Metropolitan Bank (MCB) Stock Surges to New 1-Year High After Strong Earnings Report

Metropolitan Bank Holding Corp. (NYSE:MCB - Get Free Report)'s stock price reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $89.41 and last traded at $85.5770, with a volume of 147481 shares. The stock had previously closed at $79.63. The company reported $2.77 EPS for the quarter, topping the consensus estimate of $2.07 by $0.70. Metropolitan Bank had a return on equity of 8.71% and a net margin of 12.46%.The company had revenue of $88.41 million during the quarter, compared to analyst estimates of $83.15 million. Metropolitan Bank Increases Dividend The firm also recently announced a quarterly dividend, which will be paid on Friday, February 6th. Shareholders of record on Tuesday, January 27th will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, January 27th. This is a positive change from Metropolitan Bank's previous quarterly dividend of $0.15. This represents a $0.80 annualized dividend and a yield of 0.9%. Metropolitan Bank's payout ratio is presently 10.42%. Wall Street Analysts Forecast Growth A number of research firms have recently issued reports on MCB. Weiss Ratings restated a "hold (c+)" rating on shares of Metropolitan Bank in a research report on Wednesday, October 8th. Keefe, Bruyette & Woods dropped their price objective on shares of Metropolitan Bank from $95.00 to $90.00 and set an "outperform" rating on the stock in a research note on Monday, October 27th. Two investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $84.50. Check Out Our Latest Stock Report on MCB Insider Transactions at Metropolitan Bank In other news, CFO Daniel F. Dougherty acquired 1,000 shares of the business's stock in a transaction that occurred on Monday, October 27th. The shares were purchased at an average cost of $71.66 per share, for a total transaction of $71,660.00. Following the transaction, the chief financial officer directly owned 27,341 shares in the company, valued at $1,959,256.06. This trade represents a 3.80% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nick Rosenberg sold 625 shares of the company's stock in a transaction dated Wednesday, December 10th. The stock was sold at an average price of $80.41, for a total transaction of $50,256.25. Following the completion of the transaction, the executive vice president owned 27,089 shares of the company's stock, valued at approximately $2,178,226.49. This trade represents a 2.26% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders purchased 1,167 shares of company stock worth $83,010. Corporate insiders own 6.09% of the company's stock. Institutional Trading of Metropolitan Bank Several large investors have recently added to or reduced their stakes in MCB. Royal Bank of Canada boosted its position in Metropolitan Bank by 11.7% during the 1st quarter. Royal Bank of Canada now owns 7,429 shares of the company's stock worth $416,000 after acquiring an additional 778 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Metropolitan Bank by 3.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,257 shares of the company's stock worth $350,000 after purchasing an additional 237 shares during the period. Empowered Funds LLC lifted its holdings in Metropolitan Bank by 5.3% in the first quarter. Empowered Funds LLC now owns 42,268 shares of the company's stock worth $2,367,000 after purchasing an additional 2,126 shares during the period. Strs Ohio bought a new position in Metropolitan Bank in the 1st quarter valued at about $218,000. Finally, Sheets Smith Wealth Management acquired a new position in Metropolitan Bank during the 2nd quarter valued at about $533,000. 79.83% of the stock is currently owned by institutional investors and hedge funds. Metropolitan Bank Price Performance The business's 50-day simple moving average is $76.99 and its 200 day simple moving average is $75.15. The company has a market capitalization of $887.65 million, a P/E ratio of 14.91 and a beta of 1.13. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.23. About Metropolitan Bank (Get Free Report) Metropolitan Bank NYSE: MCB , through its principal subsidiary Metropolitan Commercial Bank, operates as a New York–based regional financial institution providing a range of commercial and consumer banking services. The company offers deposit products including checking, savings and money market accounts, as well as business and personal certificates of deposit. On the lending side, Metropolitan Bank extends commercial real estate financing, equipment loans, working capital lines of credit and consumer installment loans tailored to the needs of small- and medium-sized enterprises and individual customers. In addition to traditional deposit and lending services, Metropolitan Bank provides specialized treasury and cash-management solutions, foreign exchange services and letters of credit for both domestic businesses and multinational clients. 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