Millennium Management LLC Invests $4.99 Million in Metropolitan Bank Holding Corp. (NYSE:MCB)

Millennium Management LLC bought a new position in Metropolitan Bank Holding Corp. (NYSE:MCB) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 118,588 shares of the company’s stock, valued at approximately $4,991,000.

Several other large investors also recently modified their holdings of MCB. Point72 DIFC Ltd bought a new stake in shares of Metropolitan Bank in the second quarter worth about $27,000. CWM LLC boosted its position in Metropolitan Bank by 70.1% during the 2nd quarter. CWM LLC now owns 784 shares of the company’s stock valued at $33,000 after acquiring an additional 323 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new stake in Metropolitan Bank during the 2nd quarter valued at approximately $74,000. Allspring Global Investments Holdings LLC bought a new stake in Metropolitan Bank during the 1st quarter valued at approximately $103,000. Finally, Johnson Investment Counsel Inc. bought a new stake in Metropolitan Bank during the 2nd quarter valued at approximately $202,000. 79.83% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on MCB shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $67.50 price objective (up from $55.00) on shares of Metropolitan Bank in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. lifted their price objective on Metropolitan Bank from $55.00 to $70.00 and gave the company an “overweight” rating in a research report on Tuesday, July 23rd. Finally, Hovde Group started coverage on Metropolitan Bank in a research report on Thursday, September 19th. They issued an “outperform” rating and a $65.50 price target on the stock.

Insider Activity

In other news, CEO Mark R. Defazio sold 34,986 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 181,208 shares in the company, valued at approximately $10,028,050.72. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Mark R. Defazio sold 34,986 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 181,208 shares in the company, valued at approximately $10,028,050.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nick Rosenberg sold 1,250 shares of the stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $55.14, for a total transaction of $68,925.00. Following the transaction, the executive vice president now owns 31,443 shares in the company, valued at approximately $1,733,767.02. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,241 shares of company stock worth $2,060,436. 6.50% of the stock is currently owned by corporate insiders.

Metropolitan Bank Trading Up 2.6 %

Shares of MCB stock opened at $56.01 on Friday. Metropolitan Bank Holding Corp. has a 1 year low of $30.20 and a 1 year high of $57.69. The firm has a fifty day moving average price of $49.92 and a 200-day moving average price of $44.95. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.99 and a quick ratio of 0.99. The company has a market cap of $626.75 million, a price-to-earnings ratio of 9.02 and a beta of 1.13.

Metropolitan Bank (NYSE:MCB) last issued its quarterly earnings data on Thursday, July 18th. The company reported $1.50 earnings per share (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 the consensus estimate 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 firm earned $1.37 EPS. As a group, equities analysts predict that Metropolitan Bank Holding Corp. will post 6.1 earnings per share for the current year.

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.