Metropolitan Bank (MCB)
Market Price (10/29/2026): $96.87 | Market Cap: $1.2 BilSector: Financials | Industry: Regional Banks
Metropolitan Bank (MCB)
Market Price (10/29/2026): $96.87Market Cap: $1.2 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.8%, FCF Yield is 8.3% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -72% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28% Low stock price volatilityVol 12M is 31% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, and Online Banking & Lending. | Trading close to highsDist 52W High is -4.3%, Dist 3Y High is -4.3% | Key risksMCB key risks include [1] substantial regulatory fines and a strategic exit from its Banking-as-a-Service (BaaS) partnerships, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.8%, FCF Yield is 8.3% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -72% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 28% |
| Low stock price volatilityVol 12M is 31% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, and Online Banking & Lending. |
| Trading close to highsDist 52W High is -4.3%, Dist 3Y High is -4.3% |
| Key risksMCB key risks include [1] substantial regulatory fines and a strategic exit from its Banking-as-a-Service (BaaS) partnerships, Show more. |
Qualitative Assessment
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Metropolitan Bank (MCB) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Analyst Downgrades and Price Target Reductions.
During fiscal Q3 2026, Metropolitan Bank (MCB) experienced multiple downward revisions from analyst firms. UBS Group, on July 28, 2026, lowered its price target for MCB from $110.00 to $100.00 and assigned a "neutral" rating. Similarly, Wall Street Zen downgraded MCB from a "buy" to a "hold" rating in a report on July 25, 2026. Additionally, Keefe, Bruyette & Woods reduced their price target from $120.00 to $110.00 on July 23, 2026. These collective adjustments in analyst sentiment and valuation expectations likely contributed to negative investor perception and downward pressure on the stock price during the period.
2. Broader Macroeconomic Concerns in the Banking Sector.
The banking sector faced macroeconomic headwinds, particularly with the Federal Reserve's decision on September 16, 2026, to raise the federal funds target range by a quarter point to 3.75%-4%. This interest rate hike, alongside general market concerns about rising yields and their potential impact on the broader economy and future credit quality, may have fostered a cautious environment for bank stocks, including MCB, even before the company's strong fiscal Q3 2026 (which ended September 30, 2026) earnings were announced.
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Metropolitan Bank (MCB) stock has remained largely at the same level since 6/30/2026 because of the following key factors:
1. Analyst Downgrades and Price Target Reductions.
During fiscal Q3 2026, Metropolitan Bank (MCB) experienced multiple downward revisions from analyst firms. UBS Group, on July 28, 2026, lowered its price target for MCB from $110.00 to $100.00 and assigned a "neutral" rating. Similarly, Wall Street Zen downgraded MCB from a "buy" to a "hold" rating in a report on July 25, 2026. Additionally, Keefe, Bruyette & Woods reduced their price target from $120.00 to $110.00 on July 23, 2026. These collective adjustments in analyst sentiment and valuation expectations likely contributed to negative investor perception and downward pressure on the stock price during the period.
2. Broader Macroeconomic Concerns in the Banking Sector.
The banking sector faced macroeconomic headwinds, particularly with the Federal Reserve's decision on September 16, 2026, to raise the federal funds target range by a quarter point to 3.75%-4%. This interest rate hike, alongside general market concerns about rising yields and their potential impact on the broader economy and future credit quality, may have fostered a cautious environment for bank stocks, including MCB, even before the company's strong fiscal Q3 2026 (which ended September 30, 2026) earnings were announced.
3. Modest Increase in Non-Performing Loans.
Metropolitan Bank reported a slight increase in its non-performing loan ratio to 0.95% at September 30, 2026, up from 0.91% at June 30, 2026. This modest rise was primarily attributed to a single commercial real estate loan being placed on non-accrual status during fiscal Q3 2026. While the bank maintained overall sound credit quality, this minor deterioration in a specific area could have generated some investor apprehension during the quarter.
