Metropolitan bank director Wolf buys shares worth $49,920 By Investing.com

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Metropolitan Bank Holding Corp. (NYSE:) director George J. Wolf Jr. has recently increased his stake in the company through the acquisition of shares valued at a total of $49,920. The transactions, which took place on June 7 and June 10, 2024, involved the purchase of shares at a price of $39.00 each.

On June 7, Wolf purchased 97 shares, and on June 10, he acquired an additional 1183 shares of Metropolitan Bank Holding Corp. common stock. These transactions reflect a consistent purchase price of $39.00 per share, amounting to a combined total of $49,920 for the shares bought across both dates. Following these acquisitions, Wolf now owns a total of 27,995 shares in the company.

Investors often monitor insider transactions as they can provide insights into the confidence levels of a company’s executives and directors regarding the firm’s future prospects. The recent purchases by Wolf may be interpreted as a positive signal, as insiders usually buy shares in their own companies when they believe the stock price will rise.

Metropolitan Bank Holding Corp., based in New York, operates as the holding company for Metropolitan Commercial Bank, providing a range of financial products and services to businesses and individuals. The bank’s common stock is listed on the New York Stock Exchange under the ticker symbol MCB.

For more detailed information regarding the individual transactions, including the specific number of shares purchased in each, Wolf has agreed to provide full details upon request to Metropolitan Bank Holding Corp., its shareholders, or the Securities and Exchange Commission staff, as noted in the footnote of the SEC filing.

The formal documentation of these transactions was signed by Frederik Erikson, pursuant to power of attorney, on June 11, 2024.

In other recent news, Metropolitan Commercial Bank (MCB) has reported strong earnings for the first quarter of 2024, with an earnings per share (EPS) of $1.46. The bank is currently winding down its GPG business and undertaking a significant digital transformation project. MCB is expecting margin expansion throughout the year, despite potential changes in monetary policy. The bank’s asset quality remains solid, with no negative trends in their portfolio.

Loan growth is anticipated to accelerate, funded primarily through deposits, with a provision of approximately 1% of loan growth, estimated to be between $6-8 million, projected for the year. The bank also anticipates settling regulatory remediation costs and legal fees by year’s end and estimates core expenses to reach $148-150 million by 2025.

In terms of future expectations, MCB foresees further margin expansion throughout 2024, with accelerated loan growth expected, and a funding strategy reliant on deposits. As part of the recent developments, the bank is also incurring expenses related to digital transformation, GPG wind-down, and regulatory remediation.

InvestingPro Insights

As Metropolitan Bank Holding Corp. (NYSE:MCB) sees increased insider activity with director George J. Wolf Jr. boosting his stake, the market is taking note of MCB’s financial metrics. According to InvestingPro, MCB is currently trading at a low earnings multiple, with a P/E ratio of 6.34. This figure suggests that the company’s shares might be undervalued relative to its earnings, potentially offering an attractive entry point for investors.

In line with the recent insider purchases, which often signal confidence in the company’s outlook, InvestingPro Tips indicate that analysts have revised their earnings upwards for the upcoming period. This revision could hint at a positive trajectory for MCB’s financial performance. Furthermore, the company has been profitable over the last twelve months as of Q1 2024, providing a solid foundation for future growth. However, it’s worth noting that MCB does not pay a dividend, which might influence the investment strategy of income-focused shareholders.

InvestingPro Data also reveals that MCB’s market capitalization stands at $436.52 million, reflecting its size and market presence. Additionally, the company’s revenue for the last twelve months as of Q1 2024 is reported at $239.78 million, although it experienced a slight decline of 7.72% in revenue growth during the same period. Despite this, the bank’s operating income margin remains robust at 44.44%, underscoring its ability to manage expenses effectively relative to its income.

For investors looking to delve deeper into MCB’s financials and future prospects, InvestingPro offers a wealth of additional insights. With the use of coupon code PRONEWS24, readers can get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to a total of 7 InvestingPro Tips for Metropolitan Bank Holding Corp. at https://www.investing.com/pro/MCB.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.



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