Metropolitan Bank rises on $50 million buyback

Metropolitan Bank Holding

13/03/2025 14:49

** Metropolitan Bank's shares MCB.N rise as much as 3.4%; last up 1.7% at $53.61

** The community bank late on Wednesday announced a $50 million stock repurchase program

** Hovde Group says the move reinforces its "outperform" rating on MCB as potential repurchases make sense given solid capital levels and discounted valuation

** MCB has 11.2 million shares outstanding for $591.9 million market cap - data compiled by LSEG

** Stock down 8.4% YTD after rising 5.5% in 2024

 (Reporting by Arasu Kannagi Basil in Bengaluru)

 ((ArasuKannagi.Basil@thomsonreuters.com;))