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Stock Movement Drivers
Fundamental Drivers
The -1.8% change in MCB stock from 6/30/2026 to 10/28/2026 was primarily driven by a -13.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302026 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 98.39 | 96.62 | -1.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 333 | 350 | 5.0% |
| Net Income Margin (%) | 25.9% | 24.8% | -4.3% |
| P/E Multiple | 12.2 | 13.8 | 13.3% |
| Shares Outstanding (Mil) | 11 | 12 | -13.8% |
| Cumulative Contribution | -1.8% |
Market Drivers
6/30/2026 to 10/28/2026| Return | Correlation | |
|---|---|---|
| MCB | -1.8% | |
| Market (SPY) | 3.4% | 17.0% |
| Sector (XLF) | 4.7% | 35.0% |
Fundamental Drivers
The 16.8% change in MCB stock from 3/31/2026 to 10/28/2026 was primarily driven by a 16.2% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 82.74 | 96.62 | 16.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 315 | 350 | 11.0% |
| Net Income Margin (%) | 22.6% | 24.8% | 9.8% |
| P/E Multiple | 11.9 | 13.8 | 16.2% |
| Shares Outstanding (Mil) | 10 | 12 | -17.5% |
| Cumulative Contribution | 16.8% |
Market Drivers
3/31/2026 to 10/28/2026| Return | Correlation | |
|---|---|---|
| MCB | 16.8% | |
| Market (SPY) | 19.1% | 16.0% |
| Sector (XLF) | 14.1% | 44.2% |
Fundamental Drivers
The 30.6% change in MCB stock from 9/30/2025 to 10/28/2026 was primarily driven by a 21.6% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 73.99 | 96.62 | 30.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 289 | 350 | 20.9% |
| Net Income Margin (%) | 23.8% | 24.8% | 4.2% |
| P/E Multiple | 11.4 | 13.8 | 21.6% |
| Shares Outstanding (Mil) | 11 | 12 | -14.7% |
| Cumulative Contribution | 30.6% |
Market Drivers
9/30/2025 to 10/28/2026| Return | Correlation | |
|---|---|---|
| MCB | 30.6% | |
| Market (SPY) | 16.9% | 24.5% |
| Sector (XLF) | 5.5% | 43.7% |
Fundamental Drivers
The 169.8% change in MCB stock from 9/30/2023 to 10/28/2026 was primarily driven by a 100.4% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10282026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.81 | 96.62 | 169.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 267 | 350 | 31.2% |
| Net Income Margin (%) | 21.7% | 24.8% | 14.1% |
| P/E Multiple | 6.9 | 13.8 | 100.4% |
| Shares Outstanding (Mil) | 11 | 12 | -10.1% |
| Cumulative Contribution | 169.8% |
Market Drivers
9/30/2023 to 10/28/2026| Return | Correlation | |
|---|---|---|
| MCB | 169.8% | |
| Market (SPY) | 86.9% | 36.2% |
| Sector (XLF) | 76.6% | 51.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MCB Return | 194% | -45% | -6% | 5% | 31% | 28% | 170% |
| Peers Return | 45% | -12% | -3% | 17% | 17% | 28% | 116% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| MCB Win Rate | 83% | 25% | 42% | 58% | 67% | 50% | |
| Peers Win Rate | 67% | 48% | 44% | 56% | 60% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| MCB Max Drawdown | -14% | -51% | -67% | -41% | -26% | -19% | |
| Peers Max Drawdown | -18% | -28% | -47% | -26% | -27% | -15% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DCOM, VLY, EBC, EWBC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/28/2026 (YTD)
How Low Can It Go
| Event | MCB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.2% | -18.8% |
| % Gain to Breakeven | 26.9% | 23.1% |
| Time to Breakeven | 21 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.8% | -9.5% |
| % Gain to Breakeven | 46.7% | 10.5% |
| Time to Breakeven | 55 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -66.3% | -6.7% |
| % Gain to Breakeven | 196.8% | 7.1% |
| Time to Breakeven | 530 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -63.5% | -33.7% |
| % Gain to Breakeven | 173.7% | 50.9% |
| Time to Breakeven | 328 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.6% | -19.2% |
| % Gain to Breakeven | 38.2% | 23.8% |
| Time to Breakeven | 127 days | 105 days |
In The Past
Metropolitan Bank's stock fell -21.2% during the 2025 US Tariff Shock. Such a loss loss requires a 26.9% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | MCB | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.2% | -18.8% |
