MetroCity Bankshares (NASDAQ:MCBS) Hits New 1-Year High – Here’s Why

MetroCity Bankshares, Inc. (NASDAQ:MCBS)’s share price reached a new 52-week high during trading on Friday . The stock traded as high as $34.00 and last traded at $33.8810, with a volume of 13844 shares. The stock had previously closed at $33.51.

Analyst Upgrades and Downgrades

Several analysts recently commented on MCBS shares. Weiss Ratings raised MetroCity Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, February 18th. Wall Street Zen raised MetroCity Bankshares from a “hold” rating to a “buy” rating in a report on Saturday, April 25th. Finally, Keefe, Bruyette & Woods raised their target price on MetroCity Bankshares from $32.00 to $33.00 and gave the stock a “market perform” rating in a report on Thursday, April 9th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, MetroCity Bankshares has an average rating of “Moderate Buy” and an average price target of $33.00.

MetroCity Bankshares Stock Performance

The company has a debt-to-equity ratio of 0.77, a current ratio of 1.21 and a quick ratio of 1.20. The firm has a fifty day simple moving average of $31.57 and a 200 day simple moving average of $29.09. The company has a market capitalization of $968.13 million, a price-to-earnings ratio of 12.19 and a beta of 0.71.

MetroCity Bankshares (NASDAQ:MCBS) last issued its quarterly earnings data on Friday, April 24th. The company reported $0.77 EPS for the quarter, beating the consensus estimate of $0.70 by $0.07. MetroCity Bankshares had a return on equity of 15.09% and a net margin of 28.16%.The company had revenue of $50.84 million for the quarter, compared to analyst estimates of $50.80 million.

MetroCity Bankshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Wednesday, April 29th were issued a $0.29 dividend. The ex-dividend date of this dividend was Wednesday, April 29th. This is an increase from MetroCity Bankshares’s previous quarterly dividend of $0.25. This represents a $1.16 annualized dividend and a yield of 3.4%. MetroCity Bankshares’s dividend payout ratio is 41.88%.

Institutional Trading of MetroCity Bankshares

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in MetroCity Bankshares by 0.3% in the third quarter. Vanguard Group Inc. now owns 1,056,382 shares of the company’s stock valued at $29,251,000 after purchasing an additional 3,580 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of MetroCity Bankshares by 4.6% in the first quarter. Dimensional Fund Advisors LP now owns 498,788 shares of the company’s stock worth $14,300,000 after acquiring an additional 21,709 shares during the last quarter. State Street Corp boosted its stake in shares of MetroCity Bankshares by 1.3% in the fourth quarter. State Street Corp now owns 445,316 shares of the company’s stock worth $11,819,000 after acquiring an additional 5,543 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in shares of MetroCity Bankshares by 6.1% in the first quarter. The Manufacturers Life Insurance Company now owns 220,552 shares of the company’s stock worth $6,323,000 after acquiring an additional 12,732 shares during the last quarter. Finally, HoldCo Asset Management LP acquired a new stake in shares of MetroCity Bankshares in the fourth quarter worth approximately $2,671,000. 25.33% of the stock is owned by institutional investors and hedge funds.

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.