Wellington Management Group LLP Acquires New Shares in Metropolitan Bank Holding Corp. (NYSE:MCB)

Wellington Management Group LLP acquired a new stake in Metropolitan Bank Holding Corp. (NYSE:MCB) during the fourth quarter, Holdings Channel reports. The fund acquired 207,351 shares of the company’s stock, valued at approximately $12,109,000.

Other large investors have also recently added to or reduced their stakes in the company. Franklin Resources Inc. lifted its holdings in Metropolitan Bank by 44.8% in the third quarter. Franklin Resources Inc. now owns 82,922 shares of the company’s stock valued at $4,751,000 after acquiring an additional 25,654 shares during the last quarter. Barclays PLC lifted its holdings in Metropolitan Bank by 54.1% in the third quarter. Barclays PLC now owns 23,461 shares of the company’s stock valued at $1,233,000 after acquiring an additional 8,233 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Metropolitan Bank by 68.6% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,819 shares of the company’s stock valued at $807,000 after acquiring an additional 5,624 shares during the last quarter. Proficio Capital Partners LLC acquired a new position in Metropolitan Bank in the fourth quarter valued at approximately $1,405,000. Finally, JPMorgan Chase & Co. raised its position in Metropolitan Bank by 74.8% in the third quarter. JPMorgan Chase & Co. now owns 8,173 shares of the company’s stock valued at $430,000 after purchasing an additional 3,497 shares during the period. 79.83% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

MCB has been the topic of a number of research analyst reports. Hovde Group boosted their target price on Metropolitan Bank from $75.00 to $83.50 and gave the company an “outperform” rating in a research report on Monday, January 27th. Piper Sandler boosted their target price on Metropolitan Bank from $67.00 to $74.00 and gave the company an “overweight” rating in a research report on Friday, December 13th.

Metropolitan Bank Stock Up 6.8 %

Shares of NYSE MCB opened at $52.27 on Thursday. Metropolitan Bank Holding Corp. has a 52-week low of $32.46 and a 52-week high of $69.56. The business’s 50 day moving average is $57.44 and its two-hundred day moving average is $58.98. 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 has a market cap of $586.73 million, a price-to-earnings ratio of 8.83 and a beta of 0.95.

Metropolitan Bank (NYSE:MCB) last posted its quarterly earnings data on Thursday, January 23rd. The company reported $1.88 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.39. Metropolitan Bank had a return on equity of 10.89% and a net margin of 13.55%. Research analysts predict that Metropolitan Bank Holding Corp. will post 7.31 EPS for the current year.

Insider Transactions at Metropolitan Bank

In other news, EVP Scott Lublin sold 5,000 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $54.60, for a total transaction of $273,000.00. Following the sale, the executive vice president now owns 49,988 shares of the company’s stock, valued at approximately $2,729,344.80. This represents a 9.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Mark R. Defazio sold 15,088 shares of the company’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $54.78, for a total value of $826,520.64. Following the sale, the chief executive officer now directly owns 100,628 shares in the company, valued at $5,512,401.84. This represents a 13.04 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,088 shares of company stock valued at $1,161,791. 6.50% of the stock is currently owned by company 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.