Metropolitan Bank (NYSE:MCB) Price Target Raised to $79.00 at Hovde Group

Metropolitan Bank (NYSE:MCB) had its price objective hoisted by Hovde Group from $75.00 to $79.00 in a research report report published on Monday, Marketbeat.com reports. They currently have an outperform rating on the stock.

Metropolitan Bank Price Performance

Shares of NYSE MCB opened at $65.11 on Monday. The firm’s 50-day moving average price is $61.90 and its 200-day moving average price is $60.35. Metropolitan Bank has a 1-year low of $37.10 and a 1-year high of $69.56. The firm has a market capitalization of $694.07 million, a P/E ratio of 11.00 and a beta of 1.08. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.36.

Metropolitan Bank (NYSE:MCB) last posted its earnings results on Monday, April 21st. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.61 by ($0.16). Metropolitan Bank had a return on equity of 10.89% and a net margin of 13.55%. The business had revenue of $70.59 million for the quarter, compared to the consensus estimate of $67.62 million. During the same period in the previous year, the firm earned $1.46 earnings per share. Equities research analysts anticipate that Metropolitan Bank will post 7.31 earnings per share for the current fiscal year.

Insider Activity at Metropolitan Bank

In related news, COO Dixiana M. Berrios sold 6,250 shares of the company’s stock in a transaction that occurred on Friday, May 2nd. The shares were sold at an average price of $64.00, for a total transaction of $400,000.00. Following the sale, the chief operating officer now directly owns 13,606 shares in the company, valued at approximately $870,784. This represents a 31.48% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Mark R. Defazio sold 20,517 shares of the firm’s stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $65.43, for a total transaction of $1,342,427.31. Following the sale, the chief executive officer now owns 94,185 shares in the company, valued at approximately $6,162,524.55. This trade represents a 17.89% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 53,200 shares of company stock worth $3,455,729. 6.09% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Royce & Associates LP grew its holdings in shares of Metropolitan Bank by 749.4% during the 1st quarter. Royce & Associates LP now owns 316,191 shares of the company’s stock worth $17,704,000 after acquiring an additional 278,966 shares during the period. Philadelphia Financial Management of San Francisco LLC purchased a new position in shares of Metropolitan Bank during the 1st quarter worth approximately $12,602,000. Wellington Management Group LLP purchased a new position in shares of Metropolitan Bank during the 4th quarter worth approximately $12,109,000. Nuveen LLC purchased a new position in shares of Metropolitan Bank during the 1st quarter worth approximately $10,206,000. Finally, JPMorgan Chase & Co. grew its holdings in shares of Metropolitan Bank by 1,726.5% during the 4th quarter. JPMorgan Chase & Co. now owns 149,280 shares of the company’s stock worth $8,718,000 after acquiring an additional 141,107 shares during the period. 79.83% of the stock is owned by 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.