Metropolitan Bank Holding Corp. $MCB Shares Newly Bought by SummerHaven Investment Management LLC

SummerHaven Investment Management LLC purchased a new position in shares of Metropolitan Bank Holding Corp. (NYSE:MCB) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 17,774 shares of the company’s stock, valued at approximately $1,548,000. Metropolitan Bank makes up approximately 1.1% of SummerHaven Investment Management LLC’s portfolio, making the stock its 17th biggest position.

Other large investors also recently made changes to their positions in the company. Emerald Advisers LLC acquired a new position in shares of Metropolitan Bank during the 1st quarter valued at about $25,000. Integrated Wealth Concepts LLC bought a new position in shares of Metropolitan Bank in the 2nd quarter valued at approximately $33,000. Lazard Asset Management LLC raised its stake in shares of Metropolitan Bank by 6.3% in the 1st quarter. Lazard Asset Management LLC now owns 6,026 shares of the company’s stock valued at $502,000 after acquiring an additional 355 shares in the last quarter. Arizona State Retirement System lifted its holdings in Metropolitan Bank by 24.3% in the 2nd quarter. Arizona State Retirement System now owns 2,992 shares of the company’s stock worth $295,000 after purchasing an additional 584 shares during the last quarter. Finally, First Trust Advisors LP lifted its holdings in Metropolitan Bank by 16.3% in the 1st quarter. First Trust Advisors LP now owns 5,261 shares of the company’s stock worth $438,000 after purchasing an additional 738 shares during the last quarter. Institutional investors own 79.83% of the company’s stock.

Wall Street Analysts Forecast Growth

MCB has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Metropolitan Bank in a research report on Friday, August 7th. Keefe, Bruyette & Woods lowered their price target on Metropolitan Bank from $120.00 to $110.00 and set an “outperform” rating on the stock in a report on Thursday, July 23rd. UBS Group dropped their price target on shares of Metropolitan Bank from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 28th. Finally, Wall Street Zen lowered shares of Metropolitan Bank from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $105.00.

Insider Buying and Selling at Metropolitan Bank

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

Metropolitan Bank Trading Down 0.1%

Shares of NYSE:MCB opened at $87.32 on Friday. The company has a market cap of $1.08 billion, a P/E ratio of 11.05 and a beta of 1.03. The stock’s 50-day moving average is $90.08 and its 200-day moving average is $91.31. Metropolitan Bank Holding Corp. has a 52-week low of $64.66 and a 52-week high of $102.04. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.97 and a current ratio of 0.97.

Metropolitan Bank (NYSE:MCB) last posted its quarterly earnings data on Tuesday, July 21st. The company reported $1.54 EPS for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.76). Metropolitan Bank had a return on equity of 10.22% and a net margin of 14.31%. The business had revenue of $93.01 million during the quarter, compared to the consensus estimate of $93.39 million.

Metropolitan Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 11th. Shareholders of record on Friday, July 31st were issued a $0.35 dividend. This is an increase from Metropolitan Bank’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Friday, July 31st. This represents a $1.40 dividend on an annualized basis and a yield of 1.6%. Metropolitan Bank’s payout ratio is 17.72%.

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.