Great Lakes Advisors LLC Acquires Shares of 7,712 Metropolitan Bank Holding Corp. $MCB

Great Lakes Advisors LLC acquired a new position in shares of Metropolitan Bank Holding Corp. (NYSE:MCB) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 7,712 shares of the company’s stock, valued at approximately $762,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Royal Bank of Canada lifted its holdings in shares of Metropolitan Bank by 70.4% in the 4th quarter. Royal Bank of Canada now owns 346 shares of the company’s stock valued at $27,000 after purchasing an additional 143 shares during the last quarter. Bridgeway Capital Management LLC grew its stake in Metropolitan Bank by 0.3% during the 3rd quarter. Bridgeway Capital Management LLC now owns 69,851 shares of the company’s stock worth $5,226,000 after buying an additional 182 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Metropolitan Bank by 3.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,257 shares of the company’s stock worth $350,000 after buying an additional 237 shares during the last quarter. Emerald Advisers LLC purchased a new position in Metropolitan Bank during the 1st quarter worth approximately $25,000. Finally, Lazard Asset Management LLC increased its position in Metropolitan Bank by 6.3% during the first quarter. Lazard Asset Management LLC now owns 6,026 shares of the company’s stock worth $502,000 after buying an additional 355 shares during the period. Institutional investors and hedge funds own 79.83% of the company’s stock.

Insider Activity

In other Metropolitan Bank news, Director Robert C. Patent sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $92.29, for a total transaction of $922,900.00. Following the transaction, the director owned 76,185 shares in the company, valued at approximately $7,031,113.65. The trade was a 11.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Daniel F. Dougherty bought 1,000 shares of the business’s stock in a transaction dated Thursday, July 23rd. The shares were acquired at an average cost of $89.98 per share, with a total value of $89,980.00. Following the completion of the purchase, the chief financial officer owned 33,197 shares in the company, valued at approximately $2,987,066.06. This represents a 3.11% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have sold 29,897 shares of company stock worth $2,797,252 in the last three months. 5.50% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

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

Metropolitan Bank Stock Performance

Shares of MCB opened at $91.98 on Friday. The stock has a market capitalization of $1.14 billion, a P/E ratio of 11.64 and a beta of 0.99. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.97 and a current ratio of 0.97. Metropolitan Bank Holding Corp. has a 1 year low of $64.66 and a 1 year high of $102.04. The company’s fifty day moving average is $95.24 and its two-hundred day moving average is $90.63.

Metropolitan Bank (NYSE:MCB) last released its earnings results on Tuesday, July 21st. The company reported $1.54 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.76). The firm had revenue of $93.01 million during the quarter, compared to analyst estimates of $93.39 million. Metropolitan Bank had a return on equity of 10.22% and a net margin of 14.31%.

Metropolitan Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 11th. Investors of record on Friday, July 31st were issued a dividend of $0.35 per share. This is an increase from Metropolitan Bank’s previous quarterly dividend of $0.25. This represents a $1.40 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, July 31st. Metropolitan Bank’s dividend payout ratio is currently 17.72%.

Metropolitan Bank Profile

Metropolitan Bank (NYSE:MCB), through its principal subsidiary Metropolitan Commercial Bank, operates as a New York–based regional financial institution providing a range of commercial and consumer banking services. The company offers deposit products including checking, savings and money market accounts, as well as business and personal certificates of deposit. On the lending side, Metropolitan Bank extends commercial real estate financing, equipment loans, working capital lines of credit and consumer installment loans tailored to the needs of small- and medium-sized enterprises and individual customers.

In addition to traditional deposit and lending services, Metropolitan Bank provides specialized treasury and cash-management solutions, foreign exchange services and letters of credit for both domestic businesses and multinational clients.