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

Metropolitan Bank (NYSE:MCB) issued its quarterly earnings results on Thursday. The company reported $1.88 earnings per share (EPS) 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

Shares of Metropolitan Bank stock traded up $0.42 on Thursday, hitting $60.77. 110,194 shares of the company traded hands, compared to its average volume of 85,239. Metropolitan Bank has a 12-month low of $32.46 and a 12-month high of $69.56. The firm’s 50-day simple moving average is $62.03 and its 200 day simple moving average is $55.66. The company has a market cap of $680.58 million, a P/E ratio of 11.42 and a beta of 1.17. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.36.

Analyst Ratings Changes

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

Insider Activity at Metropolitan Bank

In other Metropolitan Bank news, EVP Nick Rosenberg sold 1,250 shares of Metropolitan Bank stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $65.17, for a total value of $81,462.50. Following the transaction, the executive vice president now directly owns 30,193 shares of the company’s stock, valued at $1,967,677.81. The trade was a 3.98 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Lublin sold 3,000 shares of Metropolitan Bank stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $58.77, for a total transaction 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. The trade was a 5.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 5,250 shares of company stock valued at $313,093 over the last 90 days. 6.50% of the stock is owned by insiders.

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.