MetroCity Bankshares, Inc. (NASDAQ:MCBS) Short Interest Down 17.0% in January

MetroCity Bankshares, Inc. (NASDAQ:MCBS) was the target of a significant decrease in short interest in January. As of January 30th, there was short interest totaling 231,377 shares, a decrease of 17.0% from the January 15th total of 278,721 shares. Based on an average trading volume of 67,069 shares, the short-interest ratio is presently 3.4 days. Currently, 1.3% of the shares of the company are short sold. Currently, 1.3% of the shares of the company are short sold. Based on an average trading volume of 67,069 shares, the short-interest ratio is presently 3.4 days.

Wall Street Analyst Weigh In

MCBS has been the subject of several research reports. Keefe, Bruyette & Woods dropped their price objective on shares of MetroCity Bankshares from $33.00 to $31.00 and set a “market perform” rating for the company in a research note on Tuesday, October 21st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MetroCity Bankshares in a research note on Friday, January 9th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, MetroCity Bankshares has an average rating of “Hold” and a consensus target price of $31.00.

MetroCity Bankshares Price Performance

MCBS traded up $0.17 during trading on Monday, reaching $29.05. 46,414 shares of the company were exchanged, compared to its average volume of 67,350. The company’s 50-day moving average is $27.86 and its two-hundred day moving average is $27.63. The company has a quick ratio of 1.18, a current ratio of 1.27 and a debt-to-equity ratio of 0.95. MetroCity Bankshares has a 12-month low of $24.24 and a 12-month high of $32.12. The company has a market cap of $740.19 million, a price-to-earnings ratio of 11.05 and a beta of 0.72.

MetroCity Bankshares (NASDAQ:MCBS) last announced its 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 company had revenue of $43.74 million during the quarter, compared to analysts’ expectations of $44.50 million.

MetroCity Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Wednesday, February 4th were given a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, February 4th. This represents a $1.00 dividend on an annualized basis and a yield of 3.4%. MetroCity Bankshares’s payout ratio is 38.02%.

Institutional Investors Weigh In On MetroCity Bankshares

Several hedge funds and other institutional investors have recently modified their holdings of the stock. CWM LLC lifted its position in shares of MetroCity Bankshares by 78.8% in the third quarter. CWM LLC now owns 955 shares of the company’s stock valued at $26,000 after acquiring an additional 421 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in shares of MetroCity Bankshares during the 3rd quarter worth approximately $28,000. Russell Investments Group Ltd. purchased a new position in shares of MetroCity Bankshares during the third quarter worth approximately $45,000. BNP Paribas Financial Markets increased its position in MetroCity Bankshares by 21.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,057 shares of the company’s stock valued at $87,000 after purchasing an additional 540 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in MetroCity Bankshares by 69.2% during the second quarter. Tower Research Capital LLC TRC now owns 3,608 shares of the company’s stock valued at $103,000 after purchasing an additional 1,476 shares in the last quarter. 25.33% of the stock is currently owned by hedge funds and other institutional investors.

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.