Metropolitan Bank (NYSE:MCB) Sets New 12-Month High - Time to Buy?

Metropolitan Bank Holding Corp. (NYSE:MCB - Get Free Report)'s stock price reached a new 52-week high on Friday . The company traded as high as $67.01 and last traded at $67.01, with a volume of 43139 shares traded. The stock had previously closed at $63.15.

Wall Street Analyst Weigh In

Separately, Hovde Group upped their price target on shares of Metropolitan Bank from $65.50 to $68.00 and gave the stock an "outperform" rating in a research note on Monday, October 21st.

Metropolitan Bank Stock Performance

The stock has a market cap of $744.89 million, a PE ratio of 12.52 and a beta of 1.12. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.36. The firm has a 50 day moving average price of $56.33 and a 200 day moving average price of $49.37.

Metropolitan Bank (NYSE:MCB - Get Free Report) last released its earnings results on Thursday, October 17th. The company reported $1.86 EPS for the quarter, topping analysts' consensus estimates of $1.55 by $0.31. Metropolitan Bank had a return on equity of 10.02% and a net margin of 12.47%. The firm had revenue of $71.52 million during the quarter, compared to the consensus estimate of $66.70 million. As a group, research analysts forecast that Metropolitan Bank Holding Corp. will post 6.31 earnings per share for the current year.

Insiders Place Their Bets

In related news, SVP Norman Scott sold 1,473 shares of the company's stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $57.92, for a total value of $85,316.16. Following the completion of the sale, the senior vice president now owns 11,732 shares of the company's stock, valued at approximately $679,517.44. This represents a 11.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Nick Rosenberg sold 1,250 shares of the stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $55.14, for a total transaction of $68,925.00. Following the sale, the executive vice president now directly owns 31,443 shares in the company, valued at $1,733,767.02. This represents a 3.82 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,973 shares of company stock worth $291,024. Company insiders own 6.50% of the company's stock.

Institutional Trading of Metropolitan Bank

Several hedge funds have recently added to or reduced their stakes in the company. CWM LLC increased its stake in Metropolitan Bank by 70.1% in the second quarter. CWM LLC now owns 784 shares of the company's stock valued at $33,000 after purchasing an additional 323 shares during the last quarter. SummerHaven Investment Management LLC lifted its holdings in Metropolitan Bank by 2.0% in the second quarter. SummerHaven Investment Management LLC now owns 18,270 shares of the company's stock valued at $769,000 after acquiring an additional 367 shares during the period. Point72 DIFC Ltd acquired a new stake in Metropolitan Bank in the second quarter valued at $27,000. Verition Fund Management LLC lifted its holdings in Metropolitan Bank by 12.0% in the third quarter. Verition Fund Management LLC now owns 6,553 shares of the company's stock valued at $345,000 after acquiring an additional 700 shares during the period. Finally, Salzhauer Michael raised its stake in shares of Metropolitan Bank by 2.3% during the 2nd quarter. Salzhauer Michael now owns 38,100 shares of the company's stock worth $1,604,000 after buying an additional 842 shares during the last quarter. Institutional investors and hedge funds own 79.83% of the company's stock.

Metropolitan Bank Company Profile

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.

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