Keefe, Bruyette & Woods Has Lowered Expectations for MetroCity Bankshares (NASDAQ:MCBS) Stock Price

Key Points

• Keefe, Bruyette & Woods has lowered its price target for MetroCity Bankshares from $33.00 to $31.00, indicating a potential upside of 18.50% from the stock's previous close.
• Weiss Ratings downgraded MetroCity Bankshares from a "buy" rating to a "hold" rating, reflecting a cautious outlook among analysts.
• In its latest earnings report, MetroCity Bankshares met consensus estimates with earnings per share of $0.67 and achieved a revenue of $37.97 million, slightly exceeding expectations.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) had its price target dropped by equities research analysts at Keefe, Bruyette & Woods from $33.00 to $31.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a "market perform" rating on the stock. Keefe, Bruyette & Woods' price objective would suggest a potential upside of 18.50% from the stock's previous close.

Separately, Weiss Ratings cut MetroCity Bankshares from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, October 14th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $31.00.

MetroCity Bankshares Stock Performance

Shares of MCBS opened at $26.16 on Tuesday. The stock's 50-day simple moving average is $28.47 and its 200 day simple moving average is $28.25. MetroCity Bankshares has a 52-week low of $24.24 and a 52-week high of $36.15. The stock has a market capitalization of $668.13 million, a price-to-earnings ratio of 10.14 and a beta of 0.64. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.26 and a current ratio of 1.27.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last released its quarterly earnings results on Friday, October 17th. The company reported $0.67 earnings per share for the quarter, meeting the consensus estimate of $0.67. MetroCity Bankshares had a return on equity of 15.55% and a net margin of 28.25%.The firm had revenue of $37.97 million for the quarter, compared to analysts' expectations of $37.70 million.

Hedge Funds Weigh In On MetroCity Bankshares

Several institutional investors and hedge funds have recently bought and sold shares of MCBS. CWM LLC grew its position in MetroCity Bankshares by 78.8% during the 3rd quarter. CWM LLC now owns 955 shares of the company's stock worth $26,000 after acquiring an additional 421 shares during the last quarter. BNP Paribas Financial Markets grew its position in 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 acquiring an additional 540 shares during the last quarter. Tower Research Capital LLC TRC grew its position in 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 acquiring an additional 1,476 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position 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 worth $302,000 after buying an additional 468 shares during the last quarter. Finally, PDT Partners LLC grew its position in shares of MetroCity Bankshares by 22.8% in the 1st quarter. PDT Partners LLC now owns 12,331 shares of the company's stock worth $340,000 after buying an additional 2,290 shares during the last quarter. 25.33% of the stock is currently owned by institutional investors.

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.

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