Metropolitan Bank (NYSE:MCB) Board of Directors Announces Share Repurchase Program

Metropolitan Bank (NYSE:MCB) declared that its board has initiated a stock repurchase program on Thursday, July 17th, RTT News reports. The company plans to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to buy up to 6.4% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Metropolitan Bank Price Performance

Shares of NYSE:MCB opened at $76.85 on Friday. Metropolitan Bank has a fifty-two week low of $40.21 and a fifty-two week high of $77.09. The business has a 50-day simple moving average of $67.97 and a two-hundred day simple moving average of $61.73. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.98 and a current ratio of 0.98. The firm has a market cap of $819.25 million, a price-to-earnings ratio of 13.00 and a beta of 1.08.

Metropolitan Bank (NYSE:MCB) last issued its earnings results on Thursday, July 17th. The company reported $1.76 earnings per share for the quarter, topping analysts’ consensus estimates of $1.62 by $0.14. Metropolitan Bank had a return on equity of 10.53% and a net margin of 13.49%. During the same period last year, the business posted $1.50 earnings per share. On average, analysts expect that Metropolitan Bank will post 7.31 earnings per share for the current year.

Metropolitan Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 11th. Stockholders of record on Monday, July 28th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 0.78%.

Wall Street Analysts Forecast Growth

Separately, Hovde Group boosted their target price on Metropolitan Bank from $75.00 to $79.00 and gave the stock an “outperform” rating in a research report on Monday, June 16th.

Insider Activity

In other news, CEO Mark R. Defazio sold 20,517 shares of the company’s stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $65.43, for a total transaction of $1,342,427.31. Following the completion of the sale, the chief executive officer owned 94,185 shares of the company’s stock, valued at $6,162,524.55. This represents a 17.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Nick Rosenberg sold 1,250 shares of the company’s stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $75.05, for a total transaction of $93,812.50. Following the sale, the executive vice president directly owned 29,589 shares of the company’s stock, valued at $2,220,654.45. The trade was a 4.05% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 61,450 shares of company stock worth $4,005,911. Company insiders own 6.09% of the company’s stock.

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.