| % Gain to Breakeven | 26.9% | 23.1% |
| Time to Breakeven | 21 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -31.8% | -9.5% |
| % Gain to Breakeven | 46.7% | 10.5% |
| Time to Breakeven | 55 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -66.3% | -6.7% |
| % Gain to Breakeven | 196.8% | 7.1% |
| Time to Breakeven | 530 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -63.5% | -33.7% |
| % Gain to Breakeven | 173.7% | 50.9% |
| Time to Breakeven | 328 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -27.6% | -19.2% |
| % Gain to Breakeven | 38.2% | 23.8% |
| Time to Breakeven | 127 days | 105 days |
In The Past
Metropolitan Bank's stock fell -21.2% during the 2025 US Tariff Shock. Such a loss loss requires a 26.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Metropolitan Bank (MCB)
Metropolitan Bank Holding Corp. (MCB) operates Metropolitan Commercial Bank, a financial institution primarily serving the New York metropolitan area. The bank provides a comprehensive range of business, commercial, and retail banking products and services. Its core clientele includes small businesses, middle-market enterprises, public entities, and individual consumers, all within its defined geographic market.
The company's offerings are broadly categorized into deposit accounts and lending products. Deposit services encompass standard checking, savings, term deposit, and money market accounts, as well as certificates of deposit. On the lending side, MCB provides various loan types, including commercial real estate, construction, multi-family, and one-to four-family real estate loans, alongside commercial and industrial loans, consumer loans, and specialized financing like working capital lines of credit and trade finance.
Beyond traditional banking, Metropolitan Bank also offers essential cash management services and modern conveniences such as online and mobile banking, ACH, remote deposit capture, and debit card services. The bank maintains a physical presence through six banking centers located in key areas like Manhattan, Brooklyn, Great Neck, and Long Island, reinforcing its commitment to its local New York market.
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- M&T Bank for New York City businesses.
- A localized KeyBank focused on commercial clients in the New York metro area.
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- Deposit Accounts: Offers various accounts including checking, savings, money market, and certificates of deposit for individuals and businesses.
- Real Estate Loans: Provides financing for commercial real estate, construction, multi-family, and residential properties.
- Commercial & Industrial Loans: Delivers loans and lines of credit, including working capital, trade finance, and term loans for businesses.
- Consumer Loans: Offers loans to individuals for various personal financial needs.
- Cash Management & Digital Banking Services: Provides services such as ACH, remote deposit capture, and online/mobile banking to help clients manage their finances.
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Metropolitan Bank (MCB) primarily serves a diverse customer base, encompassing both businesses and individuals. Due to the nature of banking, the company does not have publicly disclosed "major customers" in the sense of specific named client companies that dominate its revenue. Instead, its customer base consists of numerous borrowers and depositors across various categories.
Based on the company description, Metropolitan Bank serves the following major customer categories:
- Small Businesses: Providing a range of business banking products and services tailored to the needs of smaller enterprises in the New York metropolitan area.
- Middle-Market Enterprises: Catering to larger businesses with commercial banking products and services, including various lending solutions and cash management.
- Individuals: Offering retail banking products and services such as checking, savings, term deposit accounts, consumer loans, and online/mobile banking services to individual customers.
