Bank of New York Mellon Corp Sells 611 Shares of Metropolitan Bank Holding Corp. (NYSE:MCB)

Bank of New York Mellon Corp cut its stake in shares of Metropolitan Bank Holding Corp. (NYSE:MCB) by 0.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 71,512 shares of the company’s stock after selling 611 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.65% of Metropolitan Bank worth $4,004,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. Wellington Management Group LLP bought a new stake in shares of Metropolitan Bank during the fourth quarter valued at approximately $12,109,000. JPMorgan Chase & Co. raised its position in shares of Metropolitan Bank by 1,726.5% during the fourth quarter. JPMorgan Chase & Co. now owns 149,280 shares of the company’s stock valued at $8,718,000 after buying an additional 141,107 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Metropolitan Bank by 16.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 291,235 shares of the company’s stock valued at $17,008,000 after buying an additional 41,449 shares during the last quarter. Boothbay Fund Management LLC bought a new stake in shares of Metropolitan Bank during the fourth quarter valued at approximately $1,982,000. Finally, GAMMA Investing LLC raised its position in shares of Metropolitan Bank by 21,710.5% during the first quarter. GAMMA Investing LLC now owns 33,370 shares of the company’s stock valued at $1,868,000 after buying an additional 33,217 shares during the last quarter. 79.83% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Metropolitan Bank news, Director Robert C. Patent sold 5,000 shares of the company’s stock in a transaction on Monday, July 21st. The stock was sold at an average price of $78.40, for a total value of $392,000.00. Following the transaction, the director owned 108,685 shares of the company’s stock, valued at $8,520,904. This represents a 4.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Dixiana M. Berrios sold 6,250 shares of the company’s stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $64.00, for a total value of $400,000.00. Following the completion of the transaction, the chief operating officer directly owned 13,606 shares in the company, valued at $870,784. This trade represents a 31.48% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 69,531 shares of company stock worth $4,699,933 over the last ninety days. Corporate insiders own 6.09% of the company’s stock.

Metropolitan Bank Stock Down 1.9%

Shares of MCB opened at $72.83 on Friday. The stock has a market capitalization of $776.35 million, a price-to-earnings ratio of 11.80 and a beta of 1.08. Metropolitan Bank Holding Corp. has a 1 year low of $40.21 and a 1 year high of $80.20. The business’s 50 day simple moving average is $69.11 and its 200-day simple moving average is $62.45. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.98 and a quick ratio of 0.98.

Metropolitan Bank (NYSE:MCB) last released its quarterly earnings results on Thursday, July 17th. The company reported $1.76 earnings per share for the quarter, beating the consensus estimate of $1.62 by $0.14. The company had revenue of $76.27 million for the quarter, compared to analyst estimates of $72.50 million. Metropolitan Bank had a return on equity of 10.67% and a net margin of 13.68%. During the same quarter in the prior year, the firm posted $1.50 EPS. As a group, equities analysts expect that Metropolitan Bank Holding Corp. will post 7.31 earnings per share for the current fiscal year.

Metropolitan Bank declared that its board has initiated a share repurchase program on Thursday, July 17th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 6.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Metropolitan Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 11th. Shareholders of record on Monday, July 28th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 0.82%. The ex-dividend date of this dividend is Monday, July 28th.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Hovde Group lifted their target price on Metropolitan Bank from $75.00 to $79.00 and gave the stock an “outperform” rating in a report on Monday, June 16th. Keefe, Bruyette & Woods upped their price objective on Metropolitan Bank from $81.00 to $95.00 and gave the stock an “outperform” rating in a report on Monday, July 21st.

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.