MetroCity Bankshares (NASDAQ:MCBS) Reaches New 12-Month High – What’s Next?

MetroCity Bankshares, Inc. (NASDAQ:MCBS) shares hit a new 52-week high during trading on Thursday . The company traded as high as $35.00 and last traded at $34.54, with a volume of 103045 shares traded. The stock had previously closed at $34.27.

Wall Street Analysts Forecast Growth

MCBS has been the subject of a number of research reports. Keefe, Bruyette & Woods lifted their price target on MetroCity Bankshares from $32.00 to $33.00 and gave the stock a “market perform” rating in a research report on Thursday, April 9th. Weiss Ratings raised 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 report on Saturday, April 25th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $33.00.

MetroCity Bankshares Trading Down 0.7%

The firm has a market cap of $983.04 million, a price-to-earnings ratio of 12.38 and a beta of 0.71. The company has a fifty day moving average price of $32.14 and a 200-day moving average price of $29.41. The company has a current ratio of 1.21, a quick ratio of 1.20 and a debt-to-equity ratio of 0.77.

MetroCity Bankshares (NASDAQ:MCBS) last issued its quarterly earnings data on Friday, April 24th. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.07. The business had revenue of $50.84 million during the quarter, compared to analysts’ expectations 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 business also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Wednesday, April 29th were issued a $0.29 dividend. This is a boost from MetroCity Bankshares’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Wednesday, April 29th. This represents a $1.16 annualized dividend and a dividend yield of 3.4%. MetroCity Bankshares’s payout ratio is presently 41.88%.

Hedge Funds Weigh In On MetroCity Bankshares

A number of large investors have recently bought and sold shares of the business. The Manufacturers Life Insurance Company raised its holdings in MetroCity Bankshares by 6.1% in the 1st quarter. The Manufacturers Life Insurance Company now owns 220,552 shares of the company’s stock worth $6,323,000 after purchasing an additional 12,732 shares during the period. Quantinno Capital Management LP raised its holdings in MetroCity Bankshares by 81.2% in the 1st quarter. Quantinno Capital Management LP now owns 23,201 shares of the company’s stock worth $665,000 after purchasing an additional 10,399 shares during the period. Renaissance Technologies LLC acquired a new position in MetroCity Bankshares in the 1st quarter worth about $1,134,000. Dimensional Fund Advisors LP raised its holdings in MetroCity Bankshares by 4.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 498,788 shares of the company’s stock worth $14,300,000 after purchasing an additional 21,709 shares during the period. Finally, Swiss National Bank raised its holdings in MetroCity Bankshares by 6.5% in the 1st quarter. Swiss National Bank now owns 42,862 shares of the company’s stock worth $1,229,000 after purchasing an additional 2,600 shares during the period. Institutional investors and hedge funds own 25.33% of the company’s stock.

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.