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1. Regulatory Fines and Compliance Deficiencies
Metropolitan Commercial Bank has faced significant regulatory scrutiny and substantial fines for violations related to customer identification rules and inadequate third-party risk management practices. In late 2023, the Federal Reserve Board and the New York Department of Financial Services imposed penalties totaling approximately $30 million on the bank. These fines stemmed from the bank's role in facilitating fraud in 2020, where it opened prepaid card accounts through a third-party program manager without sufficient identity verification procedures, leading to illicit actors collecting illegally obtained state unemployment insurance benefits. The bank is now mandated to overhaul its customer identification, customer due diligence, and third-party risk management programs.2. Commercial Real Estate (CRE) Exposure and Credit Quality
Metropolitan Bank has a notable concentration in commercial real estate (CRE) loans, which presents a significant risk, particularly given evolving market conditions. Approximately 37% of its loan portfolio is tied to skilled nursing facilities, with additional exposure to office and hospitality sectors. While the bank reported a rise in non-performing loans to 1.28% in the fourth quarter of 2025, up from 0.54% the previous year, management attributed this primarily to a single out-of-market commercial real estate multifamily loan. Nevertheless, the potential for CRE exposures to translate into higher loan losses remains a key risk that could pressure the bank's earnings.3. Interest Rate Risk and Funding Costs
The bank's interest rate risk has widened due to increasing funding costs. As of mid-2023, Metropolitan Commercial Bank's funding base became more expensive, making its income more vulnerable to potential interest rate hikes. This shift was driven by a rotation into remunerated deposits and short-term borrowing, which increases the sensitivity of its liabilities. Additionally, a decline in unremunerated customer deposits, partly a result of the bank exiting cryptocurrency-related businesses, further contributed to the rise in funding costs.AI Analysis | Feedback
The clear emerging threats for Metropolitan Bank (MCB) include the rise of digital-only banks and fintech companies, which often operate with lower overhead, offer more competitive rates, and provide highly convenient, user-friendly digital experiences. These entities directly compete for deposits (checking, savings, and term deposits) and certain lending products (consumer and small business loans), potentially eroding MCB's customer base, particularly among tech-savvy individuals and small businesses who may prioritize digital convenience and potentially better rates over a physical branch presence. Additionally, the proliferation of non-bank online lenders poses a threat by offering faster, more streamlined lending processes for small businesses and consumers, thereby siphoning off demand for commercial and industrial loans, working capital lines of credit, and consumer loans traditionally provided by banks like MCB.
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Metropolitan Bank (MCB) operates in the New York metropolitan area, offering a diverse range of banking products and services. The addressable markets for its main offerings are as follows:
- Deposit Products (Checking, Savings, Term Deposit, Money Market Accounts, Certificates of Deposit): The total deposits for the New York-Newark-Jersey City, NY-NJ-PA, metropolitan statistical area were $620.9 billion as of June 30, 2013.
- Real Estate Loans (Commercial Real Estate, Construction, Multi-family, One-to Four-family Real Estate Loans): The commercial real estate market in New York City is estimated to be close to $2 trillion in value.
- Commercial and Industrial Loans: The North American commercial lending market is projected to reach USD 2,892.50 billion by 2025. Additionally, commercial lending represented 43.78% of the US commercial banking market share in 2025, with the total US commercial banking market size estimated at USD 765.53 billion in 2026.
- Cash Management Services: The North American cash management system market had an approximate value of USD 7.95 billion in 2025. This figure is derived from North America's 39.05% share of the global cash management system market, which was valued at USD 20.35 billion in 2025. The demand for cash management services in the USA is projected to grow from USD 1.6 billion in 2025 to USD 3.7 billion by 2035.
- Consumer Loans: Unsecured personal loan balances in the U.S. rose to $232 billion in Q2 2023.
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- Strategic Commercial Lending and Specialization: Metropolitan Bank is focused on expanding its commercial lending portfolio, with a particular emphasis on specialized areas such as skilled nursing and residential healthcare lending. The bank expects to grow loans by approximately 12% in 2026, replicating its 2025 performance. This disciplined underwriting and focus on high-quality loan growth contribute significantly to revenue.
- Diverse Deposit Vertical Expansion: The company plans to continue growing its deposit base across various verticals, including specialized solutions like EB-5 investment solutions. This expansion in core deposits helps fund loan growth and improves the bank's funding profile. Metropolitan Bank anticipates funding all planned loan growth with deposits.
- Digital Transformation and AI Integration: Metropolitan Bank is undertaking a multi-year "Modern Banking in Motion" digital transformation program, which involves modernizing core systems, payments infrastructure, and online banking platforms. This initiative, expected to be completed by Q1 2026, aims to enhance digital capabilities, improve operational efficiency, and capture incremental growth by offering an API-enabled platform. The bank is also leveraging technology and AI to compete more effectively.
