MetroCity Bankshares (NASDAQ:MCBS) Shares Gap Down – Here’s What Happened

MetroCity Bankshares, Inc. (NASDAQ:MCBS) gapped down before the market opened on Monday . The stock had previously closed at $28.62, but opened at $27.31. MetroCity Bankshares shares last traded at $27.3950, with a volume of 956 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Weiss Ratings reiterated a “hold (c+)” rating on shares of MetroCity Bankshares in a research note on Friday, January 9th. Keefe, Bruyette & Woods decreased their price target on MetroCity Bankshares from $33.00 to $31.00 and set a “market perform” rating for the company in a research report on Tuesday, October 21st. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $31.00.

MetroCity Bankshares Stock Performance

The company has a 50-day moving average of $27.15 and a 200 day moving average of $27.66. The firm has a market capitalization of $679.32 million, a PE ratio of 10.33 and a beta of 0.72. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Wednesday, February 4th will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, February 4th. This represents a $1.00 annualized dividend and a dividend yield of 3.8%. MetroCity Bankshares’s dividend payout ratio (DPR) is 38.76%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. American Century Companies Inc. lifted its stake in shares of MetroCity Bankshares by 13.6% in the 2nd quarter. American Century Companies Inc. now owns 430,922 shares of the company’s stock valued at $12,316,000 after acquiring an additional 51,523 shares during the last quarter. Creative Planning purchased a new position in shares of MetroCity Bankshares during the second quarter valued at about $815,000. Los Angeles Capital Management LLC raised its stake in MetroCity Bankshares by 511.7% in the second quarter. Los Angeles Capital Management LLC now owns 49,741 shares of the company’s stock worth $1,422,000 after buying an additional 41,610 shares in the last quarter. Inspire Investing LLC boosted its position in MetroCity Bankshares by 9.7% during the 2nd quarter. Inspire Investing LLC now owns 13,657 shares of the company’s stock valued at $390,000 after acquiring an additional 1,202 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in MetroCity Bankshares by 23.1% in the second quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 47,232 shares of the company’s stock worth $1,350,000 after purchasing an additional 8,857 shares in the last quarter. 25.33% of the stock is currently owned by 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.