Metropolitan Bank (NYSE:MCB) Receives New Coverage from Analysts at Hovde Group

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

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

Metropolitan Bank Stock Performance

Shares of Metropolitan Bank stock opened at $54.38 on Thursday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.37. The company has a market cap of $608.68 million, a PE ratio of 8.94 and a beta of 1.13. The business has a 50 day moving average price of $50.12 and a 200-day moving average price of $43.47. Metropolitan Bank has a 52 week low of $30.20 and a 52 week high of $57.69.

Metropolitan Bank (NYSE:MCB) last issued its quarterly earnings results on Thursday, July 18th. The company reported $1.50 EPS for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.07). The business had revenue of $121.90 million for the quarter, compared to analysts’ expectations of $68.02 million. Metropolitan Bank had a net margin of 15.22% and a return on equity of 10.47%. During the same period in the previous year, the business posted $1.37 earnings per share. Equities analysts anticipate that Metropolitan Bank will post 6.03 earnings per share for the current fiscal year.

Insider Buying and Selling at Metropolitan Bank

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

Hedge Funds Weigh In On Metropolitan Bank

Large investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD bought a new position in shares of Metropolitan Bank in the first quarter worth $1,876,000. Acadian Asset Management LLC boosted its holdings in shares of Metropolitan Bank by 133.4% in the first quarter. Acadian Asset Management LLC now owns 48,548 shares of the company’s stock worth $1,867,000 after acquiring an additional 27,752 shares during the period. Jacobs Levy Equity Management Inc. boosted its holdings in shares of Metropolitan Bank by 21.3% in the first quarter. Jacobs Levy Equity Management Inc. now owns 82,931 shares of the company’s stock worth $3,193,000 after acquiring an additional 14,547 shares during the period. Vanguard Group Inc. boosted its stake in Metropolitan Bank by 4.6% during the first quarter. Vanguard Group Inc. now owns 628,996 shares of the company’s stock valued at $24,216,000 after buying an additional 27,499 shares during the period. Finally, SG Americas Securities LLC bought a new stake in Metropolitan Bank during the second quarter valued at $273,000. 79.83% of the stock is owned by institutional investors.

About Metropolitan Bank

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.