- Net Interest Margin (NIM) Expansion: The bank anticipates a modest expansion of its net interest margin (NIM) over 2026. This is expected to be driven by a decline in the cost of funds, supported by anticipated monetary policy easing (e.g., rate cuts), and the continued repricing of its loan book.
- Expansion of Fee-Based Income Opportunities and Geographic Reach: Management has emphasized fee-income initiatives as a part of its strategy to sustain top-tier profitability. Additionally, the bank is expanding its physical presence, with plans to open an additional private client office in West Palm Beach, Florida, in the second quarter of 2026, broadening its market reach.
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Share Repurchases
- Metropolitan Bank Holding Corp. announced a new share repurchase program in March 2025, authorizing the buyback of shares worth $50 million.
- In July 2025, the company unveiled a new share repurchase initiative, allowing for the buyback of an additional $50 million of common stock, following the full utilization of the previous March 2025 authorization.
- By the fourth quarter of 2025, the company had repurchased 293,601 shares of its common stock under the authorized plans. During the first quarter of 2025, over 228,000 shares were repurchased for $12.9 million.
Share Issuance
- On February 25, 2026, Metropolitan Bank Holding Corp. launched an underwritten public offering of $175.0 million of common stock.
- The company also granted underwriters a 30-day option to purchase up to an additional 15% of the shares sold in this offering.
- This offering was priced at $85.00 per share for 2.1 million shares, expecting gross proceeds of approximately $178.5 million, with estimated net proceeds to the company of around $169.3 million. The net proceeds are intended to support organic growth, investments in the bank subsidiary, working capital, and general corporate purposes.
Capital Expenditures
- Metropolitan Bank Holding Corp. reported capital expenditures (CapEx) of $0 USD for both 2025 and 2026.
- Historical capital expenditures were reported as ($4) million in 2024, ($10) million in 2023, ($11) million in 2022, and ($7) million in 2021.
- The company initiated a digital transformation in 2024 to modernize payment and online banking systems, with costs related to this initiative peaking in Q1 2026.
Peer Outperformance in Regional Banks
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| MCB | Metropolitan Bank | 9.9% | 13.8x | 44.0% | 205.8% | 9.4% | — |
| SRCE | 1st Source | 7.5% | 11.8x | 47.5% | 112.2% | 105.4% | +96pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Reinsurance | 6 | 34.8% | 72.3% | 116.9% | SPNT 169% · RGA 140% · RNR 137% |
| Investment Banking & Brokerage | 13 | -10.3% | 107.9% | 99.8% | IBKR 386% · SNEX 175% · HOOD 158% |
| Diversified Banks | 12 | 29.9% | 162.0% | 88.9% | CM 144% · RY 129% · JPM 125% |
| Life & Health Insurance | 20 | 16.3% | 54.8% | 80.0% | JXN 510% · UNM 287% · MFC 184% |
| Property & Casualty Insurance | 41 | 16.7% | 74.7% | 63.3% | TRV 168% · PGR 163% · ACGL 156% |
| Multi-line Insurance | 9 | 6.9% | 67.4% | 58.9% | GNW 106% · L 99% · AIZ 89% |
