Franklin Resources Inc. has reduced its holdings in Metropolitan Bank Holding Corp. (NYSE:MCB) by 16.6% during the second quarter of 2023, according to its latest Form 13F filing with the Securities and Exchange Commission (SEC). The investment firm sold 16,434 shares, resulting in a total of 82,808 shares owned, which is valued at approximately $5.8 million.
In addition to Franklin Resources, several other institutional investors have adjusted their positions in Metropolitan Bank. Creative Planning increased its holdings by an impressive 128.1% during the same period, now owning 14,730 shares valued at $1.03 million. Jupiter Asset Management Ltd. entered a new position in the bank, valued at about $1.66 million. The Bank of New York Mellon Corp. also boosted its stake by 107.3%, acquiring 76,745 additional shares, bringing its total to 148,257 shares worth $10.38 million. Corton Capital Inc. and Sippican Capital Advisors also made notable adjustments to their investments, with Sippican increasing its stake by 8.5%.
Overall, institutional investors own approximately 79.83% of the stock, indicating strong interest in Metropolitan Bank among larger financial entities.
Insider Transactions and Recent Performance
In other developments, several insiders at Metropolitan Bank have engaged in stock transactions. Executive Vice President Scott Lublin sold 5,000 shares on October 20, 2023, at an average price of $74.36, amounting to a total of $371,800. Following this sale, Lublin’s holdings decreased by 10.83%.
Moreover, Director Dale C. Fredston sold 3,000 shares on September 3, 2023, for a total of $235,950. This transaction also represented a 17.47% reduction in his ownership. Over the last 90 days, insiders have sold 9,875 shares worth $752,381, while purchasing 1,167 shares for $83,010. Currently, insiders hold 6.09% of the company’s stock.
Metropolitan Bank’s stock recently experienced a 0.6% decline. The bank reported its quarterly earnings results on October 23, 2023, revealing an earnings per share (EPS) of $0.67, falling short of analysts’ expectations of $1.95 by $1.28. The bank’s return on equity stood at 8.71%, while its net margin was 12.46%. Revenue for the quarter reached $79.84 million, slightly exceeding the consensus estimate of $78.28 million.
Dividend Declaration and Analyst Ratings
Metropolitan Bank also declared a quarterly dividend of $0.15 per share, which was distributed on November 14, 2023, to stockholders of record on October 30, 2023. This dividend results in an annualized yield of 0.8% and a payout ratio of 10.42%.
Recent reports from various brokerages indicate a mixed outlook for Metropolitan Bank. Keefe, Bruyette & Woods lowered their price target from $95.00 to $90.00, maintaining an “outperform” rating. Meanwhile, Zacks Research downgraded the stock from a “strong-buy” to a “hold” rating. Currently, three analysts rate the stock as a Buy, while two suggest holding it. The average target price among analysts is set at $81.00.
Metropolitan Bank Holding Corp. operates as the bank holding company for Metropolitan Commercial Bank, offering a range of banking products and services to small businesses, middle-market enterprises, public entities, and individuals in the New York metropolitan area.
