Metropolitan Bank (NYSE:MCB) Releases Earnings Results, Beats Estimates By $0.39 EPS

Metropolitan Bank (NYSE:MCB) issued its quarterly earnings data on Thursday. The company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.39, Zacks reports. Metropolitan Bank had a net margin of 12.47% and a return on equity of 10.02%.

Metropolitan Bank Price Performance

NYSE MCB traded up $0.42 on Thursday, reaching $60.77. The company had a trading volume of 110,199 shares, compared to its average volume of 85,271. The stock has a market capitalization of $680.58 million, a PE ratio of 11.42 and a beta of 1.17. Metropolitan Bank has a 12 month low of $32.46 and a 12 month high of $69.56. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.36. The firm’s 50 day moving average price is $62.03 and its 200 day moving average price is $55.66.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MCB. Keefe, Bruyette & Woods boosted their price objective on Metropolitan Bank from $73.00 to $85.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler increased their price objective on shares of Metropolitan Bank from $67.00 to $74.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Finally, Hovde Group lifted their target price on shares of Metropolitan Bank from $65.50 to $68.00 and gave the company an “outperform” rating in a research note on Monday, October 21st.

Insider Activity

In other news, Director Robert C. Patent sold 1,000 shares of the 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 sale, the director now directly owns 79,133 shares in the company, valued at approximately $4,377,637.56. This represents a 1.25 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Scott Lublin sold 3,000 shares of the stock in a transaction on 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 owns 52,253 shares in the company, valued at approximately $3,070,908.81. The trade was a 5.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,250 shares of company stock worth $313,093 over the last 90 days. Corporate insiders own 6.50% 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.