| Regional Banks ← | 265 | 30.6% | 101.4% | 54.9% | CBC 247% · FCNCA 187% · NIC 148% |
| Multi-Sector Holdings | 3 | 3.6% | 62.9% | 53.2% | BRK-B 87% · VOYA 53% · JEF 35% |
| Financial Exchanges & Data | 15 | 3.3% | 41.5% | 22.8% | CBOE 161% · VIRT 156% · CME 66% |
| Insurance Brokers | 15 | -1.5% | 9.6% | 17.7% | LIFE 384% · ARX 89% · AJG 67% |
| Asset Management & Custody Banks | 85 | -12.0% | 23.3% | 8.4% | WT 274% · VCTR 251% · AAMI 220% |
| Consumer Finance | 30 | 2.5% | 82.6% | 5.4% | ENVA 455% · FCFS 122% · AXP 94% |
| Diversified Financial Services | 4 | -6.0% | 20.6% | 4.8% | FRHC 166% · EQH 84% |
| Commercial & Residential Mortgage Finance | 14 | -53.6% | 28.1% | -1.6% | FNMA 372% · FMCC 318% · ACT 160% |
| Specialized Finance | 3 | 10.3% | 42.3% | -9.6% | CACC -10% · HASI -23% |
| Mortgage REITs | 34 | -19.4% | -2.7% | -33.7% | RITM 35% · DX 21% · AGNC 12% |
| Transaction & Payment Processing Services | 17 | 2.8% | 15.9% | -38.5% | V 98% · MA 89% · CPAY 57% |
| Diversified Capital Markets | 20 | -49.5% | 20.9% | -60.1% | LPLA 58% · TW 40% · RIOT -48% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 41.88 |
| Mkt Cap | 4.9 |
| Rev LTM | 1,115 |
| Op Inc LTM | - |
| FCF LTM | 385 |
| FCF 3Y Avg | 301 |
| CFO LTM | 406 |
| CFO 3Y Avg | 317 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 20.9% |
| Rev Chg 3Y Avg | 9.0% |
| Rev Chg Q | 15.3% |
| QoQ Delta Rev Chg LTM | 3.5% |
| Op Inc Chg LTM | - |
| Op Inc Chg 3Y Avg | - |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 36.5% |
| CFO/Rev 3Y Avg | 36.0% |
| FCF/Rev LTM | 34.6% |
| FCF/Rev 3Y Avg | 34.6% |
Price Behavior
| Market Price | $96.62 | |
| Market Cap ($ Bil) | 1.2 | |
| First Trading Date | 11/08/2017 | |
| Distance from 52W High | -4.3% | |
| 50 Days | 200 Days | |
| DMA Price | $90.15 | $89.88 |
| DMA Trend | down | up |
| Distance from DMA | 7.2% | 7.5% |
| 3M | 1YR | |
| Volatility | 19.4% | 31.0% |
| Downside Capture | 61.74 | 67.28 |
| Upside Capture | 71.77 | 99.62 |
| Correlation (S&P 500) | 16.4% | 26.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.60 | 0.63 | 0.62 | 0.43 | 0.67 | 1.02 |
| Up Beta | -1.86 | 0.01 | 0.08 | 0.21 | 0.64 | 1.02 |
| Down Beta | 1.11 | 0.47 | -0.69 | -0.34 | 0.25 | 0.85 |
| Up Capture | 59% | 58% | 73% | 61% | 80% | 160% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 10 | 21 | 35 | 71 | 130 | 379 |
| Down Capture | 131% | 131% | 152% | 87% | 87% | 102% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 12 | 21 | 29 | 55 | 122 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MCB | |
|---|---|---|---|---|
| MCB | 42.1% | 31.0% | 1.14 | - |
| Sector ETF (XLF) | 6.6% | 14.5% | 0.20 | 42.4% |
| Equity (SPY) | 13.7% | 12.7% | 0.72 | 25.6% |
| Gold (GLD) | 1.8% | 28.3% | 0.05 | 3.0% |
| Commodities (DBC) | 48.4% | 20.6% | 1.80 | -17.1% |
| Real Estate (VNQ) | 2.8% | 13.9% | -0.05 | 29.9% |
| Bitcoin (BTCUSD) | -29.4% | 43.4% | -0.68 | 11.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MCB | |
|---|---|---|---|---|
| MCB | 2.2% | 58.5% | 0.27 | - |
| Sector ETF (XLF) | 8.7% | 18.3% | 0.34 | 48.0% |
| Equity (SPY) | 12.7% | 17.1% | 0.56 | 34.9% |
| Gold (GLD) | 17.5% | 18.9% | 0.74 | -3.3% |
