Metropolitan Bank (NYSE:MCB) Shares Gap Up Following Strong Earnings

Metropolitan Bank Holding Corp. (NYSE:MCB)’s stock price gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $60.98, but opened at $63.29. Metropolitan Bank shares last traded at $64.90, with a volume of 17,476 shares trading hands.

The company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.39. Metropolitan Bank had a return on equity of 10.02% and a net margin of 12.47%.

Wall Street Analysts Forecast Growth

MCB has been the subject of several recent analyst reports. Hovde Group lifted their target price on shares of Metropolitan Bank from $65.50 to $68.00 and gave the stock an “outperform” rating in a research note on Monday, October 21st. Keefe, Bruyette & Woods boosted their price objective on shares of Metropolitan Bank from $73.00 to $85.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, Piper Sandler boosted their price objective on shares of Metropolitan Bank from $67.00 to $74.00 and gave the company an “overweight” rating in a research note on Friday, December 13th.

Insider Buying and Selling

In other news, EVP Scott Lublin sold 3,000 shares of the company’s stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $58.77, for a total value of $176,310.00. Following the sale, the executive vice president now owns 52,253 shares in the company, valued at approximately $3,070,908.81. This represents a 5.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $81,462.50. Following the sale, the executive vice president now directly owns 30,193 shares of the company’s stock, valued at approximately $1,967,677.81. This represents a 3.98 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 5,250 shares of company stock valued at $313,093. Company insiders own 6.50% of the company’s stock.

Institutional Investors Weigh In On Metropolitan Bank

A number of institutional investors have recently modified their holdings of MCB. Point72 DIFC Ltd bought a new position in shares of Metropolitan Bank in the second quarter valued at approximately $27,000. Verition Fund Management LLC boosted its stake in shares of Metropolitan Bank by 12.0% during the 3rd quarter. Verition Fund Management LLC now owns 6,553 shares of the company’s stock valued at $345,000 after buying an additional 700 shares during the period. SG Americas Securities LLC boosted its stake in shares of Metropolitan Bank by 9.1% during the 4th quarter. SG Americas Securities LLC now owns 9,342 shares of the company’s stock valued at $546,000 after buying an additional 781 shares during the period. Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of Metropolitan Bank by 212.7% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,354 shares of the company’s stock valued at $71,000 after buying an additional 921 shares during the period. Finally, CWM LLC raised its holdings in shares of Metropolitan Bank by 127.0% during the 3rd quarter. CWM LLC now owns 1,780 shares of the company’s stock valued at $94,000 after purchasing an additional 996 shares in the last quarter. Institutional investors own 79.83% of the company’s stock.

Metropolitan Bank Stock Up 7.8 %

The firm has a market cap of $736.27 million, a P/E ratio of 12.36 and a beta of 1.17. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.36. The business’s fifty day moving average price is $61.98 and its two-hundred day moving average price is $55.96.

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.