Metropolitan Bank (NYSE:MCB) Trading 5.4% Higher Following Earnings Beat

Shares of Metropolitan Bank Holding Corp. (NYSE:MCB) rose 5.4% Friday after the company reported better-than-expected quarterly earnings. The company traded as high as 105.14 USD and was last traded at 104.05 USD. 1,197 shares were traded during mid-day trading, down 99% from the average daily trading volume of 122,738 shares. The stock had previously closed at $98.70, and the company reported earnings of $1.69 per share (EPS) for the quarter, beating Thomson Reuters’ estimates of $1.42 by $0.27. Metropolitan Bank had a return on equity of 13.40% and a net margin of 29.52%. During the same period in the previous year, the company earned $1.39 per share.

Separately, Zacks Investment Research upgraded Metropolitan Bank from a “sell” rating to a “buy” rating and set a $109.00 price target for the company in a report on Wednesday, December 1st.

In other news, director Harvey Gutman sold 2,048 shares of the company’s stock in a transaction on Wednesday, December 15th. The stock sold for an average price of $93.90, with a total value of $192,307.20. The sale was disclosed in a document submitted to the Securities and Exchange Commission, which can be accessed through the Saudi Electricity Company website. Corporate insiders own 15.90% of the company’s shares.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its stake in shares of Metropolitan Bank by 30.8% during the 3rd quarter. Bank of New York Mellon now owns 55,612 shares of the company’s stock, valued at $4,688,000 after purchasing an additional 1,3102 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new stake in Metropolitan Bank in the third quarter valued at approximately $603,000. BNP Paribas Arbitrage SA raised its stake in Metropolitan Bank by 128.5% in the third quarter. BNP Paribas Arbitrage SA now owns 1,974 shares of the company’s stock valued at $166,000 after acquiring an additional 1,110 shares in the last quarter. Jane Street Group LLC bought a new stake in Metropolitan Bank in the third quarter valued at approximately $243,000. Finally, Squarepoint Ops LLC raised its stake in Metropolitan Bank by 15.7% in the third quarter. Squarepoint Ops LLC now owns 4,441 shares of the company’s stock valued at $374,000 after acquiring an additional 601 shares in the last quarter. 73.80% of the shares are owned by institutional investors and hedge funds.

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The company has a 50-day moving average of $101.10 and a 200-day moving average of $85.48. The stock has a market capitalization of $1.12 billion, a PE ratio of 16.07 and a beta of 1.27. The company has a debt-to-equity ratio of 0.11, a quick ratio of 1.00 and a current ratio of 1.00.

About Metropolitan Bank (NYSE: MCB)

Metropolitan Bank Holdings Inc. is engaged in providing banking solutions through its subsidiary, Metropolitan Commercial Bank. It provides a suite of commercial, commercial and retail banking products and services to small businesses, mid-market institutions, public entities and wealthy individuals.

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