| Commodities (DBC) | 9.1% | 19.5% | 0.35 | 4.3% |
| Real Estate (VNQ) | 0.6% | 18.9% | -0.08 | 34.2% |
| Bitcoin (BTCUSD) | 4.1% | 51.6% | 0.26 | 10.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MCB | |
|---|---|---|---|---|
| MCB | 10.2% | 55.3% | 0.42 | - |
| Sector ETF (XLF) | 13.2% | 22.1% | 0.54 | 53.0% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 41.8% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | -1.6% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 14.6% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 42.3% |
| Bitcoin (BTCUSD) | 62.3% | 66.2% | 1.02 | 14.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/29/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/20/2026 | 3.0% | 8.8% | |
| 7/21/2026 | -9.0% | -7.1% | -7.4% |
| 4/21/2026 | -1.4% | 2.3% | 2.6% |
| 1/20/2026 | 0.2% | 11.7% | 19.3% |
| 10/23/2025 | -4.8% | -10.4% | -1.9% |
| 7/17/2025 | 2.1% | -2.7% | -4.2% |
| 4/21/2025 | 3.6% | 10.4% | 20.4% |
| 1/23/2025 | 1.0% | 6.3% | -1.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 14 |
| # Negative | 10 | 12 | 10 |
| Median Positive | 3.0% | 7.5% | 13.6% |
| Median Negative | -4.9% | -3.4% | -6.2% |
| Max Positive | 18.0% | 25.0% | 35.0% |
| Max Negative | -9.3% | -13.4% | -26.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/20/2026 | 3.0% | 8.8% | |
| 7/21/2026 | -9.0% | -7.1% | -7.4% |
| 4/21/2026 | -1.4% | 2.3% | 2.6% |
| 1/20/2026 | 0.2% | 11.7% | 19.3% |
| 10/23/2025 | -4.8% | -10.4% | -1.9% |
| 7/17/2025 | 2.1% | -2.7% | -4.2% |
| 4/21/2025 | 3.6% | 10.4% | 20.4% |
| 1/23/2025 | 1.0% | 6.3% | -1.5% |
| 10/17/2024 | -6.7% | -13.4% | 3.2% |
| 7/18/2024 | 3.2% | -0.1% | -11.9% |
| 4/18/2024 | 18.0% | 25.0% | 35.0% |
| 1/18/2024 | -2.1% | 5.7% | -5.0% |
| 10/19/2023 | 2.8% | 1.5% | 16.8% |
| 7/20/2023 | -9.3% | -4.4% | -7.9% |
| 4/18/2023 | 17.8% | -0.1% | -18.7% |
| 1/20/2023 | -1.3% | 3.3% | 0.2% |
| 10/20/2022 | 1.0% | 7.5% | 12.2% |
| 7/21/2022 | 0.6% | -0.4% | 12.0% |
| 4/21/2022 | -5.0% | -11.3% | -26.3% |
| 1/20/2022 | -7.0% | -4.1% | -3.8% |
| 10/21/2021 | 5.0% | -0.1% | 15.0% |
| 7/21/2021 | 9.0% | 16.3% | 24.7% |
| 4/22/2021 | 4.6% | 7.9% | 9.3% |
| 1/21/2021 | -1.5% | 2.9% | 23.9% |
| 10/22/2020 | 0.7% | -0.8% | 9.1% |
| SUMMARY STATS | |||
| # Positive | 15 | 13 | 14 |
| # Negative | 10 | 12 | 10 |
| Median Positive | 3.0% | 7.5% | 13.6% |
| Median Negative | -4.9% | -3.4% | -6.2% |
| Max Positive | 18.0% | 25.0% | 35.0% |
| Max Negative | -9.3% | -13.4% | -26.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 10/31/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/28/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 10/31/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 03/10/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 03/08/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/05/2020 | 10-Q |
| 12/31/2019 | 03/09/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Insider Activity
Updated 9/18/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Fredston, Dale C | Direct | Sell | 9182026 | 89.09 | 2,000 | 178,180 | 1,306,772 | Form | |
| 2 | Patent, Robert C | Direct | Sell | 8122026 | 92.29 | 10,000 | 922,923 | 7,031,289 | Form | |
