Insider Buying at Metropolitan Bank Holding Corp. (NYSE:MCB)

On October 24th, Chaya Pamula, a director of Metropolitan Bank Holding Corp. (NYSE:MCB), purchased 450 shares of the company's stock. This acquisition was made at an average price of $54.29 per share, resulting in a total investment of $24,430.50. After this transaction, Pamula now directly holds 6,513 shares, which are currently valued at approximately $353,590.77. This purchase did not significantly change her ownership percentage in the company, as it represents a 0.00% increase. Details of this transaction were disclosed in a filing made to the Securities and Exchange Commission.

Metropolitan Bank Stock Performance

Following the insider buying news, MCB shares experienced a drop of $1.34 on Friday, bringing the stock price down to $52.78. During the trading day, a total of 36,275 shares exchanged hands, which is lower than the average trading volume of 94,463 shares. The stock currently has a 50-day moving average of $52.64 and a 200-day moving average of $46.51. Financial ratios indicate that the company has a quick ratio of 0.99, a current ratio of 0.99, and a debt-to-equity ratio of 0.37. The market capitalization is reported at $590.61 million, with a price-to-earnings (PE) ratio of 9.92 and a beta of 1.13. Over the past year, Metropolitan Bank has seen a low of $31.35 and a high of $64.10.

Analyst Upgrades and Downgrades

Several analysts have recently provided updates on the stock. JPMorgan Chase & Co. increased their target price for Metropolitan Bank from $55.00 to $70.00 and maintains an "overweight" rating as of July 23rd. Keefe, Bruyette & Woods also reaffirmed their "outperform" rating and revised their target price from $55.00 to $67.50 on the same date. Additionally, Hovde Group raised their price objective from $65.50 to $68.00, giving the company an "outperform" rating in their latest research note.

Institutional Trading of Metropolitan Bank

Recent trading activity indicates several institutional investors and hedge funds adjusting their positions in MCB. For instance, Point72 DIFC Ltd acquired a new stake valued at approximately $27,000 during the second quarter. CWM LLC increased their holdings by 70.1% in the same period, now owning 784 shares worth $33,000. DekaBank Deutsche Girozentrale also picked up a new position valued at around $74,000, while Allspring Global Investments Holdings LLC acquired shares worth about $103,000. Point72 Asset Management L.P. almost doubled their stake by increasing it by 104.5% during the second quarter, now owning 4,500 shares valued at $189,000. Collectively, hedge funds and institutional investors own approximately 79.83% of Metropolitan Bank's stock.

About Metropolitan Bank

Metropolitan Bank Holding Corp. is the bank holding company for Metropolitan Commercial Bank. The bank offers a wide range of financial products and services, focusing on business, commercial, and retail banking for small businesses, middle-market enterprises, public entities, and individual clients, primarily in the New York metropolitan area.

Insider, Buying, Stocks