MetroCity Bankshares (NASDAQ:MCBS) Stock Price Down 0.2% – Time to Sell?

MetroCity Bankshares, Inc. (NASDAQ:MCBS) shares were down 0.2% during trading on Friday . The stock traded as low as $32.40 and last traded at $32.66. Approximately 59,812 shares were traded during mid-day trading, a decline of 12% from the average daily volume of 67,684 shares. The stock had previously closed at $32.71.

Analysts Set New Price Targets

A number of research analysts recently weighed in on MCBS shares. Weiss Ratings raised MetroCity Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, February 18th. Keefe, Bruyette & Woods upped their price objective on MetroCity Bankshares from $32.00 to $33.00 and gave the stock a “market perform” rating in a report on Thursday, April 9th. Finally, Wall Street Zen raised MetroCity Bankshares from a “hold” rating to a “buy” rating in a report on Saturday, April 25th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, MetroCity Bankshares presently has a consensus rating of “Moderate Buy” and an average target price of $33.00.

MetroCity Bankshares Price Performance

The stock has a fifty day moving average of $31.10 and a two-hundred day moving average of $28.85. The stock has a market cap of $936.04 million, a price-to-earnings ratio of 11.79 and a beta of 0.72. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 0.77.

MetroCity Bankshares (NASDAQ:MCBS) last announced its quarterly earnings data on Friday, April 24th. The company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.70 by $0.07. The firm had revenue of $50.84 million for 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 disclosed a quarterly dividend, which was paid on Friday, May 8th. Investors of record on Wednesday, April 29th were issued a dividend of $0.29 per share. This is a boost from MetroCity Bankshares’s previous quarterly dividend of $0.25. This represents a $1.16 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Wednesday, April 29th. MetroCity Bankshares’s payout ratio is presently 41.88%.

Hedge Funds Weigh In On MetroCity Bankshares

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

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.