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

MetroCity Bankshares, Inc. (NASDAQ:MCBS)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $34.00 and last traded at $33.8810, with a volume of 13844 shares. The stock had previously closed at $33.51.

Analyst Upgrades and Downgrades

MCBS has been the topic of a number of recent research reports. Keefe, Bruyette & Woods lifted their price target 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. Weiss Ratings upgraded MetroCity Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, February 18th. Finally, Wall Street Zen raised MetroCity Bankshares from a “hold” rating to a “buy” rating in a research report on Saturday, April 25th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, MetroCity Bankshares currently has an average rating of “Moderate Buy” and a consensus target price of $33.00.

MetroCity Bankshares Trading Up 2.3%

The firm has a market capitalization of $982.21 million, a price-to-earnings ratio of 12.35 and a beta of 0.71. The business’s 50-day moving average price is $31.47 and its 200 day moving average price is $29.06. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.21 and a quick ratio of 1.20.

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

MetroCity Bankshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Wednesday, April 29th were paid a dividend of $0.29 per share. This is a boost from MetroCity Bankshares’s previous quarterly dividend of $0.25. The ex-dividend date was Wednesday, April 29th. This represents a $1.16 dividend on an annualized basis and a yield of 3.4%. MetroCity Bankshares’s payout ratio is 41.88%.

Hedge Funds Weigh In On MetroCity Bankshares

A number of institutional investors have recently made changes to their positions in the business. HoldCo Asset Management LP acquired a new stake in shares of MetroCity Bankshares during the fourth quarter worth approximately $2,671,000. Renaissance Technologies LLC acquired a new position in MetroCity Bankshares during the 1st quarter worth $1,134,000. Goldman Sachs Group Inc. increased its position in shares of MetroCity Bankshares by 122.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 67,996 shares of the company’s stock worth $1,805,000 after purchasing an additional 37,372 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of MetroCity Bankshares in the 1st quarter valued at about $717,000. Finally, CIBC Bancorp USA Inc. bought a new position in shares of MetroCity Bankshares during the third quarter worth about $612,000. 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.