovde Group

Hovde Group began coverage on shares of Metropolitan Bank (NYSE:MCB) in a research report report published on Thursday, Marketbeat.com reports. The brokerage issued an outperform rating and a $65.50 price objective on the stock.

MCB has been the topic of a number of other research reports. Keefe, Bruyette & Woods reaffirmed an outperform rating and set a $67.50 price target (up previously from $55.00) on shares of Metropolitan Bank in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. raised their target price on Metropolitan Bank from $55.00 to $70.00 and gave the stock an overweight rating in a research note on Tuesday, July 23rd.

Metropolitan Bank Trading Down 3.6 %

Shares of MCB stock opened at $52.42 on Thursday. Metropolitan Bank has a 1-year low of $30.20 and a 1-year high of $57.69. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.37. The stock has a market cap of $586.74 million, a price-to-earnings ratio of 8.62 and a beta of 1.13. The stock has a 50-day moving average of $50.22 and a 200-day moving average of $43.60.

Metropolitan Bank (NYSE:MCB) last released its earnings results on Thursday, July 18th. The company reported $1.50 earnings per share for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.07). Metropolitan Bank had a net margin of 15.22% and a return on equity of 10.47%. The firm had revenue of $121.90 million for the quarter, compared to analyst estimates of $68.02 million. During the same period in the prior year, the company posted $1.37 EPS. On average, equities research analysts forecast that Metropolitan Bank will post 6.03 earnings per share for the current year.

Insiders Place Their Bets

In other Metropolitan Bank news, CEO Mark R. Defazio sold 34,986 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $55.34, for a total transaction of $1,936,125.24. Following the completion of the sale, the chief executive officer now owns 181,208 shares in the company, valued at approximately $10,028,050.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Scott Lublin sold 1,005 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $55.11, for a total transaction of $55,385.55. Following the completion of the sale, the executive vice president now owns 57,077 shares in the company, valued at $3,145,513.47. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Mark R. Defazio sold 34,986 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $55.34, for a total value of $1,936,125.24. Following the transaction, the chief executive officer now owns 181,208 shares in the company, valued at $10,028,050.72. The disclosure for this sale can be found here. Corporate insiders own 6.50% of the company’s stock.

Institutional Trading of Metropolitan Bank

Institutional investors and hedge funds have recently made changes to their positions in the company. Banc Funds Co. LLC grew its position in Metropolitan Bank by 1.3% in the 4th quarter. Banc Funds Co. LLC now owns 235,664 shares of the company’s stock worth $13,051,000 after purchasing an additional 3,000 shares in the last quarter. Basswood Capital Management L.L.C. lifted its holdings in Metropolitan Bank by 226.5% during the fourth quarter. Basswood Capital Management L.L.C. now owns 159,279 shares of the company’s stock worth $8,821,000 after acquiring an additional 110,493 shares during the period. Ranger Investment Management L.P. boosted its position in Metropolitan Bank by 4.0% in the fourth quarter. Ranger Investment Management L.P. now owns 146,578 shares of the company’s stock worth $8,117,000 after purchasing an additional 5,575 shares during the last quarter. Cox Capital Mgt LLC grew its stake in Metropolitan Bank by 11.9% in the 1st quarter. Cox Capital Mgt LLC now owns 11,395 shares of the company’s stock valued at $439,000 after purchasing an additional 1,214 shares during the period. Finally, Allspring Global Investments Holdings LLC purchased a new stake in shares of Metropolitan Bank during the 1st quarter valued at $103,000. Hedge funds and other institutional investors own 79.83% of the company’s stock.

Metropolitan Bank Company Profile

Metropolitan Bank Holding Corp. operates as the bank holding company for Metropolitan Commercial Bank that provides a range of business, commercial, and retail banking products and services to small businesses, middle-market enterprises, public entities, and individuals in the New York metropolitan area.