MetroCity Bankshares (NASDAQ:MCBS) Downgraded by Wall Street Zen to Sell

MetroCity Bankshares (NASDAQ:MCBS) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

Separately, Weiss Ratings raised MetroCity Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, February 18th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, MetroCity Bankshares currently has an average rating of “Moderate Buy” and an average price target of $31.00.

MetroCity Bankshares Stock Performance

Shares of MCBS stock opened at $28.34 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. The stock has a 50 day simple moving average of $28.06 and a 200-day simple moving average of $27.71. The company has a market cap of $722.10 million, a price-to-earnings ratio of 10.78 and a beta of 0.72. MetroCity Bankshares has a 12-month low of $24.24 and a 12-month high of $31.06.

MetroCity Bankshares (NASDAQ:MCBS) last posted its quarterly earnings results on Friday, January 30th. The company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.05). MetroCity Bankshares had a net margin of 27.93% and a return on equity of 15.73%. The business had revenue of $43.74 million during the quarter, compared to analysts’ expectations of $44.50 million.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. American Century Companies Inc. boosted its position in shares of MetroCity Bankshares by 13.6% in the 2nd quarter. American Century Companies Inc. now owns 430,922 shares of the company’s stock worth $12,316,000 after buying an additional 51,523 shares in the last quarter. Creative Planning purchased a new position in MetroCity Bankshares during the 2nd quarter valued at about $815,000. Los Angeles Capital Management LLC increased its holdings in MetroCity Bankshares by 511.7% during the 2nd quarter. Los Angeles Capital Management LLC now owns 49,741 shares of the company’s stock valued at $1,422,000 after acquiring an additional 41,610 shares in the last quarter. Geode Capital Management LLC raised its position in MetroCity Bankshares by 3.4% during the second quarter. Geode Capital Management LLC now owns 443,930 shares of the company’s stock worth $12,690,000 after acquiring an additional 14,766 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in MetroCity Bankshares by 4.0% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 23,116 shares of the company’s stock worth $661,000 after acquiring an additional 893 shares during the last quarter. Institutional investors and hedge funds own 25.33% of the company’s stock.

About MetroCity Bankshares

MetroCity Bankshares, Inc is a bank holding company headquartered in Houston, Texas. Through its wholly owned subsidiary, MetroCity Bank, the company provides a range of banking and financial services to individuals and businesses. MetroCity Bankshares focuses on community banking, leveraging local expertise to support the financial needs of the greater Houston metropolitan area.

MetroCity Bank offers traditional deposit products, including checking and savings accounts, money market accounts and certificates of deposit.