Massachusetts Financial Services Co. MA Trims Stock Position in Metropolitan Bank Holding Corp. (NYSE:MCB)

Massachusetts Financial Services Co. MA decreased its holdings in Metropolitan Bank Holding Corp. (NYSE:MCB) by 2.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 26,264 shares of the company’s stock after selling 636 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.23% of Metropolitan Bank worth $1,381,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. bought a new position in Metropolitan Bank in the third quarter worth approximately $431,000. Segall Bryant & Hamill LLC purchased a new stake in shares of Metropolitan Bank in the 3rd quarter worth $1,893,000. Quest Partners LLC raised its holdings in Metropolitan Bank by 485.7% in the 3rd quarter. Quest Partners LLC now owns 8,458 shares of the company’s stock worth $445,000 after purchasing an additional 7,014 shares during the period. Thrivent Financial for Lutherans lifted its position in Metropolitan Bank by 14.0% during the third quarter. Thrivent Financial for Lutherans now owns 22,905 shares of the company’s stock valued at $1,204,000 after purchasing an additional 2,811 shares in the last quarter. Finally, Empowered Funds LLC grew its holdings in Metropolitan Bank by 5.2% during the third quarter. Empowered Funds LLC now owns 38,252 shares of the company’s stock valued at $2,011,000 after purchasing an additional 1,876 shares during the period. 79.83% of the stock is currently owned by institutional investors.

Insider Activity at Metropolitan Bank

In related news, EVP Nick Rosenberg sold 1,250 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $1,967,677.81. This represents a 3.98 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert C. Patent sold 1,000 shares of Metropolitan Bank stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $55.32, for a total value of $55,320.00. Following the completion of the sale, the director now directly owns 79,133 shares in the company, valued at approximately $4,377,637.56. The trade was a 1.25 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,973 shares of company stock valued at $291,024. Corporate insiders own 6.50% of the company’s stock.

Metropolitan Bank Trading Up 1.6 %

Shares of Metropolitan Bank stock opened at $67.29 on Thursday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.00 and a current ratio of 1.00. The company has a fifty day moving average of $57.60 and a 200 day moving average of $50.10. The company has a market capitalization of $753.51 million, a P/E ratio of 12.65 and a beta of 1.12. Metropolitan Bank Holding Corp. has a fifty-two week low of $32.46 and a fifty-two week high of $69.56.

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

Wall Street Analysts Forecast Growth

Separately, Hovde Group raised their price objective on Metropolitan Bank from $65.50 to $68.00 and gave the stock an “outperform” rating in a research note on Monday, October 21st.

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.