Metropolitan Bank (NYSE:MCB) Price Target Raised to $74.00 at Piper Sandler

Metropolitan Bank (NYSE:MCB - Get Free Report) had its price target raised by stock analysts at Piper Sandler from $67.00 to $74.00 in a research note issued on Friday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price target suggests a potential upside of 13.76% from the stock's current price.

Several other research firms have also commented on MCB. Hovde Group upped their target price on Metropolitan Bank from $65.50 to $68.00 and gave the company an "outperform" rating in a research note on Monday, October 21st. Keefe, Bruyette & Woods upped their price objective on shares of Metropolitan Bank from $73.00 to $85.00 and gave the company an "outperform" rating in a research note on Wednesday, December 4th.

Metropolitan Bank Trading Down 0.8 %

NYSE:MCB traded down $0.52 on Friday, reaching $65.05. The stock had a trading volume of 53,397 shares, compared to its average volume of 93,169. Metropolitan Bank has a 12-month low of $32.46 and a 12-month high of $69.56. The company has a market cap of $728.43 million, a price-to-earnings ratio of 12.22 and a beta of 1.16. The firm's fifty day moving average is $60.60 and its two-hundred day moving average is $51.73. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.00 and a quick ratio of 1.00.

Metropolitan Bank (NYSE:MCB - Get Free Report) last announced its quarterly earnings data on Thursday, October 17th. The company reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.55 by $0.31. The business had revenue of $71.52 million for the quarter, compared to the consensus estimate of $66.70 million. Metropolitan Bank had a net margin of 12.47% and a return on equity of 10.02%. Equities analysts expect that Metropolitan Bank will post 6.31 EPS for the current fiscal year.

Insider Transactions at Metropolitan Bank

In related news, EVP Nick Rosenberg sold 1,250 shares of the firm's stock in a transaction on 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 sale, the executive vice president now directly owns 30,193 shares of the company's stock, valued at approximately $1,967,677.81. This trade represents a 3.98 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Norman Scott sold 1,473 shares of the business's stock in a transaction on Monday, October 21st. The stock was sold at an average price of $57.92, for a total transaction of $85,316.16. Following the completion of the transaction, the senior vice president now owns 11,732 shares in the company, valued at $679,517.44. This represents a 11.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,973 shares of company stock worth $291,024 in the last three months. 6.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Point72 DIFC Ltd acquired a new position in shares of Metropolitan Bank in the 2nd quarter worth approximately $27,000. CWM LLC boosted its position in Metropolitan Bank by 70.1% during the 2nd quarter. CWM LLC now owns 784 shares of the company's stock worth $33,000 after acquiring an additional 323 shares during the period. Point72 Asia Singapore Pte. Ltd. grew its stake in shares of Metropolitan Bank by 212.7% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,354 shares of the company's stock worth $71,000 after purchasing an additional 921 shares in the last quarter. DekaBank Deutsche Girozentrale bought a new stake in shares of Metropolitan Bank during the second quarter valued at about $74,000. Finally, Point72 Asset Management L.P. grew its position in Metropolitan Bank by 104.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 4,500 shares of the company's stock valued at $189,000 after buying an additional 2,300 shares in the last quarter. 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.