Metropolitan Bank (NYSE:MCB) Shares Gap Up – Here’s What Happened

Metropolitan Bank Holding Corp. (NYSE:MCB)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $52.73, but opened at $53.93. Metropolitan Bank shares last traded at $53.78, with a volume of 35,615 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on MCB. Hovde Group increased their price target on shares of Metropolitan Bank from $75.00 to $83.50 and gave the stock an “outperform” rating in a research report on Monday, January 27th. Keefe, Bruyette & Woods raised their target price on Metropolitan Bank from $73.00 to $85.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Piper Sandler boosted their price target on Metropolitan Bank from $67.00 to $74.00 and gave the stock an “overweight” rating in a report on Friday, December 13th.

Metropolitan Bank Stock Performance

The firm has a market capitalization of $600.49 million, a P/E ratio of 9.03 and a beta of 1.17. The stock has a fifty day simple moving average of $60.42 and a two-hundred day simple moving average of $58.61. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.00 and a quick ratio of 1.00.

Metropolitan Bank (NYSE:MCB) last released its earnings results on Thursday, January 23rd. The company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.39. Metropolitan Bank had a net margin of 13.55% and a return on equity of 10.89%. On average, research analysts predict that Metropolitan Bank Holding Corp. will post 7.31 EPS for the current year.

Insider Buying and Selling at Metropolitan Bank

In related news, EVP Scott Lublin sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $58.77, for a total transaction of $176,310.00. Following the completion of the transaction, the executive vice president now owns 52,253 shares of the company’s stock, valued at $3,070,908.81. This trade represents a 5.43 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Dale C. Fredston sold 1,000 shares of the business’s stock in a transaction on Thursday, February 13th. The shares were sold at an average price of $62.27, for a total transaction of $62,270.00. Following the sale, the director now directly owns 17,668 shares of the company’s stock, valued at approximately $1,100,186.36. The trade was a 5.36 % decrease in their position. The disclosure for this sale can be found here. 6.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Metropolitan Bank

A number of hedge funds and other institutional investors have recently modified their holdings of MCB. Man Group plc boosted its holdings in shares of Metropolitan Bank by 44.4% during the 4th quarter. Man Group plc now owns 7,236 shares of the company’s stock valued at $423,000 after purchasing an additional 2,226 shares during the last quarter. Numerai GP LLC bought a new position in Metropolitan Bank during the fourth quarter valued at approximately $540,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Metropolitan Bank by 3.1% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,020 shares of the company’s stock valued at $352,000 after buying an additional 182 shares in the last quarter. Jacobs Levy Equity Management Inc. increased its stake in Metropolitan Bank by 2.9% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 57,902 shares of the company’s stock worth $3,381,000 after acquiring an additional 1,624 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Metropolitan Bank by 53.4% during the 4th quarter. Deutsche Bank AG now owns 8,889 shares of the company’s stock worth $519,000 after acquiring an additional 3,093 shares in the last quarter. Institutional investors own 79.83% of the company’s stock.

About Metropolitan Bank

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.