Point72 Asset Management L.P. Raises Stake in Metropolitan Bank Holding Corp. (NYSE:MCB)

Point72 Asset Management L.P. increased its position in Metropolitan Bank Holding Corp. (NYSE:MCB) by 104.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,500 shares of the company’s stock after buying an additional 2,300 shares during the period. Point72 Asset Management L.P.’s holdings in Metropolitan Bank were worth $189,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Algert Global LLC acquired a new position in Metropolitan Bank in the 2nd quarter valued at $924,000. Millennium Management LLC purchased a new stake in shares of Metropolitan Bank in the second quarter valued at $4,991,000. AQR Capital Management LLC increased its stake 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. Cubist Systematic Strategies LLC lifted its position in Metropolitan Bank by 24.4% during the second quarter. Cubist Systematic Strategies LLC now owns 8,738 shares of the company’s stock worth $368,000 after buying an additional 1,714 shares during the period. Finally, Point72 DIFC Ltd acquired a new stake in Metropolitan Bank in the 2nd quarter worth about $27,000. Hedge funds and other institutional investors own 79.83% of the company’s stock.

Insider Activity at Metropolitan Bank

In other Metropolitan Bank news, CEO Mark R. Defazio sold 34,986 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $55.34, for a total transaction of $1,936,125.24. Following the transaction, the chief executive officer now owns 181,208 shares in the company, valued at $10,028,050.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Mark R. Defazio sold 34,986 shares of the firm’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $55.34, for a total transaction of $1,936,125.24. Following the sale, the chief executive officer now directly owns 181,208 shares in the company, valued at approximately $10,028,050.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott Lublin sold 1,005 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $55.11, for a total value of $55,385.55. Following the transaction, the executive vice president now directly owns 57,077 shares in the company, valued at $3,145,513.47. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.50% of the stock is owned by insiders.

Metropolitan Bank Stock Down 0.5 %

Shares of NYSE:MCB opened at $53.63 on Friday. The stock has a 50-day simple moving average of $49.73 and a 200-day simple moving average of $44.55. The stock has a market capitalization of $600.28 million, a P/E ratio of 8.82 and a beta of 1.13. Metropolitan Bank Holding Corp. has a 1 year low of $30.20 and a 1 year high of $57.69. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.99 and a current ratio of 0.99.

Metropolitan Bank (NYSE:MCB) last released its quarterly earnings data on Thursday, July 18th. The company reported $1.50 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.57 by ($0.07). Metropolitan Bank had a return on equity of 10.47% and a net margin of 15.22%. The business had revenue of $121.90 million for the quarter, compared to analysts’ expectations of $68.02 million. During the same quarter in the prior year, the firm earned $1.37 earnings per share. Equities analysts forecast that Metropolitan Bank Holding Corp. will post 6.03 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on MCB shares. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $67.50 price objective (up from $55.00) on shares of Metropolitan Bank in a report on Tuesday, July 23rd. JPMorgan Chase & Co. increased their price target on shares of Metropolitan Bank from $55.00 to $70.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 23rd. Finally, Hovde Group began coverage on shares of Metropolitan Bank in a research note on Thursday, September 19th. They set an “outperform” rating and a $65.50 price objective for the company.

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.