Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for MetroCity Bankshares (NASDAQ:MCBS) Stock

MetroCity Bankshares (NASDAQ:MCBS) had its target price upped by Keefe, Bruyette & Woods from $31.00 to $32.00 in a report issued on Monday,Benzinga reports. The firm currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ target price points to a potential upside of 11.39% from the company’s previous close.

A number of other research analysts have also recently issued reports on MCBS. Wall Street Zen raised MetroCity Bankshares from a “sell” rating to a “hold” rating in a report on Saturday. Weiss Ratings raised shares of MetroCity Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, February 18th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $32.00.

MetroCity Bankshares Price Performance

MCBS traded up $1.22 during trading on Monday, hitting $28.73. The company’s stock had a trading volume of 24,921 shares, compared to its average volume of 85,801. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $825.96 million, a price-to-earnings ratio of 10.92 and a beta of 0.72. The firm’s 50 day moving average price is $28.37 and its two-hundred day moving average price is $27.59. 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 data on Friday, January 30th. The company reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.05). The business had revenue of $43.74 million during the quarter, compared to analyst estimates of $44.50 million. MetroCity Bankshares had a return on equity of 14.82% and a net margin of 27.93%.

Institutional Investors Weigh In On MetroCity Bankshares

Hedge funds and other institutional investors have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in MetroCity Bankshares by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,969 shares of the company’s stock valued at $302,000 after acquiring an additional 468 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of MetroCity Bankshares during the 1st quarter valued at $717,000. Geode Capital Management LLC lifted its stake in shares of MetroCity Bankshares by 3.4% in the 2nd quarter. Geode Capital Management LLC now owns 443,930 shares of the company’s stock valued at $12,690,000 after purchasing an additional 14,766 shares during the period. Creative Planning acquired a new position in shares of MetroCity Bankshares in the 2nd quarter valued at $815,000. Finally, Legal & General Group Plc boosted its position in shares of MetroCity Bankshares by 8.0% in the 2nd quarter. Legal & General Group Plc now owns 19,744 shares of the company’s stock worth $564,000 after purchasing an additional 1,460 shares during the last quarter. 25.33% of the stock is owned by institutional investors and hedge funds.

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.