MetroCity Bankshares (NASDAQ:MCBS) Upgraded to Buy at Wall Street Zen

MetroCity Bankshares (NASDAQ:MCBS) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Sunday.

Several other brokerages also recently commented on MCBS. Weiss Ratings upgraded shares of MetroCity Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, February 18th. Keefe, Bruyette & Woods increased their target price on shares of MetroCity Bankshares from $31.00 to $32.00 and gave the stock a “market perform” rating in a research report on Monday, March 23rd. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $32.00.

MetroCity Bankshares Price Performance

MetroCity Bankshares stock opened at $28.21 on Friday. The business has a 50 day simple moving average of $28.49 and a 200 day simple moving average of $27.56. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.21 and a quick ratio of 1.21. The company has a market capitalization of $811.04 million, a PE ratio of 10.73 and a beta of 0.72. MetroCity Bankshares has a one year low of $24.24 and a one year high of $31.06.

MetroCity Bankshares (NASDAQ:MCBS) last announced 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 14.82%. The company had revenue of $43.74 million during the quarter, compared to the consensus estimate of $44.50 million.

Hedge Funds Weigh In On MetroCity Bankshares

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in shares of MetroCity Bankshares by 0.3% during the third quarter. Vanguard Group Inc. now owns 1,056,382 shares of the company’s stock worth $29,251,000 after purchasing an additional 3,580 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of MetroCity Bankshares by 3.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 477,079 shares of the company’s stock valued at $12,662,000 after buying an additional 16,409 shares during the last quarter. State Street Corp lifted its position in MetroCity Bankshares by 1.3% during the 4th quarter. State Street Corp now owns 445,316 shares of the company’s stock worth $11,819,000 after buying an additional 5,543 shares in the last quarter. Geode Capital Management LLC lifted its position in MetroCity Bankshares by 3.4% during the 2nd quarter. Geode Capital Management LLC now owns 443,930 shares of the company’s stock worth $12,690,000 after buying an additional 14,766 shares in the last quarter. Finally, American Century Companies Inc. grew its holdings in MetroCity Bankshares by 13.6% during the 2nd quarter. American Century Companies Inc. now owns 430,922 shares of the company’s stock worth $12,316,000 after acquiring an additional 51,523 shares during the last quarter. Institutional investors and hedge funds own 25.33% of the company’s stock.

MetroCity Bankshares Company Profile

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.