Geode Capital Management LLC Sells 8,033 Shares of Metropolitan Bank Holding Corp. (NYSE:MCB)

Geode Capital Management LLC trimmed its stake in Metropolitan Bank Holding Corp. (NYSE:MCB) by 3.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 245,527 shares of the company’s stock after selling 8,033 shares during the quarter. Geode Capital Management LLC owned approximately 2.19% of Metropolitan Bank worth $12,912,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its holdings in shares of Metropolitan Bank by 52.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 83,472 shares of the company’s stock valued at $3,513,000 after purchasing an additional 28,665 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Metropolitan Bank by 12.0% during the 2nd quarter. Principal Financial Group Inc. now owns 13,591 shares of the company’s stock worth $572,000 after acquiring an additional 1,456 shares during the last quarter. Acadian Asset Management LLC lifted its holdings in Metropolitan Bank by 31.4% during the 2nd quarter. Acadian Asset Management LLC now owns 63,788 shares of the company’s stock valued at $2,683,000 after purchasing an additional 15,240 shares during the last quarter. American Century Companies Inc. boosted its position in Metropolitan Bank by 21.1% during 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 during the period. Finally, Johnson Investment Counsel Inc. acquired a new position in shares of Metropolitan Bank in the second quarter valued at $202,000. Institutional investors and hedge funds own 79.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MCB shares. Hovde Group raised 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 Metropolitan Bank from $73.00 to $85.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Finally, Piper Sandler increased their target price on Metropolitan Bank from $67.00 to $74.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th.

Insider Buying and Selling at Metropolitan Bank

In related news, Director Robert C. Patent sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $55.32, for a total value of $55,320.00. Following the sale, the director now directly owns 79,133 shares of the company’s stock, valued at $4,377,637.56. This trade represents a 1.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Nick Rosenberg sold 1,250 shares of the business’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $65.17, for a total value of $81,462.50. Following 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 7,973 shares of company stock valued at $467,334 in the last ninety days. 6.50% of the stock is currently owned by company insiders.

Metropolitan Bank Price Performance

Shares of Metropolitan Bank stock opened at $58.10 on Tuesday. The company has a 50-day simple moving average of $61.50 and a two-hundred day simple moving average of $53.53. Metropolitan Bank Holding Corp. has a twelve month low of $32.46 and a twelve month high of $69.56. The stock has a market capitalization of $650.60 million, a price-to-earnings ratio of 10.92 and a beta of 1.16. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.36.

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, beating the consensus estimate of $1.55 by $0.31. The business had revenue of $71.52 million during the quarter, compared to analysts’ expectations of $66.70 million. Metropolitan Bank had a return on equity of 10.02% and a net margin of 12.47%. Analysts forecast that Metropolitan Bank Holding Corp. will post 6.31 EPS for the current year.

Metropolitan Bank 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.