Franklin Resources Inc. Has $4.75 Million Position in Metropolitan Bank Holding Corp. (NYSE:MCB)

Franklin Resources Inc. raised its stake in Metropolitan Bank Holding Corp. (NYSE:MCB) by 44.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 82,922 shares of the company’s stock after acquiring an additional 25,654 shares during the period. Franklin Resources Inc. owned approximately 0.74% of Metropolitan Bank worth $4,751,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Point72 DIFC Ltd acquired a new stake in shares of Metropolitan Bank in the 2nd quarter valued at $27,000. Point72 Asia Singapore Pte. Ltd. lifted its position in shares of Metropolitan Bank by 212.7% during the 3rd 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. DekaBank Deutsche Girozentrale acquired a new stake in Metropolitan Bank in the second quarter valued at about $74,000. CWM LLC grew its position in Metropolitan Bank by 127.0% in the third quarter. CWM LLC now owns 1,780 shares of the company’s stock valued at $94,000 after acquiring an additional 996 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its stake in Metropolitan Bank by 104.5% during the second quarter. Point72 Asset Management L.P. now owns 4,500 shares of the company’s stock worth $189,000 after acquiring an additional 2,300 shares in the last quarter. 79.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MCB has been the topic of several research reports. Keefe, Bruyette & Woods lifted their price target on shares of Metropolitan Bank from $73.00 to $85.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Piper Sandler boosted their target price on shares of Metropolitan Bank from $67.00 to $74.00 and gave the stock an “overweight” rating in a research note on Friday, December 13th. Finally, Hovde Group upped their price target on shares of Metropolitan Bank from $65.50 to $68.00 and gave the stock an “outperform” rating in a report on Monday, October 21st.

Metropolitan Bank Stock Performance

Metropolitan Bank stock opened at $59.33 on Tuesday. The business has a 50 day moving average of $61.53 and a 200-day moving average of $52.85. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.00 and a quick ratio of 1.00. Metropolitan Bank Holding Corp. has a 1 year low of $32.46 and a 1 year high of $69.56. The company has a market capitalization of $664.50 million, a P/E ratio of 11.15 and a beta of 1.16.

Metropolitan Bank (NYSE:MCB) last released 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 net margin of 12.47% and a return on equity of 10.02%. The firm had revenue of $71.52 million during the quarter, compared to the consensus estimate of $66.70 million. On average, equities research analysts predict that Metropolitan Bank Holding Corp. will post 6.31 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Robert C. Patent sold 1,000 shares of the business’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $55.32, for a total value of $55,320.00. Following the transaction, the director now owns 79,133 shares in the company, valued at $4,377,637.56. The trade was a 1.25 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Nick Rosenberg sold 1,250 shares of the company’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $55.14, for a total transaction of $68,925.00. Following the sale, the executive vice president now directly owns 31,443 shares in the company, valued at $1,733,767.02. This trade represents a 3.82 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,973 shares of company stock valued at $467,334. 6.50% of the stock is currently owned by company insiders.

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.