Insider Buying: Metropolitan Bank (NYSE:MCB) CFO Purchases 1,000 Shares of Stock

Metropolitan Bank CFO Daniel Dougherty purchased 1,000 shares of the bank's stock at $71.66 each, totaling $71,660, increasing his ownership by 3.80%. After the purchase, he holds 27,341 shares valued at approximately $1.96 million. The bank recently declared a quarterly dividend of $0.15 per share and has authorized a $50 million share repurchase program. Analysts have mixed ratings on the stock, with a consensus rating of "Moderate Buy" and a price target of $81.00.

Metropolitan Bank Holding Corp. (NYSE:MCB - Get Free Report) CFO Daniel Dougherty purchased 1,000 shares of the company's stock in a transaction dated Monday, October 27th. The shares were purchased at an average price of $71.66 per share, for a total transaction of $71,660.00. Following the completion of the purchase, the chief financial officer owned 27,341 shares of the company's stock, valued at approximately $1,959,256.06. This trade represents a 3.80% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Metropolitan Bank Stock Performance

NYSE MCB opened at $67.91 on Wednesday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.23. The business's 50 day moving average is $76.39 and its two-hundred day moving average is $70.36. Metropolitan Bank Holding Corp. has a 12-month low of $47.08 and a 12-month high of $81.33. The stock has a market capitalization of $707.57 million, a price-to-earnings ratio of 11.79 and a beta of 1.11.

Metropolitan Bank (NYSE:MCB - Get Free Report) last released its earnings results on Thursday, October 23rd. The company reported $0.67 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.95 by ($1.28). Metropolitan Bank had a return on equity of 8.72% and a net margin of 12.46%.The business had revenue of $79.84 million for the quarter, compared to analyst estimates of $78.28 million. Research analysts expect that Metropolitan Bank Holding Corp. will post 7.31 EPS for the current year.

Metropolitan Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Thursday, October 30th will be issued a $0.15 dividend. The ex-dividend date is Thursday, October 30th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 0.9%. Metropolitan Bank's dividend payout ratio is currently 10.42%.

Metropolitan Bank announced that its board has authorized a share repurchase program on Thursday, July 17th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 6.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Metropolitan Bank

Hedge funds have recently modified their holdings of the company. State of Alaska Department of Revenue acquired a new stake in Metropolitan Bank during the third quarter worth approximately $31,000. GAMMA Investing LLC boosted its position in Metropolitan Bank by 289.5% during the first quarter. GAMMA Investing LLC now owns 596 shares of the company's stock worth $33,000 after acquiring an additional 443 shares during the last quarter. Avalon Trust Co acquired a new stake in shares of Metropolitan Bank during the first quarter worth $84,000. Tower Research Capital LLC TRC boosted its holdings in shares of Metropolitan Bank by 41.5% during the second quarter. Tower Research Capital LLC TRC now owns 1,670 shares of the company's stock worth $117,000 after purchasing an additional 490 shares during the last quarter. Finally, EP Wealth Advisors LLC acquired a new stake in shares of Metropolitan Bank during the second quarter worth $208,000. 79.83% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MCB has been the topic of several research reports. Keefe, Bruyette & Woods lowered their target price on Metropolitan Bank from $95.00 to $90.00 and set an "outperform" rating on the stock in a report on Monday. Zacks Research cut shares of Metropolitan Bank from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, September 16th. Finally, Weiss Ratings reiterated a "hold (c+)" rating on shares of Metropolitan Bank in a research report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $81.00.

View Our Latest Stock Analysis on MCB

About Metropolitan Bank

(Get Free Report)

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.