Metropolitan Bank (NYSE:MCB) Releases Quarterly Earnings Results

Metropolitan Bank (NYSE:MCB) announced its earnings results on Thursday. The company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.39, Zacks reports. Metropolitan Bank had a net margin of 12.47% and a return on equity of 10.02%.

Metropolitan Bank Trading Up 0.7 %

Shares of Metropolitan Bank stock opened at $60.77 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.36. The firm’s 50-day moving average price is $62.03 and its 200 day moving average price is $55.66. The firm has a market capitalization of $680.58 million, a PE ratio of 11.42 and a beta of 1.17. Metropolitan Bank has a twelve month low of $32.46 and a twelve month high of $69.56.

Insider Buying and Selling

In related news, Director Robert C. Patent sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $55.32, for a total transaction of $55,320.00. Following the completion of the sale, the director now directly owns 79,133 shares in the company, valued at approximately $4,377,637.56. This trade represents a 1.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nick Rosenberg sold 1,250 shares of the business’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $65.17, for a total transaction of $81,462.50. Following the completion of the transaction, the executive vice president now owns 30,193 shares in the company, valued at $1,967,677.81. The trade was a 3.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,250 shares of company stock worth $313,093. 6.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MCB. Keefe, Bruyette & Woods raised their price target on Metropolitan Bank from $73.00 to $85.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Piper Sandler boosted their price objective on Metropolitan Bank from $67.00 to $74.00 and gave the company an “overweight” rating in a report on Friday, December 13th. Finally, Hovde Group raised their price target on shares of Metropolitan Bank from $65.50 to $68.00 and gave the company an “outperform” rating in a research report on Monday, October 21st.

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.