Metropolitan Bank (NYSE:MCB) PT Raised to $68.00 at Hovde Group

Metropolitan Bank (NYSE:MCB) had its target price hoisted by Hovde Group from $65.50 to $68.00 in a report released on Monday, MarketBeat reports. The firm currently has an outperform rating on the stock.

Several other brokerages also recently commented on MCB. JPMorgan Chase & Co. increased their price target on Metropolitan Bank from $55.00 to $70.00 and gave the company an “overweight” rating in a report on Tuesday, July 23rd. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $67.50 price target (up previously from $55.00) on shares of Metropolitan Bank in a report on Tuesday, July 23rd.

Metropolitan Bank Trading Down 1.5 %

NYSE:MCB opened at $54.12 on Monday. Metropolitan Bank has a 52 week low of $30.72 and a 52 week high of $64.10. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.99 and a current ratio of 0.99. The stock’s 50 day moving average price is $52.54 and its 200 day moving average price is $46.40. The company has a market capitalization of $605.77 million, a P/E ratio of 8.90 and a beta of 1.13.

Insider Activity

In other news, SVP Norman Scott sold 1,473 shares of the stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $57.92, for a total value of $85,316.16. Following the completion of the sale, the senior vice president now directly owns 11,732 shares of the company’s stock, valued at approximately $679,517.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, SVP Norman Scott sold 1,473 shares of the stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $57.92, for a total value of $85,316.16. Following the completion of the sale, the senior vice president now directly owns 11,732 shares of the company’s stock, valued at approximately $679,517.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Nick Rosenberg sold 1,250 shares of the stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $55.14, for a total value of $68,925.00. Following the completion of the sale, the executive vice president now directly owns 31,443 shares of the company’s stock, valued at $1,733,767.02. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Metropolitan Bank

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in Metropolitan Bank by 4.6% in the first quarter. Vanguard Group Inc. now owns 628,996 shares of the company’s stock worth $24,216,000 after purchasing an additional 27,499 shares during the period. Pacific Ridge Capital Partners LLC lifted its position in Metropolitan Bank by 1.4% in the first quarter. Pacific Ridge Capital Partners LLC now owns 266,521 shares of the company’s stock worth $10,261,000 after purchasing an additional 3,767 shares during the period. American Century Companies Inc. lifted its position in Metropolitan Bank by 21.1% in the second quarter. American Century Companies Inc. now owns 186,440 shares of the company’s stock worth $7,847,000 after purchasing an additional 32,491 shares during the period. AQR Capital Management LLC lifted its position in Metropolitan Bank by 31.7% in the second quarter. AQR Capital Management LLC now owns 130,340 shares of the company’s stock worth $5,486,000 after purchasing an additional 31,397 shares during the period. Finally, Millennium Management LLC bought a new position in Metropolitan Bank in the second quarter worth $4,991,000. 79.83% of the stock is owned by institutional investors.

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.