Zacks Investment Research upgraded shares of Metropolitan Bank (NYSE:MCB) from a sell rating to a strong-buy rating in a report published on Thursday, Zacks.com reports. The firm currently has $34.00 price objective on the stock.
According to Zacks, “Metropolitan Bank Holding Corp. is the holding company for Metropolitan Commercial Bank(R), The Entrepreneurial Bank. The company is a chartered commercial bank which provides deposits, small business lending, trade finance, cash management solutions, speciality markets, personal checking, savings, electronic banking and prepaid cards. It operates primarily in Manhattan, Boro Park, Brooklyn and Great Neck, Long Island. Metropolitan Bank Holding Corp. is headquartered in New York City. “
A number of other brokerages have also commented on MCB. Keefe, Bruyette & Woods reiterated an outperform rating and issued a $40.00 price objective (up from $32.00) on shares of Metropolitan Bank in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. decreased their price objective on Metropolitan Bank from $30.00 to $28.50 and set an overweight rating on the stock in a research report on Thursday, April 23rd.
Metropolitan Bank (NYSE:MCB) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $1.29 EPS for the quarter, topping the Zacks’ consensus estimate of $0.79 by $0.50. The business had revenue of $35.81 million for the quarter, compared to analyst estimates of $33.72 million. Metropolitan Bank had a return on equity of 10.83% and a net margin of 20.57%. As a group, equities analysts expect that Metropolitan Bank will post 4.3 earnings per share for the current year.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. BNP Paribas Arbitrage SA boosted its position in Metropolitan Bank by 28.9% in the 1st quarter. BNP Paribas Arbitrage SA now owns 2,171 shares of the company’s stock valued at $58,000 after buying an additional 487 shares during the last quarter. Citigroup Inc. lifted its stake in shares of Metropolitan Bank by 42.5% in the 1st quarter. Citigroup Inc. now owns 2,002 shares of the company’s stock valued at $54,000 after purchasing an additional 597 shares during the period. Strs Ohio lifted its stake in shares of Metropolitan Bank by 9.1% in the 2nd quarter. Strs Ohio now owns 8,400 shares of the company’s stock valued at $269,000 after purchasing an additional 700 shares during the period. Denali Advisors LLC acquired a new position in shares of Metropolitan Bank in the 2nd quarter valued at $29,000. Finally, First Trust Advisors LP lifted its stake in shares of Metropolitan Bank by 7.3% in the 2nd quarter. First Trust Advisors LP now owns 14,303 shares of the company’s stock valued at $459,000 after purchasing an additional 969 shares during the period. Hedge funds and other institutional investors own 48.02% 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.
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