Summit Global Investments Takes $328,000 Position in Metropolitan Bank Holding Corp. (NYSE:MCB)

Summit Global Investments bought a new position in shares of Metropolitan Bank Holding Corp. (NYSE:MCB) during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,238 shares of the company’s stock, valued at approximately $328,000.

Other large investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD acquired a new stake in shares of Metropolitan Bank in the 1st quarter valued at about $1,876,000. Acadian Asset Management LLC raised its holdings in shares of Metropolitan Bank by 133.4% in the 1st 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 last quarter. Jacobs Levy Equity Management Inc. lifted 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 valued at $3,193,000 after purchasing an additional 14,547 shares in the last quarter. Vanguard Group Inc. lifted its stake in Metropolitan Bank by 4.6% during the 1st quarter. Vanguard Group Inc. now owns 628,996 shares of the company’s stock valued at $24,216,000 after acquiring an additional 27,499 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in Metropolitan Bank during the 2nd quarter worth $273,000. 79.83% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Metropolitan Bank

In related news, EVP Nick Rosenberg sold 1,250 shares of Metropolitan Bank stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $55.14, for a total value of $68,925.00. Following the completion of the sale, the executive vice president now owns 31,443 shares of the company’s stock, valued at approximately $1,733,767.02. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, SVP Norman Scott sold 1,473 shares of Metropolitan Bank stock in a transaction on Monday, October 21st. The stock was sold at an average price of $57.92, for a total value of $85,316.16. Following the completion of the transaction, the senior vice president now directly owns 11,732 shares in the company, valued at approximately $679,517.44. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nick Rosenberg sold 1,250 shares of the stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $55.14, for a total value of $68,925.00. Following the sale, the executive vice president now directly owns 31,443 shares in the company, valued at $1,733,767.02. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 3,723 shares of company stock worth $209,561 over the last ninety days. 6.50% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Hovde Group increased their target price on shares of Metropolitan Bank from $65.50 to $68.00 and gave the company an “outperform” rating in a report on Monday, October 21st. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $67.50 target price (up previously from $55.00) on shares of Metropolitan Bank in a research report on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. boosted 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 Stock Performance

NYSE MCB opened at $61.89 on Monday. The company has a market capitalization of $692.55 million, a PE ratio of 11.63 and a beta of 1.12. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.99 and a current ratio of 0.99. Metropolitan Bank Holding Corp. has a 52-week low of $32.46 and a 52-week high of $64.10. The company has a 50-day simple moving average of $53.86 and a 200 day simple moving average of $48.05.

Metropolitan Bank (NYSE:MCB) last issued its quarterly earnings results on Thursday, October 17th. The company reported $1.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.55 by $0.31. Metropolitan Bank had a net margin of 12.47% and a return on equity of 10.17%. The company had revenue of $71.52 million during the quarter, compared to analyst estimates of $66.70 million. On average, research analysts predict that Metropolitan Bank Holding Corp. will post 6.31 EPS 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.