Metropolitan Bank (NYSE:MCB) Releases Earnings Results, Beats Estimates By $0.20 EPS

Metropolitan Bank (NYSE:MCB) posted its earnings results on Tuesday. The company reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.38 by $0.20, FiscalAI reports. Metropolitan Bank had a net margin of 14.31% and a return on equity of 10.22%. The firm had revenue of $100.56 million for the quarter, compared to the consensus estimate of $97.05 million.

Metropolitan Bank Stock Performance

Shares of NYSE:MCB traded up $2.25 on Tuesday, reaching $88.78. The company’s stock had a trading volume of 205,804 shares, compared to its average volume of 149,588. Metropolitan Bank has a 52-week low of $64.66 and a 52-week high of $102.04. The stock has a market capitalization of $1.10 billion, a P/E ratio of 11.24 and a beta of 1.03. The stock’s 50-day moving average is $89.97 and its two-hundred day moving average is $91.40. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.97 and a quick ratio of 0.97.

Metropolitan Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 10th. Stockholders of record on Friday, October 30th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, October 30th. Metropolitan Bank’s dividend payout ratio is presently 17.72%.

Insider Buying and Selling

In other Metropolitan Bank news, Director Robert C. Patent sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $92.29, for a total transaction of $922,900.00. Following the completion of the sale, the director directly owned 76,185 shares of the company’s stock, valued at $7,031,113.65. This represents a 11.60% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dale C. Fredston sold 2,000 shares of the stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $89.09, for a total value of $178,180.00. Following the sale, the director directly owned 14,668 shares of the company’s stock, valued at $1,306,772.12. The trade was a 12.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 5.50% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MCB shares. Keefe, Bruyette & Woods reduced their price target on shares of Metropolitan Bank from $120.00 to $110.00 and set an “outperform” rating for the company in a research report on Thursday, July 23rd. UBS Group decreased their price objective on shares of Metropolitan Bank from $110.00 to $100.00 and set a “neutral” rating for the company in a research note on Tuesday, July 28th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Metropolitan Bank in a report on Friday, August 7th. Finally, Wall Street Zen cut Metropolitan Bank from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. 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’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $105.00.

Metropolitan Bank Company Profile

Metropolitan Bank Holding Corp. is the parent company of Metropolitan Commercial Bank, a full-service commercial bank headquartered in New York. Founded in 1999, the bank provides financial services to businesses, entrepreneurs, institutions and consumers through its branch network and digital banking channels.

Metropolitan Commercial Bank offers commercial and consumer deposit accounts, business and real estate lending, personal loans, cash-management and treasury services, online and mobile banking, and other payment-related solutions.