| 3 | Dougherty, Daniel F | EVP & Chief Financial Officer | Direct | Buy | 7272026 | 89.98 | 1,000 | 89,980 | 2,987,066 | Form |
| 4 | Rosenberg, Nick | Executive Vice President | Direct | Sell | 7022026 | 100.42 | 1,807 | 181,468 | 2,229,636 | Form |
| 5 | Rosenberg, Nick | Executive Vice President | Direct | Sell | 7022026 | 100.03 | 90 | 9,003 | 2,401,620 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Fredston, Dale C | Direct | Sell | 9182026 | 89.09 | 2,000 | 178,180 | 1,306,772 | Form | |
| 2 | Patent, Robert C | Direct | Sell | 8122026 | 92.29 | 10,000 | 922,923 | 7,031,289 | Form | |
| 3 | Dougherty, Daniel F | EVP & Chief Financial Officer | Direct | Buy | 7272026 | 89.98 | 1,000 | 89,980 | 2,987,066 | Form |
| 4 | Rosenberg, Nick | Executive Vice President | Direct | Sell | 7022026 | 100.42 | 1,807 | 181,468 | 2,229,636 | Form |
| 5 | Rosenberg, Nick | Executive Vice President | Direct | Sell | 7022026 | 100.03 | 90 | 9,003 | 2,401,620 | Form |
| 6 | Rosenberg, Nick | Executive Vice President | Direct | Sell | 6292026 | 100.06 | 90 | 9,005 | 2,411,225 | Form |
| 7 | Rosenberg, Nick | Executive Vice President | Direct | Sell | 6292026 | 100.01 | 263 | 26,304 | 2,419,248 | Form |
| 8 | Patent, Robert C | Direct | Sell | 6152026 | 96.41 | 10,000 | 964,077 | 8,308,898 | Form | |
| 9 | Patent, Robert C | Direct | Sell | 6052026 | 90.21 | 5,000 | 451,052 | 8,676,887 | Form | |
| 10 | Gutman, Harvey | Direct | Sell | 6012026 | 89.58 | 3,000 | 268,747 | 1,634,248 | Form | |
| 11 | Dougherty, Daniel F | EVP & Chief Financial Officer | Direct | Buy | 3112026 | 79.95 | 1,000 | 79,950 | 2,574,150 | Form |
| 12 | Patent, Robert C | Direct | Sell | 1262026 | 92.28 | 4,445 | 410,202 | 7,774,003 | Form | |
| 13 | Patent, Robert C | Direct | Sell | 1262026 | 94.64 | 4,998 | 472,997 | 8,866,285 | Form | |
| 14 | Patent, Robert C | Direct | Sell | 1262026 | 95.35 | 5,002 | 476,931 | 8,455,949 | Form | |
| 15 | Rosenberg, Nick | Executive Vice President | Direct | Sell | 1222026 | 90.21 | 1,250 | 112,768 | 2,331,040 | Form |
| 16 | Rosenberg, Nick | Executive Vice President | Direct | Sell | 12122025 | 80.41 | 625 | 50,256 | 2,178,237 | Form |
| 17 | Fabiano, Anthony J | Direct | Buy | 11032025 | 67.87 | 147 | 9,978 | 860,650 | Form | |
| 18 | Dougherty, Daniel F | EVP & Chief Financial Officer | Direct | Buy | 10282025 | 71.66 | 1,000 | 71,660 | 1,959,253 | Form |
| 19 | Erikson, Frederik F | EVP & General Counsel | Direct | Buy | 10282025 | 68.65 | 20 | 1,373 | 545,630 | Form |
| 20 | Lublin, Scott | EVP and Chief Lending Officer | Direct | Sell | 10222025 | 74.36 | 5,000 | 371,795 | 3,062,027 | Form |
| 21 | Rosenberg, Nick | Executive Vice President | Direct | Sell | 10212025 | 72.47 | 625 | 45,293 | 2,008,405 | Form |
| 22 | Rosenberg, Nick | Executive Vice President | Direct | Sell | 9182025 | 79.47 | 1,250 | 99,336 | 2,252,064 | Form |
| 23 | Fredston, Dale C | Direct | Sell | 9042025 | 78.65 | 3,000 | 235,954 | 1,114,334 | Form |
Investor Activity (13F)
Updated Oct 29, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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