Metropolitan Bank (NYSE:MCB) Trading 17.5% Higher – Time to Buy?

by · The Markets Daily

Shares of Metropolitan Bank Holding Corp. (NYSE:MCB – Get Free Report) traded up 17.5% during mid-day trading on Wednesday . The company traded as high as $63.91 and last traded at $63.91. 11,870 shares changed hands during trading, a decline of 87% from the average session volume of 92,779 shares. The stock had previously closed at $54.37.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Hovde Group increased their target price on shares of Metropolitan Bank from $65.50 to $68.00 and gave the company an “outperform” rating in a report on Monday, October 21st. JPMorgan Chase & Co. lifted their price objective on shares of Metropolitan Bank from $55.00 to $70.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 23rd. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $67.50 target price (up from $55.00) on shares of Metropolitan Bank in a research note on Tuesday, July 23rd.

Get Our Latest Stock Analysis on Metropolitan Bank

Metropolitan Bank Stock Up 15.6 %

The stock has a fifty day simple moving average of $53.23 and a two-hundred day simple moving average of $47.63. The firm has a market cap of $703.18 million, a PE ratio of 11.81 and a beta of 1.12. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.37.

Insider Activity at Metropolitan Bank

In related news, SVP Norman Scott sold 1,473 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $57.92, for a total value of $85,316.16. Following the sale, the senior vice president now directly owns 11,732 shares of the company’s stock, valued at $679,517.44. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Metropolitan Bank news, SVP Norman Scott sold 1,473 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $57.92, for a total value of $85,316.16. Following the completion of the sale, the senior vice president now owns 11,732 shares of the company’s stock, valued at $679,517.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nick Rosenberg sold 1,250 shares of the stock in a transaction on Friday, October 4th. The shares were sold at an average price of $55.14, for a total transaction of $68,925.00. Following the transaction, 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 quarter, insiders sold 3,723 shares of company stock valued at $209,561. Company insiders own 6.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. CWM LLC lifted its position in Metropolitan Bank by 70.1% during the 2nd quarter. CWM LLC now owns 784 shares of the company’s stock valued at $33,000 after acquiring an additional 323 shares during the period. SummerHaven Investment Management LLC increased its position in Metropolitan Bank by 2.0% during the 2nd quarter. SummerHaven Investment Management LLC now owns 18,270 shares of the company’s stock valued at $769,000 after buying an additional 367 shares in the last quarter. Point72 DIFC Ltd purchased a new position in Metropolitan Bank during the second quarter valued at $27,000. Salzhauer Michael boosted its holdings in Metropolitan Bank by 2.3% in the second quarter. Salzhauer Michael now owns 38,100 shares of the company’s stock worth $1,604,000 after acquiring an additional 842 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in shares of Metropolitan Bank by 12.0% in the second 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. Hedge funds and other institutional investors own 79.83% of the company’s stock.

Metropolitan Bank Company Profile

(Get Free Report)

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.

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