Insider Buying: Metropolitan Bank Holding Corp. (NYSE:MCB) Director Acquires Shares

On October 24th, Chaya Pamula, a director at Metropolitan Bank Holding Corp. (NYSE: MCB), purchased 450 shares of the bank's stock. The shares were bought at an average price of $54.29 each, resulting in a total investment of $24,430.50. After this transaction, Pamula directly owns 6,513 shares, which have an approximate value of $353,590.77. This acquisition did not significantly increase her ownership stake, representing a 0.00% change. The details of this transaction have been reported in a filing with the Securities and Exchange Commission.

On Friday, the trading activity for MCB saw a decline, with shares falling by $1.34 to $52.78. During this session, 36,275 shares exchanged hands, which is lower than the average volume of 94,463 shares. The company has a 50-day moving average of $52.64 and a 200-day average of $46.51. Financially, Metropolitan Bank has a quick ratio of 0.99 and a debt-to-equity ratio of 0.37. The current market capitalization stands at $590.61 million, with a price-to-earnings (PE) ratio of 9.92 and a beta of 1.13. Over the last year, shares of Metropolitan Bank have traded as low as $31.35 and as high as $64.10.

Analyst Recommendations

Several analysts have recently evaluated MCB shares. Notably, on July 23rd, JPMorgan Chase & Co. raised their target price for Metropolitan Bank from $55.00 to $70.00, designating it with an "overweight" rating. Additionally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating while increasing the target to $67.50 from $55.00. Hovde Group also adjusted their price objective, raising it from $65.50 to $68.00, maintaining their “outperform” rating on the stock.

Institutional Investment Trends

Recent changes in institutional ownership include several firms adjusting their positions in MCB. Point72 DIFC Ltd acquired a new stake in the bank worth approximately $27,000 during the second quarter. CWM LLC boosted its holdings by 70.1% during the same period, bringing its total to 784 shares valued at $33,000 after acquiring an additional 323 shares. DekaBank Deutsche Girozentrale also took a new position worth around $74,000. Moreover, Allspring Global Investments purchased shares valued at $103,000 in the first quarter, and Point72 Asset Management L.P. expanded its stake by 104.5%, now holding 4,500 shares worth $189,000. Overall, approximately 79.83% of Metropolitan Bank's stock is currently owned by institutional investors and hedge funds.

About Metropolitan Bank

Metropolitan Bank Holding Corp. is the parent company of Metropolitan Commercial Bank. It offers a wide range of banking services, including business, commercial, and retail banking products tailored for small businesses, middle-market firms, public entities, and individuals, primarily in the New York metropolitan area.

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