Piper Sandler Increases Metropolitan Bank (NYSE:MCB) Price Target to $74.00

Metropolitan Bank (NYSE:MCB) had its target price upped by stock analysts at Piper Sandler from $67.00 to $74.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler’s price target points to a potential upside of 13.85% from the stock’s current price.

Other analysts also recently issued reports about the stock. Hovde Group boosted their target price on shares of Metropolitan Bank from $65.50 to $68.00 and gave the stock an “outperform” rating in a research report on Monday, October 21st. Keefe, Bruyette & Woods upped their price objective on shares of Metropolitan Bank from $73.00 to $85.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th.

Metropolitan Bank Price Performance

Shares of NYSE:MCB opened at $65.00 on Friday. The business has a fifty day simple moving average of $60.83 and a 200 day simple moving average of $51.95. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.36. Metropolitan Bank has a 1 year low of $32.46 and a 1 year high of $69.56. The firm has a market cap of $727.87 million, a price-to-earnings ratio of 12.22 and a beta of 1.16.

Metropolitan Bank (NYSE:MCB) last announced its quarterly earnings results on Thursday, October 17th. The company reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $66.70 million. As a group, sell-side analysts predict that Metropolitan Bank will post 6.31 earnings per share for the current fiscal year.

Insider Activity

In other Metropolitan Bank news, Director Robert C. Patent sold 1,000 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $55.32, for a total transaction of $55,320.00. Following the completion of the sale, the director now directly owns 79,133 shares in the company, valued at $4,377,637.56. This represents a 1.25 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nick Rosenberg sold 1,250 shares of Metropolitan Bank stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $65.17, for a total value of $81,462.50. Following the completion of the transaction, the executive vice president now owns 30,193 shares in the company, valued at $1,967,677.81. The trade was a 3.98 % decrease in their ownership of the stock. 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 90 days. 6.50% of the stock is currently owned by company insiders.

Institutional Trading of Metropolitan Bank

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MCB. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Metropolitan Bank in the third quarter worth $431,000. SG Americas Securities LLC acquired a new stake in Metropolitan Bank in the 2nd quarter worth $273,000. Bank of New York Mellon Corp increased its holdings in shares of Metropolitan Bank by 52.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 83,472 shares of the company’s stock worth $3,513,000 after purchasing an additional 28,665 shares during the period. Segall Bryant & Hamill LLC acquired a new position in shares of Metropolitan Bank during the third quarter valued at about $1,893,000. Finally, Cubist Systematic Strategies LLC lifted its stake in shares of Metropolitan Bank by 24.4% in the second quarter. Cubist Systematic Strategies LLC now owns 8,738 shares of the company’s stock valued at $368,000 after buying an additional 1,714 shares during the period. Institutional investors and hedge funds own 79.83% 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.