Metropolitan Bank (NYSE:MCB) PT Raised to $70.00 at JPMorgan Chase & Co.

Metropolitan Bank (NYSE:MCB) had its target price raised by JPMorgan Chase & Co. from $55.00 to $70.00 in a research report report published on Tuesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

Separately, Keefe, Bruyette & Woods reaffirmed an outperform rating and issued a $67.50 price target (up previously from $55.00) on shares of Metropolitan Bank in a research note on Tuesday.

Metropolitan Bank Stock Performance

Shares of MCB stock opened at $54.88 on Tuesday. The stock has a fifty day moving average of $44.14 and a 200 day moving average of $42.54. Metropolitan Bank has a 52 week low of $30.20 and a 52 week high of $57.69. The firm has a market capitalization of $614.11 million, a price-to-earnings ratio of 9.03 and a beta of 1.16. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.61.

Metropolitan Bank (NYSE:MCB) last announced its quarterly earnings results on Thursday, July 18th. The company reported $1.50 EPS for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.07). Metropolitan Bank had a return on equity of 10.62% and a net margin of 15.22%. The business had revenue of $121.90 million during the quarter, compared to analysts’ expectations of $68.02 million. During the same period in the previous year, the business earned $1.37 EPS. As a group, research analysts expect that Metropolitan Bank will post 6.08 earnings per share for the current year.

Insider Buying and Selling at Metropolitan Bank

In other Metropolitan Bank news, CEO Mark R. Defazio sold 34,986 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $55.34, for a total transaction of $1,936,125.24. Following the completion of the transaction, the chief executive officer now owns 181,208 shares of the company’s stock, valued at $10,028,050.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Metropolitan Bank news, CEO Mark R. Defazio sold 34,986 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $55.34, for a total transaction of $1,936,125.24. Following the completion of the transaction, the chief executive officer now owns 181,208 shares of the company’s stock, valued at $10,028,050.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director George J. Wolf, Jr. acquired 1,183 shares of the stock in a transaction on Monday, June 10th. The shares were purchased at an average cost of $39.00 per share, with a total value of $46,137.00. Following the transaction, the director now directly owns 27,995 shares of the company’s stock, valued at approximately $1,091,805. The disclosure for this purchase can be found here. Insiders own 6.50% of the company’s stock.

Hedge Funds Weigh In On Metropolitan Bank

Several institutional investors and hedge funds have recently modified their holdings of MCB. Vanguard Group Inc. increased its holdings in shares of Metropolitan Bank by 5.7% during the third quarter. Vanguard Group Inc. now owns 592,253 shares of the company’s stock valued at $21,487,000 after acquiring an additional 32,032 shares in the last quarter. Knights of Columbus Asset Advisors LLC increased its holdings in shares of Metropolitan Bank by 7.9% during the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 34,004 shares of the company’s stock valued at $1,883,000 after acquiring an additional 2,480 shares in the last quarter. Harbor Advisors LLC increased its holdings in shares of Metropolitan Bank by 10.1% during the fourth quarter. Harbor Advisors LLC now owns 24,783 shares of the company’s stock valued at $1,372,000 after acquiring an additional 2,283 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Metropolitan Bank by 0.8% during the fourth quarter. Russell Investments Group Ltd. now owns 120,952 shares of the company’s stock valued at $6,698,000 after acquiring an additional 914 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in shares of Metropolitan Bank during the fourth quarter valued at $447,000. 79.83% of the stock is currently 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.