Metropolitan Bank Holding Corp. (NYSE: MCB) has declared a quarterly dividend of $0.20 per share, payable to stockholders of record on January 27, 2024. This payment, scheduled for February 6, 2024, marks a significant increase of 33.3% from the previous quarterly dividend of $0.15. The announcement underscores the bank’s strong financial position and commitment to returning value to its shareholders.
The ex-dividend date for this payment is also set for January 27, 2024. As the dividend yield now stands at 0.9%, the move reflects the bank’s ongoing efforts to enhance shareholder returns amid a competitive banking environment.
Financial Performance Highlights
Metropolitan Bank’s stock opened at $89.60 on the day of the announcement, reflecting a decline of 5.6%. The company maintains a solid financial foundation, with a debt-to-equity ratio of 0.23 and both quick and current ratios at 0.98. Over the past year, the stock has fluctuated between a low of $47.08 and a high of $96.75.
On January 20, 2024, Metropolitan Bank reported earnings that surpassed analysts’ expectations. The bank recorded earnings per share (EPS) of $2.77, exceeding the consensus estimate of $2.07 by $0.70. Additionally, the bank achieved a net margin of 13.49% and a return on equity of 9.73%. Revenue for the quarter reached $88.41 million, well above forecasts of $83.15 million. Analysts predict an average EPS of 7.31 for the current year.
Institutional Investor Activity
Recent changes in institutional holdings reflect growing confidence in Metropolitan Bank. The State of Alaska Department of Revenue significantly increased its position in the fourth quarter, growing its stake by 644.2% to own 3,163 shares valued at $241,000. Other notable adjustments include a 3.7% increase by Sippican Capital Advisors, which now holds 28,097 shares worth $2.145 million, and a new stake acquired by Daytona Street Capital LLC, valued at $199,000.
In total, institutional investors own approximately 79.83% of Metropolitan Bank’s stock, indicating robust support from the investment community.
Metropolitan Bank operates as a regional financial institution based in New York, offering a wide array of commercial and consumer banking services. Its offerings include various deposit products, commercial real estate financing, and specialized treasury solutions, catering to both domestic and multinational clients.
With these developments, Metropolitan Bank is positioned to continue its trajectory of growth while providing attractive returns to its shareholders.
