Corebridge Financial Inc. Decreases Stock Position in Metropolitan Bank Holding Corp. (NYSE:MCB)

Corebridge Financial Inc. decreased its position in Metropolitan Bank Holding Corp. (NYSE:MCB) by 7.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,255 shares of the company’s stock after selling 397 shares during the quarter. Corebridge Financial Inc.’s holdings in Metropolitan Bank were worth $307,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in MCB. Franklin Resources Inc. grew its holdings in Metropolitan Bank by 44.8% during the 3rd quarter. Franklin Resources Inc. now owns 82,922 shares of the company’s stock valued at $4,751,000 after purchasing an additional 25,654 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in Metropolitan Bank by 68.6% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 13,819 shares of the company’s stock valued at $807,000 after buying an additional 5,624 shares during the last quarter. Barclays PLC grew its stake in shares of Metropolitan Bank by 54.1% during 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 in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of Metropolitan Bank during the fourth quarter worth about $1,405,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Metropolitan Bank by 74.8% in the third quarter. JPMorgan Chase & Co. now owns 8,173 shares of the company’s stock worth $430,000 after acquiring an additional 3,497 shares in the last quarter. Hedge funds and other institutional investors own 79.83% of the company’s stock.

Insider Buying and Selling

In other Metropolitan Bank news, Director Dale C. Fredston sold 1,000 shares of the business’s stock in a transaction dated Thursday, February 13th. The shares were sold at an average price of $62.27, for a total transaction of $62,270.00. Following the completion of the transaction, the director now directly owns 17,668 shares of the company’s stock, valued at $1,100,186.36. The trade was a 5.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Mark R. Defazio sold 15,088 shares of Metropolitan Bank stock in a transaction that occurred on Monday, March 17th. The shares were 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 approximately $5,512,401.84. This trade represents a 13.04 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 21,088 shares of company stock worth $1,161,791 over the last quarter. 6.50% of the stock is owned by company insiders.

Metropolitan Bank Price Performance

Shares of MCB opened at $49.38 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.36. The firm has a market cap of $554.34 million, a price-to-earnings ratio of 8.34 and a beta of 0.95. Metropolitan Bank Holding Corp. has a 52 week low of $32.46 and a 52 week high of $69.56. The stock has a 50 day moving average of $57.19 and a 200-day moving average of $58.96.

Metropolitan Bank (NYSE:MCB) last released its earnings results on Thursday, January 23rd. The company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.39. Metropolitan Bank had a net margin of 13.55% and a return on equity of 10.89%. As a group, analysts forecast that Metropolitan Bank Holding Corp. will post 7.31 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.