Metropolitan Bank (NYSE:MCB) Trading Down 3.6% – Here’s Why

Metropolitan Bank Holding Corp. (NYSE:MCB) shares traded down 3.6% on Friday . The stock traded as low as $60.27 and last traded at $60.27. 49,937 shares changed hands during trading, a decline of 47% from the average session volume of 94,304 shares. The stock had previously closed at $62.53.

Wall Street Analysts Forecast Growth

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

Metropolitan Bank Stock Performance

The company has a market cap of $652.66 million, a PE ratio of 9.59 and a beta of 1.13. The company’s fifty day moving average price is $51.65 and its 200 day moving average price is $45.92. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.99 and a quick ratio of 0.99.

Metropolitan Bank (NYSE:MCB) last posted its earnings results on Thursday, July 18th. The company reported $1.50 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.07). The firm had revenue of $121.90 million for the quarter, compared to the consensus estimate of $68.02 million. Metropolitan Bank had a return on equity of 10.47% and a net margin of 15.22%. During the same period in the prior year, the business earned $1.37 EPS. On average, equities research analysts predict that Metropolitan Bank Holding Corp. will post 6.1 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Mark R. Defazio sold 34,986 shares of Metropolitan Bank 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 sale, the chief executive officer now directly owns 181,208 shares in the company, valued at $10,028,050.72. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO Mark R. Defazio sold 34,986 shares of the 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 completion of the transaction, the chief executive officer now owns 181,208 shares in the company, valued at approximately $10,028,050.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction of $68,925.00. Following the completion of the sale, the executive vice president now directly owns 31,443 shares in the company, valued at approximately $1,733,767.02. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,241 shares of company stock worth $2,060,436. 6.50% of the stock is owned by company insiders.

Institutional Trading of Metropolitan Bank

A number of large investors have recently bought and sold shares of MCB. Millennium Management LLC purchased a new position in shares of Metropolitan Bank during the 2nd quarter valued at $4,991,000. Price T Rowe Associates Inc. MD bought a new stake in Metropolitan Bank in the 1st quarter valued at about $1,876,000. Empowered Funds LLC purchased a new stake in Metropolitan Bank during the first quarter valued at about $1,303,000. Marshall Wace LLP boosted its position in Metropolitan Bank by 193.1% during the second quarter. Marshall Wace LLP now owns 50,350 shares of the company’s stock worth $2,119,000 after purchasing an additional 33,171 shares during the period. Finally, American Century Companies Inc. increased its stake in shares of Metropolitan Bank by 21.1% in the second quarter. American Century Companies Inc. now owns 186,440 shares of the company’s stock worth $7,847,000 after purchasing an additional 32,491 shares in the last quarter. 79.83% of the stock is owned by hedge funds and other institutional investors.

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.