Metropolitan Bank price target lowered to $55 from $66 at Keefe Bruyette

Keefe Bruyette analyst Christopher O’Connell lowered the firm’s price target on Metropolitan Bank to $55 from $66 and keeps an Outperform rating on the shares. The analyst reduced estimates following Metropolitan’s announcement that it intends to fully exit its banking as a service business. The BaaS segment has been the source of much of company’s volatility over the past two years and its exit should reduce overall volatility and regulatory costs long term, which Keefe views positively, the analyst tells investors in a research note.