Cornercap Investment Counsel Inc. Sells 5,994 Shares of Metropolitan Bank Holding Corp. (NYSE:MCB)

Cornercap Investment Counsel Inc. lowered its position in shares of Metropolitan Bank Holding Corp. (NYSE:MCB) by 56.2% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,679 shares of the company’s stock after selling 5,994 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Metropolitan Bank were worth $246,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Point72 DIFC Ltd acquired a new position in shares of Metropolitan Bank during the second quarter worth $27,000. CWM LLC raised its position in shares of Metropolitan Bank by 70.1% during the second quarter. CWM LLC now owns 784 shares of the company’s stock worth $33,000 after acquiring an additional 323 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new position in shares of Metropolitan Bank in the second quarter worth approximately $74,000. Allspring Global Investments Holdings LLC bought a new stake in Metropolitan Bank in the first quarter valued at approximately $103,000. Finally, Point72 Asset Management L.P. increased its position in Metropolitan Bank by 104.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 4,500 shares of the company’s stock valued at $189,000 after purchasing an additional 2,300 shares during the period. Institutional investors and hedge funds own 79.83% of the company’s stock.

Insider Buying and Selling

In other news, SVP Norman Scott sold 1,473 shares of the firm’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $57.92, for a total value of $85,316.16. Following the transaction, the senior vice president now owns 11,732 shares of the company’s stock, valued at $679,517.44. This trade represents a 11.15 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Nick Rosenberg sold 1,250 shares of the company’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $55.14, for a total value of $68,925.00. Following the completion of the transaction, the executive vice president now directly owns 31,443 shares of the company’s stock, valued at approximately $1,733,767.02. This trade represents a 3.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 4,973 shares of company stock valued at $291,024 over the last three months. 6.50% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have commented on MCB. JPMorgan Chase & Co. upped their price target on shares of Metropolitan Bank from $55.00 to $70.00 and gave the company an “overweight” rating in a research report on Tuesday, July 23rd. Hovde Group raised their target price on Metropolitan Bank from $65.50 to $68.00 and gave the stock an “outperform” rating in a research note on Monday, October 21st. Finally, Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $67.50 target price (up from $55.00) on shares of Metropolitan Bank in a report on Tuesday, July 23rd.

Metropolitan Bank Price Performance

Shares of NYSE:MCB opened at $64.01 on Tuesday. The company has a 50-day moving average price of $55.24 and a two-hundred day moving average price of $48.89. The firm has a market capitalization of $716.78 million, a PE ratio of 12.05 and a beta of 1.12. Metropolitan Bank Holding Corp. has a twelve month low of $32.46 and a twelve month high of $66.59. The company has a quick ratio of 0.99, a current ratio of 1.00 and a debt-to-equity ratio of 0.36.

Metropolitan Bank (NYSE:MCB) last announced its earnings results on Thursday, October 17th. The company reported $1.86 earnings per share for the quarter, topping analysts’ consensus estimates of $1.55 by $0.31. Metropolitan Bank had a return on equity of 10.02% and a net margin of 12.47%. The business had revenue of $71.52 million for the quarter, compared to analyst estimates of $66.70 million. Equities analysts forecast that Metropolitan Bank Holding Corp. will post 6.31 EPS for the current year.

Metropolitan Bank Company Profile

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.