MetroCity Bankshares (NASDAQ:MCBS) Hits New 1-Year High – Should You Buy?

MetroCity Bankshares, Inc. (NASDAQ:MCBS)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $36.63 and last traded at $36.1620, with a volume of 10564 shares trading hands. The stock had previously closed at $35.89.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Wall Street Zen upgraded MetroCity Bankshares from a “hold” rating to a “buy” rating in a report on Saturday, April 25th. Keefe, Bruyette & Woods boosted their price objective on MetroCity Bankshares from $32.00 to $33.00 and gave the company a “market perform” rating in a report on Thursday, April 9th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, MetroCity Bankshares has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

MetroCity Bankshares Trading Down 1.7%

The stock’s 50-day moving average price is $33.28 and its 200 day moving average price is $30.20. 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 market capitalization of $1.04 billion, a PE ratio of 13.09 and a beta of 0.70.

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

MetroCity Bankshares Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Wednesday, April 29th were paid a dividend of $0.29 per share. This is an increase from MetroCity Bankshares’s previous quarterly dividend of $0.25. This represents a $1.16 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Wednesday, April 29th. MetroCity Bankshares’s payout ratio is 41.88%.

Institutional Trading of MetroCity Bankshares

Institutional investors and hedge funds have recently made changes to their positions in the company. CWM LLC grew its holdings in MetroCity Bankshares by 49.5% during the 4th quarter. CWM LLC now owns 1,428 shares of the company’s stock worth $38,000 after acquiring an additional 473 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of MetroCity Bankshares in the 3rd quarter valued at about $45,000. State of Alaska Department of Revenue lifted its position in shares of MetroCity Bankshares by 77.9% in the 4th quarter. State of Alaska Department of Revenue now owns 1,822 shares of the company’s stock worth $48,000 after purchasing an additional 798 shares during the period. BNP Paribas Financial Markets lifted its position in shares of MetroCity Bankshares by 21.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,057 shares of the company’s stock worth $87,000 after purchasing an additional 540 shares during the period. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of MetroCity Bankshares during the fourth quarter valued at approximately $99,000. 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.