JPMorgan Chase & Co. Increases Holdings in MetroCity Bankshares, Inc. (NASDAQ:MCBS)

JPMorgan Chase & Co. boosted its holdings in MetroCity Bankshares, Inc. (NASDAQ:MCBS - Free Report) by 81.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 78,276 shares of the company's stock after purchasing an additional 35,118 shares during the quarter. JPMorgan Chase & Co. owned about 0.31% of MetroCity Bankshares worth $2,501,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. KLP Kapitalforvaltning AS purchased a new position in MetroCity Bankshares during the 4th quarter worth $99,000. SG Americas Securities LLC raised its position in MetroCity Bankshares by 18.5% during the 4th quarter. SG Americas Securities LLC now owns 8,212 shares of the company's stock worth $262,000 after buying an additional 1,280 shares during the last quarter. Franklin Resources Inc. raised its position in MetroCity Bankshares by 15.4% during the 3rd quarter. Franklin Resources Inc. now owns 11,680 shares of the company's stock worth $358,000 after buying an additional 1,557 shares during the last quarter. Jane Street Group LLC raised its position in MetroCity Bankshares by 2.3% during the 3rd quarter. Jane Street Group LLC now owns 16,357 shares of the company's stock worth $501,000 after buying an additional 370 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in MetroCity Bankshares during the 4th quarter worth $562,000. Hedge funds and other institutional investors own 25.33% of the company's stock.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods cut their price objective on shares of MetroCity Bankshares from $36.00 to $34.00 and set a "market perform" rating for the company in a research report on Tuesday, April 22nd.

MetroCity Bankshares Price Performance

Shares of NASDAQ MCBS traded up $0.22 during midday trading on Monday, hitting $27.82. The company had a trading volume of 42,149 shares, compared to its average volume of 40,255. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.92. The business has a 50-day simple moving average of $27.68 and a two-hundred day simple moving average of $30.69. MetroCity Bankshares, Inc. has a twelve month low of $22.25 and a twelve month high of $36.15. The firm has a market capitalization of $706.71 million, a price-to-earnings ratio of 11.08 and a beta of 0.51.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last announced its quarterly earnings results on Friday, April 18th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.61 by $0.02. The business had revenue of $36.01 million for the quarter, compared to analyst estimates of $35.20 million. MetroCity Bankshares had a return on equity of 15.98% and a net margin of 27.33%.

MetroCity Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Stockholders of record on Wednesday, April 30th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.31%. The ex-dividend date is Wednesday, April 30th. MetroCity Bankshares's dividend payout ratio (DPR) is 35.80%.

MetroCity Bankshares Company Profile

MetroCity Bankshares, Inc operates as the bank holding company for Metro City Bank that engages in the provision of banking products and services in the United States. It offers customary banking services, such as consumer and commercial checking accounts, savings, and money market accounts, as well as certificates of deposit.