Metropolitan Bank (NYSE:MCB) Price Target Raised to $83.50 at Hovde Group

Metropolitan Bank (NYSE:MCBFree Report) had its price target hoisted by Hovde Group from $75.00 to $83.50 in a research note published on Monday morning, MarketBeat.com reports. They currently have an outperform rating on the stock.

A number of other research firms have also recently weighed in on MCB. Piper Sandler upped their target price on shares of Metropolitan Bank from $67.00 to $74.00 and gave the company an “overweight” rating in a research note on Friday, December 13th. Keefe, Bruyette & Woods upped their target price on shares of Metropolitan Bank from $73.00 to $85.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th.

Check Out Our Latest Report on Metropolitan Bank

Metropolitan Bank Stock Performance

NYSE:MCB opened at $64.64 on Monday. The firm’s 50-day moving average is $61.98 and its 200-day moving average is $56.04. Metropolitan Bank has a 52-week low of $32.46 and a 52-week high of $69.56. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market cap of $723.93 million, a price-to-earnings ratio of 12.15 and a beta of 1.17.

Metropolitan Bank (NYSE:MCBGet Free Report) last posted its earnings results on Thursday, January 23rd. The company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.39. Metropolitan Bank had a net margin of 12.47% and a return on equity of 10.02%. Equities research analysts anticipate that Metropolitan Bank will post 6.31 earnings per share for the current year.

Insider Buying and Selling at Metropolitan Bank

In other news, EVP Scott Lublin sold 3,000 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of $58.77, for a total transaction of $176,310.00. Following the transaction, the executive vice president now directly owns 52,253 shares in the company, valued at approximately $3,070,908.81. This represents a 5.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Nick Rosenberg sold 1,250 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $65.17, for a total transaction of $81,462.50. Following 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. Company insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Metropolitan Bank

Large investors have recently modified their holdings of the stock. Point72 DIFC Ltd acquired a new position in shares of Metropolitan Bank during the second quarter worth approximately $27,000. USA Financial Formulas bought a new stake in shares of Metropolitan Bank during the fourth quarter worth approximately $66,000. Point72 Asia Singapore Pte. Ltd. raised its stake in shares of Metropolitan Bank by 212.7% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 1,354 shares of the company’s stock worth $71,000 after buying an additional 921 shares during the last quarter. R Squared Ltd bought a new stake in shares of Metropolitan Bank during the fourth quarter worth approximately $91,000. Finally, CWM LLC raised its stake in shares of Metropolitan Bank by 127.0% during the third quarter. CWM LLC now owns 1,780 shares of the company’s stock worth $94,000 after buying an additional 996 shares during the last quarter. 79.83% of the stock is currently owned by institutional investors and hedge funds.

About Metropolitan Bank

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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.

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