Metropolitan Bank Holding Corp. $MCB Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP cut its holdings in Metropolitan Bank Holding Corp. (NYSE:MCB) by 15.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,022,383 shares of the company’s stock after selling 180,708 shares during the quarter. Wellington Management Group LLP owned 8.25% of Metropolitan Bank worth $100,971,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Emerald Advisers LLC purchased a new stake in Metropolitan Bank in the 1st quarter worth $25,000. Royal Bank of Canada lifted its holdings in Metropolitan Bank by 70.4% during the fourth quarter. Royal Bank of Canada now owns 346 shares of the company’s stock valued at $27,000 after purchasing an additional 143 shares in the last quarter. Quarry LP acquired a new stake in shares of Metropolitan Bank in the third quarter valued at about $48,000. Kestra Advisory Services LLC acquired a new stake in shares of Metropolitan Bank in the fourth quarter valued at about $51,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Metropolitan Bank by 41.5% during the second quarter. Tower Research Capital LLC TRC now owns 1,670 shares of the company’s stock worth $117,000 after purchasing an additional 490 shares in the last quarter. Hedge funds and other institutional investors own 79.83% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on MCB shares. Wall Street Zen cut Metropolitan Bank from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. UBS Group reduced their target price on Metropolitan Bank from $110.00 to $100.00 and set a “neutral” rating for the company in a report on Tuesday, July 28th. Keefe, Bruyette & Woods decreased their target price on Metropolitan Bank from $120.00 to $110.00 and set an “outperform” rating on the stock in a research report on Thursday, July 23rd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Metropolitan Bank in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $105.00.

Metropolitan Bank Stock Down 1.5%

MCB stock opened at $89.42 on Wednesday. The company has a market cap of $1.11 billion, a price-to-earnings ratio of 11.32 and a beta of 0.97. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.02. Metropolitan Bank Holding Corp. has a 12 month low of $64.66 and a 12 month high of $102.04. The firm has a 50-day moving average of $94.71 and a two-hundred day moving average of $90.40.

Metropolitan Bank (NYSE:MCB) last issued its earnings results on Tuesday, July 21st. The company reported $1.54 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.76). Metropolitan Bank had a return on equity of 10.22% and a net margin of 14.31%.The company had revenue of $93.01 million for the quarter, compared to analyst estimates of $93.39 million.

Metropolitan Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 11th. Stockholders of record on Friday, July 31st were issued a dividend of $0.35 per share. The ex-dividend date was Friday, July 31st. This represents a $1.40 annualized dividend and a dividend yield of 1.6%. This is a boost from Metropolitan Bank’s previous quarterly dividend of $0.25. Metropolitan Bank’s payout ratio is presently 17.72%.

Insider Transactions at Metropolitan Bank

In other news, Director Robert C. Patent sold 10,000 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $92.29, for a total transaction of $922,900.00. Following the transaction, the director owned 76,185 shares of the company’s stock, valued at approximately $7,031,113.65. The trade was a 11.60% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Nick Rosenberg sold 1,807 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $100.42, for a total transaction of $181,458.94. Following the completion of the sale, the executive vice president directly owned 22,202 shares of the company’s stock, valued at $2,229,524.84. This represents a 7.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 26,897 shares of company stock worth $2,528,512 in the last quarter. Company insiders own 5.50% of the company’s stock.

Metropolitan Bank Company Profile

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.