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

MetroCity Bankshares, Inc. (NASDAQ:MCBS)’s stock price hit a new 52-week high on Tuesday . The company traded as high as $33.38 and last traded at $33.0010, with a volume of 17406 shares traded. The stock had previously closed at $32.65.

Analysts Set New Price Targets

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

MetroCity Bankshares Price Performance

The business’s 50-day moving average price is $29.44 and its 200 day moving average price is $27.92. 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 company has a market capitalization of $943.34 million, a P/E ratio of 11.90 and a beta of 0.68.

MetroCity Bankshares (NASDAQ:MCBS) last released its quarterly earnings data on Friday, April 24th. The company reported $0.77 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.07. MetroCity Bankshares had a net margin of 28.16% and a return on equity of 15.72%. The company had revenue of $50.84 million during the quarter, compared to analyst estimates of $50.80 million.

MetroCity Bankshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 8th. Stockholders of record on Wednesday, April 29th will be given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.5%. This is an increase from MetroCity Bankshares’s previous quarterly dividend of $0.25. The ex-dividend date is Wednesday, April 29th. MetroCity Bankshares’s dividend payout ratio (DPR) is 36.10%.

Institutional Investors Weigh In On MetroCity Bankshares

Several hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD lifted its position in MetroCity Bankshares by 13.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,640 shares of the company’s stock valued at $309,000 after purchasing an additional 1,373 shares during the last quarter. Mariner LLC lifted its position in MetroCity Bankshares by 11.4% during the fourth quarter. Mariner LLC now owns 14,755 shares of the company’s stock valued at $392,000 after purchasing an additional 1,511 shares during the last quarter. Barclays PLC lifted its position in MetroCity Bankshares by 19.0% during the fourth quarter. Barclays PLC now owns 38,710 shares of the company’s stock valued at $1,027,000 after purchasing an additional 6,194 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its position in MetroCity Bankshares by 716.2% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 6,464 shares of the company’s stock valued at $171,000 after purchasing an additional 5,672 shares during the last quarter. Finally, State Street Corp lifted its position in MetroCity Bankshares by 1.3% during the fourth quarter. State Street Corp now owns 445,316 shares of the company’s stock valued at $11,819,000 after purchasing an additional 5,543 shares during the last quarter. 25.33% of the stock is currently owned by institutional investors.

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.