Metropolitan Bank (NYSE:MCB) Issues Quarterly Earnings Results

Metropolitan Bank (NYSE:MCB) released its quarterly earnings data on Tuesday. The company reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.20, FiscalAI reports. Metropolitan Bank had a net margin of 14.31% and a return on equity of 10.22%. The firm had revenue of $100.56 million during the quarter, compared to analysts’ expectations of $97.05 million.

Metropolitan Bank Price Performance

Shares of NYSE MCB opened at $88.78 on Wednesday. The firm has a market cap of $1.10 billion, a P/E ratio of 11.24 and a beta of 1.03. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.02. Metropolitan Bank has a 1-year low of $64.66 and a 1-year high of $102.04. The business’s 50 day moving average is $89.89 and its 200-day moving average is $91.44.

Metropolitan Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 10th. Stockholders of record on Friday, October 30th will be given a $0.35 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $1.40 annualized dividend and a dividend yield of 1.6%. Metropolitan Bank’s dividend payout ratio is presently 17.72%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on MCB shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Metropolitan Bank in a report on Friday, August 7th. Keefe, Bruyette & Woods dropped their price objective on shares of Metropolitan Bank from $120.00 to $110.00 and set an “outperform” rating on the stock in a research report on Thursday, July 23rd. UBS Group cut their target price on shares of Metropolitan Bank from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Tuesday, July 28th. Finally, Wall Street Zen downgraded shares of Metropolitan Bank from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Metropolitan Bank has an average rating of “Buy” and an average target price of $105.00.

Insider Buying and Selling

In other Metropolitan Bank news, Director Robert C. Patent sold 10,000 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $92.29, for a total value of $922,900.00. Following the transaction, the director directly owned 76,185 shares of the company’s stock, valued at $7,031,113.65. This represents a 11.60% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Daniel F. Dougherty acquired 1,000 shares of the firm’s stock in a transaction on Thursday, July 23rd. The stock was purchased at an average cost of $89.98 per share, for a total transaction of $89,980.00. Following the completion of the acquisition, the chief financial officer owned 33,197 shares in the company, valued at approximately $2,987,066.06. This represents a 3.11% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 5.50% of the stock is currently owned by insiders.

Metropolitan Bank Company Profile

Metropolitan Bank Holding Corp. is the parent company of Metropolitan Commercial Bank, a full-service commercial bank headquartered in New York. Founded in 1999, the bank provides financial services to businesses, entrepreneurs, institutions and consumers through its branch network and digital banking channels.

Metropolitan Commercial Bank offers commercial and consumer deposit accounts, business and real estate lending, personal loans, cash-management and treasury services, online and mobile banking, and other payment-related solutions.