Piper Sandler Forecasts Strong Price Appreciation for Metropolitan Bank (NYSE:MCB) Stock

Metropolitan Bank (NYSE:MCB) had its price objective lifted by research analysts at Piper Sandler from $67.00 to $74.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price would suggest a potential upside of 13.85% from the stock’s previous close.

A number of other analysts have also recently weighed in on the company. Keefe, Bruyette & Woods upped their price target on Metropolitan Bank from $73.00 to $85.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Hovde Group increased their target price on shares of Metropolitan Bank from $65.50 to $68.00 and gave the stock an “outperform” rating in a research report on Monday, October 21st.

Metropolitan Bank Price Performance

NYSE:MCB opened at $65.00 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.00 and a current ratio of 1.00. The company has a 50-day moving average of $60.83 and a 200-day moving average of $51.95. Metropolitan Bank has a 52 week low of $32.46 and a 52 week high of $69.56. The company has a market capitalization of $727.87 million, a price-to-earnings ratio of 12.22 and a beta of 1.16.

Metropolitan Bank (NYSE:MCB) last announced its quarterly earnings results on Thursday, October 17th. The company reported $1.86 EPS for the quarter, topping analysts’ consensus estimates of $1.55 by $0.31. Metropolitan Bank had a net margin of 12.47% and a return on equity of 10.02%. The firm had revenue of $71.52 million during the quarter, compared to analysts’ expectations of $66.70 million. As a group, equities research analysts anticipate that Metropolitan Bank will post 6.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Metropolitan Bank news, EVP Nick Rosenberg sold 1,250 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $65.17, for a total value of $81,462.50. Following the completion of the transaction, the executive vice president now directly owns 30,193 shares of the company’s stock, valued at approximately $1,967,677.81. The trade was a 3.98 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Norman Scott sold 1,473 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $57.92, for a total transaction of $85,316.16. Following the completion of the sale, the senior vice president now directly owns 11,732 shares of the company’s stock, valued at approximately $679,517.44. This represents a 11.15 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 4,973 shares of company stock valued at $291,024. 6.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. CWM LLC raised its position in shares of Metropolitan Bank by 70.1% during the second quarter. CWM LLC now owns 784 shares of the company’s stock worth $33,000 after acquiring an additional 323 shares during the last quarter. SG Americas Securities LLC bought a new stake in Metropolitan Bank during the 2nd quarter worth about $273,000. Sequoia Financial Advisors LLC acquired a new position in Metropolitan Bank during the 2nd quarter valued at about $361,000. Assenagon Asset Management S.A. boosted its stake in shares of Metropolitan Bank by 33.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 42,000 shares of the company’s stock valued at $1,768,000 after purchasing an additional 10,579 shares during the last quarter. Finally, SummerHaven Investment Management LLC grew its position in shares of Metropolitan Bank by 2.0% during the 2nd quarter. SummerHaven Investment Management LLC now owns 18,270 shares of the company’s stock worth $769,000 after buying an additional 367 shares during the period. 79.83% of the stock is currently 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.