MetroCity Bankshares (NASDAQ:MCBS) Reaches New 1-Year High – Should You Buy?

MetroCity Bankshares, Inc. (NASDAQ:MCBS)’s share price hit a new 52-week high on Thursday . The stock traded as high as $35.30 and last traded at $35.2460, with a volume of 10377 shares. The stock had previously closed at $35.17.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MCBS. Keefe, Bruyette & Woods raised their target price 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. Wall Street Zen upgraded MetroCity Bankshares from a “hold” rating to a “buy” rating in a research report on Saturday, April 25th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $33.00.

MetroCity Bankshares Stock Performance

The company has a market capitalization of $1.00 billion, a price-to-earnings ratio of 12.62 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. The company’s 50-day moving average price is $32.77 and its two-hundred day moving average price is $29.86.

MetroCity Bankshares (NASDAQ:MCBS) last issued its quarterly earnings results 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. MetroCity Bankshares had a return on equity of 15.09% and a net margin of 28.16%.The firm had revenue of $50.84 million during the quarter, compared to the consensus estimate of $50.80 million.

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 given a dividend of $0.29 per share. This is a positive change 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 3.3%. MetroCity Bankshares’s payout ratio is 41.88%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in MetroCity Bankshares by 4.5% in 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 period. CWM LLC raised its holdings in shares of MetroCity Bankshares by 49.5% during the fourth quarter. CWM LLC now owns 1,428 shares of the company’s stock valued at $38,000 after purchasing an additional 473 shares during the period. BNP Paribas Financial Markets boosted its position in shares of MetroCity Bankshares by 21.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,057 shares of the company’s stock worth $87,000 after purchasing an additional 540 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of MetroCity Bankshares by 15.3% in the 4th quarter. SG Americas Securities LLC now owns 5,429 shares of the company’s stock valued at $144,000 after buying an additional 721 shares during the period. Finally, State of Alaska Department of Revenue increased its position in MetroCity Bankshares by 77.9% in the 4th quarter. State of Alaska Department of Revenue now owns 1,822 shares of the company’s stock valued at $48,000 after buying an additional 798 shares in the last quarter. Institutional investors and hedge funds own 25.33% of the company’s stock.

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.