Bank of New York Mellon Corp bought a new stake in shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 127,131 shares of the company's stock, valued at approximately $4,563,000. Bank of New York Mellon Corp owned approximately 0.44% of MetroCity Bankshares at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. CWM LLC raised its position in MetroCity Bankshares by 49.5% during the fourth quarter. CWM LLC now owns 1,428 shares of the company's stock worth $38,000 after acquiring an additional 473 shares during the period. Russell Investments Group Ltd. acquired a new stake in shares of MetroCity Bankshares in the third quarter valued at about $45,000. BNP Paribas Financial Markets increased its stake in shares of MetroCity Bankshares by 21.5% during the second 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. Eurizon Capital SGR S.p.A. purchased a new stake in shares of MetroCity Bankshares during the fourth quarter worth about $99,000. Finally, Tower Research Capital LLC TRC raised its position in shares of MetroCity Bankshares by 69.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,608 shares of the company's stock worth $103,000 after purchasing an additional 1,476 shares during the last quarter. Institutional investors and hedge funds own 25.33% of the company's stock.
MetroCity Bankshares Stock Up 0.6%
Shares of NASDAQ:MCBS opened at $35.79 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.66. The business has a fifty day moving average of $35.75 and a two-hundred day moving average of $32.73. The stock has a market cap of $1.03 billion, a P/E ratio of 12.43 and a beta of 0.68. MetroCity Bankshares, Inc. has a 52-week low of $24.53 and a 52-week high of $37.46.
MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last posted its quarterly earnings results on Friday, July 24th. The company reported $0.76 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.05). The company had revenue of $49.80 million for the quarter, compared to analysts' expectations of $52.40 million. MetroCity Bankshares had a return on equity of 15.16% and a net margin of 28.40%.
MetroCity Bankshares Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 7th. Investors of record on Wednesday, July 29th were given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 3.2%. The ex-dividend date was Wednesday, July 29th. MetroCity Bankshares's dividend payout ratio is presently 40.28%.
Analysts Set New Price Targets
Several equities research analysts recently issued reports on MCBS shares. Weiss Ratings reiterated a "buy (b)" rating on shares of MetroCity Bankshares in a report on Wednesday, July 8th. Wall Street Zen cut MetroCity Bankshares from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, MetroCity Bankshares has a consensus rating of "Moderate Buy" and an average target price of $33.00.
Read Our Latest Analysis on MetroCity Bankshares
MetroCity Bankshares Company Profile
(
Free Report)
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.
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