Metropolitan Bank (NYSE:MCB) Announces Quarterly Earnings Results, Beats Estimates By $0.20 EPS

Metropolitan Bank (NYSE:MCB) issued its quarterly earnings data on Tuesday. The company reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.20, FiscalAI reports. The firm had revenue of $100.56 million during the quarter, compared to analysts’ expectations of $97.05 million. Metropolitan Bank had a return on equity of 10.22% and a net margin of 14.31%.

Metropolitan Bank Price Performance

Shares of NYSE MCB traded up $2.25 during trading on Tuesday, reaching $88.78. The company had a trading volume of 205,830 shares, compared to its average volume of 149,850. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.02. Metropolitan Bank has a twelve month low of $64.66 and a twelve month high of $102.04. The stock has a 50-day moving average price of $89.97 and a two-hundred day moving average price of $91.40. The stock has a market capitalization of $1.10 billion, a PE ratio of 11.24 and a beta of 1.03.

Metropolitan Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 10th. Stockholders of record on Friday, October 30th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, October 30th. Metropolitan Bank’s payout ratio is 17.72%.

Insider Activity at Metropolitan Bank

In related news, Director Dale C. Fredston sold 2,000 shares of the business’s stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $89.09, for a total value of $178,180.00. Following the completion of the transaction, the director owned 14,668 shares of the company’s stock, valued at approximately $1,306,772.12. The trade was a 12.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Robert C. Patent sold 10,000 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $92.29, for a total transaction of $922,900.00. Following the completion of the transaction, the director directly owned 76,185 shares of the company’s stock, valued at $7,031,113.65. The trade was a 11.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 5.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MCB. Keefe, Bruyette & Woods lowered their target price on Metropolitan Bank from $120.00 to $110.00 and set an “outperform” rating on the stock in a report on Thursday, July 23rd. Weiss Ratings restated a “buy (b)” rating on shares of Metropolitan Bank in a report on Friday, August 7th. Wall Street Zen cut shares of Metropolitan Bank from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Finally, UBS Group lowered their price target on shares of Metropolitan Bank from $110.00 to $100.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $105.00.

About Metropolitan Bank

Metropolitan Bank Holding Corp. is the parent company of Metropolitan Commercial Bank, a full-service commercial bank headquartered in New York. Founded in 1999, the bank provides financial services to businesses, entrepreneurs, institutions and consumers through its branch network and digital banking channels.

Metropolitan Commercial Bank offers commercial and consumer deposit accounts, business and real estate lending, personal loans, cash-management and treasury services, online and mobile banking, and other payment-related solutions.