Basswood Capital Management L.L.C. Boosts Position in Metropolitan Bank Holding Corp. (NYSE:MCB)

Basswood Capital Management L.L.C. grew its position in Metropolitan Bank Holding Corp. (NYSE:MCB) by 176.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 607,805 shares of the company’s stock after purchasing an additional 388,200 shares during the period. Metropolitan Bank makes up 1.6% of Basswood Capital Management L.L.C.’s holdings, making the stock its 19th biggest position. Basswood Capital Management L.L.C. owned 0.05% of Metropolitan Bank worth $31,958,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CWM LLC increased its holdings in Metropolitan Bank by 70.1% during the 2nd quarter. CWM LLC now owns 784 shares of the company’s stock valued at $33,000 after acquiring an additional 323 shares in the last quarter. SummerHaven Investment Management LLC increased its stake in shares of Metropolitan Bank by 2.0% during the 2nd quarter. SummerHaven Investment Management LLC now owns 18,270 shares of the company’s stock worth $769,000 after purchasing an additional 367 shares in the last quarter. Point72 DIFC Ltd acquired a new position in shares of Metropolitan Bank during the 2nd quarter worth approximately $27,000. Verition Fund Management LLC lifted its stake in Metropolitan Bank by 12.0% in the 3rd quarter. Verition Fund Management LLC now owns 6,553 shares of the company’s stock valued at $345,000 after buying an additional 700 shares in the last quarter. Finally, Salzhauer Michael grew its holdings in Metropolitan Bank by 2.3% during the 2nd quarter. Salzhauer Michael now owns 38,100 shares of the company’s stock valued at $1,604,000 after buying an additional 842 shares during the last quarter. Institutional investors and hedge funds own 79.83% of the company’s stock.

Insider Buying and Selling

In related news, EVP Nick Rosenberg sold 1,250 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were 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 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 document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert C. Patent sold 1,000 shares of Metropolitan Bank stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $55.32, for a total transaction of $55,320.00. Following the completion of the transaction, the director now owns 79,133 shares in the company, valued at approximately $4,377,637.56. This trade represents a 1.25 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,973 shares of company stock worth $291,024. 6.50% of the stock is owned by company insiders.

Metropolitan Bank Stock Performance

NYSE:MCB opened at $64.94 on Monday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market cap of $727.33 million, a PE ratio of 12.21 and a beta of 1.12. The firm has a 50 day simple moving average of $58.12 and a 200-day simple moving average of $50.48. Metropolitan Bank Holding Corp. has a 1-year low of $32.46 and a 1-year high of $69.56.

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

Analyst Ratings Changes

Separately, Hovde Group boosted their price target on Metropolitan Bank from $65.50 to $68.00 and gave the stock an “outperform” rating in a report 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.