Piper Sandler Increases Metropolitan Bank (NYSE:MCB) Price Target to $74.00

Metropolitan Bank (NYSE:MCB) had its target price increased by Piper Sandler from $67.00 to $74.00 in a research report report published on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other brokerages have also issued reports on MCB. Hovde Group boosted their price target on Metropolitan Bank from $65.50 to $68.00 and gave the company an “outperform” rating in a research note on Monday, October 21st. Keefe, Bruyette & Woods upped their target price on Metropolitan Bank from $73.00 to $85.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th.

Metropolitan Bank Stock Down 0.9 %

Shares of MCB stock opened at $65.00 on Friday. The stock has a 50 day moving average of $60.83 and a 200-day moving average of $51.95. The firm has a market cap of $727.87 million, a PE ratio of 12.22 and a beta of 1.16. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.36. Metropolitan Bank has a 12 month low of $32.46 and a 12 month high of $69.56.

Metropolitan Bank (NYSE:MCB) last released its earnings results on Thursday, October 17th. The company reported $1.86 EPS for the quarter, beating the consensus estimate of $1.55 by $0.31. The firm had revenue of $71.52 million during the quarter, compared to analysts’ expectations of $66.70 million. Metropolitan Bank had a net margin of 12.47% and a return on equity of 10.02%. On average, equities analysts predict that Metropolitan Bank will post 6.31 EPS for the current year.

Insider Buying and Selling

In other Metropolitan Bank news, EVP Nick Rosenberg sold 1,250 shares of the stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 30,193 shares in the company, valued at $1,967,677.81. This represents a 3.98 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Norman Scott sold 1,473 shares of the business’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $57.92, for a total transaction of $85,316.16. Following the completion of the sale, the senior vice president now owns 11,732 shares in the company, valued at $679,517.44. This represents a 11.15 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,973 shares of company stock valued at $291,024 over the last quarter. Corporate insiders own 6.50% of the company’s stock.

Institutional Trading of Metropolitan Bank

Hedge funds have recently modified their holdings of the company. Point72 DIFC Ltd bought a new stake in Metropolitan Bank during the 2nd quarter worth approximately $27,000. CWM LLC boosted its stake in Metropolitan Bank by 70.1% in the second quarter. CWM LLC now owns 784 shares of the company’s stock worth $33,000 after purchasing an additional 323 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. grew its holdings 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 purchasing an additional 921 shares during the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in shares of Metropolitan Bank in the second quarter valued at $74,000. Finally, Point72 Asset Management L.P. raised its stake in shares of Metropolitan Bank by 104.5% in 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 during the last quarter. Institutional investors and hedge funds own 79.83% of the company’s stock.

About Metropolitan Bank

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.