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

State Street Corp trimmed its holdings in shares of Metropolitan Bank Holding Corp. (NYSE:MCB) by 4.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in MCB. Point72 DIFC Ltd purchased a new position in Metropolitan Bank during the 2nd quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. increased its stake in shares of Metropolitan Bank by 212.7% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,354 shares of the company’s stock worth $71,000 after acquiring an additional 921 shares during the period. DekaBank Deutsche Girozentrale purchased a new position in shares of Metropolitan Bank during the second quarter worth $74,000. CWM LLC lifted its position in Metropolitan Bank by 127.0% during the third quarter. CWM LLC now owns 1,780 shares of the company’s stock valued at $94,000 after purchasing an additional 996 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new stake in Metropolitan Bank in the third quarter valued at $207,000. 79.83% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Scott Lublin sold 3,000 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 52,253 shares in the company, valued at approximately $3,070,908.81. This represents a 5.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nick Rosenberg sold 1,250 shares of the company’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $55.14, for a total value of $68,925.00. Following the completion of the transaction, the executive vice president now directly owns 31,443 shares in the company, valued at approximately $1,733,767.02. This trade represents a 3.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,973 shares of company stock valued at $467,334 in the last three months. 6.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Hovde Group boosted 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. Piper Sandler upped their price objective on Metropolitan Bank from $67.00 to $74.00 and gave the stock an “overweight” rating in a research report on Friday, December 13th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of Metropolitan Bank from $73.00 to $85.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

Metropolitan Bank Stock Up 0.2 %

Shares of NYSE MCB opened at $59.45 on Wednesday. The firm has a market cap of $665.72 million, a price-to-earnings ratio of 11.17 and a beta of 1.16. The company’s 50-day simple moving average is $61.53 and its 200-day simple moving average is $52.85. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.36. Metropolitan Bank Holding Corp. has a 52-week low of $32.46 and a 52-week high of $69.56.

Metropolitan Bank (NYSE:MCB) last issued its quarterly earnings results on Thursday, October 17th. The company reported $1.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.55 by $0.31. Metropolitan Bank had a return on equity of 10.02% and a net margin of 12.47%. The firm had revenue of $71.52 million for the quarter, compared to analyst estimates of $66.70 million. Equities analysts predict that Metropolitan Bank Holding Corp. will post 6.31 EPS for the current fiscal year.

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.