Robert C. Patent, a director at Metropolitan Bank Holding Corp. (NYSE:MCB), recently sold 1,000 shares of common stock, according to a regulatory filing. The shares were sold at a weighted average price of $55.3223, totaling approximately $55,322. The transactions occurred on October 29, 2024, and the shares were sold in multiple transactions at prices ranging from $55.0911 to $55.348. Following the sale, Patent holds various shares in different capacities, including 79,133 shares directly, and additional shares indirectly through a partnership, a profit-sharing plan, and by a sibling.
In other recent news, Metropolitan Commercial Bank reported its Q3 earnings per share at $1.08, inclusive of $12.6 million in charges. The bank's adjusted return on tangible common equity (ROTCE) was recorded at 12% for the quarter. In addition, the bank's net interest margin (NIM) increased to 3.62% with a loan growth of $68 million and a $100 million increase in deposits.
These recent developments also include the bank's outlook for the coming months. Metropolitan Commercial Bank anticipates a mid-teens ROTCE and a NIM approaching 3.75% over the next 12-18 months. The bank also expects a 10%-12% loan growth and 6%-8% growth in non-interest income for 2025.
Furthermore, the bank is aiming for a commercial real estate to risk-based capital ratio above 350%. However, the bank also expects a NIM decline of 12 to 15 basis points for Q4 and predicts an increase in the effective tax rate to 31%-32%. Lastly, Metropolitan Commercial Bank reported minimal impact from recent hurricanes in Florida and no expected increase in its digital transformation budget.
InvestingPro Insights
To provide additional context to Robert C. Patent's recent stock sale, let's examine some key financial metrics and insights from InvestingPro for Metropolitan Bank Holding Corp. (NYSE:MCB).
As of the latest data, MCB's market capitalization stands at $601.92 million. The company's P/E ratio is 10.11, suggesting that the stock is trading at a relatively modest valuation compared to its earnings. This could be seen as an attractive entry point for investors, especially considering the stock's strong performance over the past year.
InvestingPro Tips highlight that MCB has seen a high return over the last year, with the stock price showing a significant uptick of 39.75% over the past six months. This aligns with the timing of Patent's stock sale, potentially indicating that the director may be capitalizing on the stock's recent gains.
It's worth noting that while MCB has demonstrated strong performance, InvestingPro Tips also point out that the company suffers from weak gross profit margins. This could be a factor for investors to consider when evaluating the stock's long-term potential.
Analysts remain optimistic about MCB's prospects, with InvestingPro Tips indicating that the company is expected to be profitable this year. This positive outlook is further supported by the fact that MCB has been profitable over the last twelve months, with a diluted EPS of $5.34.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights beyond what's covered here. In fact, there are 8 more InvestingPro Tips available for MCB, providing a deeper dive into the company's financial health and market position.
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