Adage Capital Partners GP L.L.C. Has $18.62 Million Stock Holdings in Metropolitan Bank Holding Corp. (NYSE:MCB)

Adage Capital Partners GP L.L.C. grew its holdings in shares of Metropolitan Bank Holding Corp. (NYSE:MCBFree Report) by 44.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 513,242 shares of the company’s stock after buying an additional 158,745 shares during the quarter. Adage Capital Partners GP L.L.C.’s holdings in Metropolitan Bank were worth $18,620,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in MCB. Advisor Group Holdings Inc. lifted its position in Metropolitan Bank by 34.2% in the 1st quarter. Advisor Group Holdings Inc. now owns 2,721 shares of the company’s stock valued at $277,000 after acquiring an additional 694 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Metropolitan Bank by 27.9% in the first quarter. American Century Companies Inc. now owns 24,245 shares of the company’s stock valued at $2,467,000 after purchasing an additional 5,287 shares in the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Metropolitan Bank by 5,500.0% in the first quarter. PNC Financial Services Group Inc. now owns 392 shares of the company’s stock valued at $40,000 after purchasing an additional 385 shares in the last quarter. MetLife Investment Management LLC boosted its position in shares of Metropolitan Bank by 57.8% during the first quarter. MetLife Investment Management LLC now owns 5,128 shares of the company’s stock valued at $522,000 after buying an additional 1,879 shares during the last quarter. Finally, BlackRock Inc. grew its holdings in Metropolitan Bank by 1.7% during the first quarter. BlackRock Inc. now owns 688,730 shares of the company’s stock worth $70,092,000 after buying an additional 11,384 shares in the last quarter. 89.02% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MCB. Keefe, Bruyette & Woods cut their price objective on shares of Metropolitan Bank from $73.00 to $66.00 and set an “outperform” rating on the stock in a report on Monday, January 22nd. Piper Sandler assumed coverage on Metropolitan Bank in a research note on Friday, December 15th. They issued an “overweight” rating and a $60.00 target price on the stock. Finally, JPMorgan Chase & Co. reduced their target price on Metropolitan Bank from $62.00 to $55.00 and set an “overweight” rating for the company in a report on Monday. Four equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Metropolitan Bank has an average rating of “Buy” and an average price target of $57.75.

Check Out Our Latest Stock Report on Metropolitan Bank

Metropolitan Bank Price Performance

Metropolitan Bank stock opened at $39.84 on Friday. The business’s 50 day simple moving average is $46.11 and its 200 day simple moving average is $41.43. Metropolitan Bank Holding Corp. has a 12 month low of $13.98 and a 12 month high of $57.15. The company has a market cap of $441.83 million, a price-to-earnings ratio of 5.80 and a beta of 1.18. The company has a current ratio of 1.01, a quick ratio of 1.02 and a debt-to-equity ratio of 0.68.

Metropolitan Bank (NYSE:MCBGet Free Report) last issued its quarterly earnings results on Thursday, January 18th. The company reported $1.28 EPS for the quarter, missing analysts’ consensus estimates of $1.51 by ($0.23). The firm had revenue of $63.56 million for the quarter, compared to analysts’ expectations of $60.96 million. Metropolitan Bank had a net margin of 19.16% and a return on equity of 12.25%. Sell-side analysts forecast that Metropolitan Bank Holding Corp. will post 6.49 EPS for the current year.

Metropolitan Bank Company Profile

(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.

Further Reading

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Institutional Ownership by Quarter for Metropolitan Bank (NYSE:MCB)

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