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

MetroCity Bankshares, Inc. (NASDAQ:MCBS) reached a new 52-week high on Wednesday . The stock traded as high as $36.63 and last traded at $36.1620, with a volume of 10564 shares changing hands. The stock had previously closed at $35.89.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MCBS. Wall Street Zen raised MetroCity Bankshares from a “hold” rating to a “buy” rating in a research note on Saturday, April 25th. Keefe, Bruyette & Woods upped 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 note on Thursday, April 9th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.00.

MetroCity Bankshares Price Performance

The stock has a 50 day simple moving average of $33.08 and a two-hundred day simple moving average of $30.09. The company has a market cap of $1.05 billion, a price-to-earnings ratio of 13.26 and a beta of 0.71. 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 issued its earnings results on Friday, April 24th. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.07. MetroCity Bankshares had a return on equity of 15.09% and a net margin of 28.16%.The business had revenue of $50.84 million during the quarter, compared to the consensus estimate of $50.80 million.

MetroCity Bankshares Increases Dividend

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

Hedge Funds Weigh In On MetroCity Bankshares

A number of institutional investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of MetroCity Bankshares by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,969 shares of the company’s stock valued at $302,000 after buying an additional 468 shares during the period. Jane Street Group LLC acquired a new position in MetroCity Bankshares in the first quarter valued at approximately $717,000. Legal & General Group Plc grew its position in MetroCity Bankshares by 8.0% in the second quarter. Legal & General Group Plc now owns 19,744 shares of the company’s stock worth $564,000 after acquiring an additional 1,460 shares during the period. First Trust Advisors LP grew its position in MetroCity Bankshares by 7.8% in the second quarter. First Trust Advisors LP now owns 16,396 shares of the company’s stock worth $469,000 after acquiring an additional 1,189 shares during the period. Finally, Qube Research & Technologies Ltd increased its stake in MetroCity Bankshares by 14.7% during the second quarter. Qube Research & Technologies Ltd now owns 17,387 shares of the company’s stock worth $497,000 after acquiring an additional 2,226 shares during the last quarter. 25.33% of the stock is owned by hedge funds and other 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.