State Street Corp Lowers Position in Metropolitan Bank Holding Corp. (NYSE:MCB)

State Street Corp cut its position in Metropolitan Bank Holding Corp. (NYSE:MCB - Free Report) by 4.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 334,740 shares of the company's stock after selling 14,677 shares during the quarter. State Street Corp owned 2.99% of Metropolitan Bank worth $17,601,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Basswood Capital Management L.L.C. increased its holdings in shares of Metropolitan Bank by 176.8% during the third quarter. Basswood Capital Management L.L.C. now owns 607,805 shares of the company's stock worth $31,958,000 after buying an additional 388,200 shares in the last quarter. American Century Companies Inc. increased its holdings in Metropolitan Bank by 21.1% in the 2nd quarter. American Century Companies Inc. now owns 186,440 shares of the company's stock worth $7,847,000 after purchasing an additional 32,491 shares in the last quarter. AQR Capital Management LLC raised its position in Metropolitan Bank by 31.7% in the second quarter. AQR Capital Management LLC now owns 130,340 shares of the company's stock valued at $5,486,000 after purchasing an additional 31,397 shares during the last quarter. Millennium Management LLC acquired a new stake in shares of Metropolitan Bank during the second quarter valued at about $4,991,000. Finally, Assenagon Asset Management S.A. grew its holdings in shares of Metropolitan Bank by 112.4% during the third quarter. Assenagon Asset Management S.A. now owns 89,193 shares of the company's stock worth $4,690,000 after purchasing an additional 47,193 shares during the last quarter. Institutional investors own 79.83% of the company's stock.

Wall Street Analysts Forecast Growth

MCB has been the topic of several recent research reports. Piper Sandler lifted their target price on shares of Metropolitan Bank from $67.00 to $74.00 and gave the stock an "overweight" rating in a research report on Friday, December 13th. Keefe, Bruyette & Woods lifted their price target on shares of Metropolitan Bank from $73.00 to $85.00 and gave the stock an "outperform" rating in a report on Wednesday, December 4th. Finally, Hovde Group increased their price objective on Metropolitan Bank from $65.50 to $68.00 and gave the company an "outperform" rating in a report on Monday, October 21st.

Insider Activity

In other news, EVP Scott Lublin sold 3,000 shares of the firm's stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $58.77, for a total value of $176,310.00. Following the completion of the sale, the executive vice president now directly owns 52,253 shares in the company, valued at $3,070,908.81. This trade represents a 5.43 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Robert C. Patent sold 1,000 shares of the company's stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $55.32, for a total value of $55,320.00. Following the transaction, 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 disclosure for this sale can be found here. Insiders have sold 7,973 shares of company stock valued at $467,334 in the last ninety days. 6.50% of the stock is owned by company insiders.

Metropolitan Bank Trading Up 0.2 %

Shares of NYSE MCB traded up $0.12 during midday trading on Wednesday, reaching $59.45. The stock had a trading volume of 35,302 shares, compared to its average volume of 92,700. The company's 50 day moving average price is $61.54 and its 200 day moving average price is $52.99. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.00 and a current ratio of 1.00. Metropolitan Bank Holding Corp. has a twelve month low of $32.46 and a twelve month high of $69.56. The firm has a market cap of $665.72 million, a price-to-earnings ratio of 11.17 and a beta of 1.16.

Metropolitan Bank (NYSE:MCB - Get Free Report) last released its earnings results 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 analyst estimates of $66.70 million. Metropolitan Bank had a net margin of 12.47% and a return on equity of 10.02%. As a group, sell-side analysts expect that Metropolitan Bank Holding Corp. will post 6.31 EPS for the current year.

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.