Metropolitan Bank (NYSE:MCB) Price Target Increased to $68.00 by Analysts at Hovde Group

Metropolitan Bank (NYSE:MCB - Free Report) had its target price hoisted by Hovde Group from $65.50 to $68.00 in a report issued on Monday morning, Marketbeat Ratings reports. Hovde Group currently has an outperform rating on the stock.

MCB has been the topic of a number of other reports. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $67.50 target price (up from $55.00) on shares of Metropolitan Bank in a research report on Tuesday, July 23rd. JPMorgan Chase & Co. upped their price target on Metropolitan Bank from $55.00 to $70.00 and gave the company an "overweight" rating in a research report on Tuesday, July 23rd.

Metropolitan Bank Stock Performance

Shares of MCB stock traded down $2.38 during mid-day trading on Monday, hitting $55.93. The stock had a trading volume of 107,422 shares, compared to its average volume of 95,265. Metropolitan Bank has a fifty-two week low of $30.72 and a fifty-two week high of $64.10. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.99 and a quick ratio of 0.99. The company's 50-day simple moving average is $51.90 and its 200-day simple moving average is $46.14. The firm has a market cap of $626.02 million, a PE ratio of 9.20 and a beta of 1.13.

Metropolitan Bank (NYSE:MCB - Get Free Report) last announced its earnings results on Thursday, July 18th. The company reported $1.50 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.57 by ($0.07). The business had revenue of $121.90 million for the quarter, compared to analyst estimates of $68.02 million. Metropolitan Bank had a return on equity of 10.47% and a net margin of 15.22%. During the same quarter in the previous year, the firm posted $1.37 EPS. Sell-side analysts anticipate that Metropolitan Bank will post 6.1 earnings per share for the current year.

Insider Activity at Metropolitan Bank

In related news, EVP Scott Lublin sold 1,005 shares of the business's stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $55.11, for a total value of $55,385.55. Following the sale, the executive vice president now owns 57,077 shares of the company's stock, valued at $3,145,513.47. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Nick Rosenberg sold 1,250 shares of the company's stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $55.14, for a total transaction of $68,925.00. Following the transaction, the executive vice president now directly owns 31,443 shares in the company, valued at approximately $1,733,767.02. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Scott Lublin sold 1,005 shares of the firm's stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $55.11, for a total transaction of $55,385.55. Following the completion of the sale, the executive vice president now directly owns 57,077 shares of the company's stock, valued at approximately $3,145,513.47. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 6.50% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC bought a new position in shares of Metropolitan Bank in the 1st quarter valued at about $103,000. Principal Financial Group Inc. acquired a new stake in shares of Metropolitan Bank during the first quarter worth $467,000. BNP Paribas Financial Markets increased its holdings in Metropolitan Bank by 17.4% in the first quarter. BNP Paribas Financial Markets now owns 45,211 shares of the company's stock valued at $1,741,000 after purchasing an additional 6,698 shares during the last quarter. Harbor Advisors LLC raised its position in shares of Metropolitan Bank by 12.1% in the 1st quarter. Harbor Advisors LLC now owns 27,783 shares of the company's stock valued at $1,070,000 after acquiring an additional 3,000 shares during the period. Finally, Empowered Funds LLC bought a new position in Metropolitan Bank during the 1st quarter worth approximately $1,303,000. Institutional investors and hedge funds own 79.83% of the company's stock.

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.