MetroCity Bankshares (NASDAQ:MCBS) Given New $34.00 Price Target at Keefe, Bruyette & Woods

MetroCity Bankshares (NASDAQ:MCBS - Free Report) had its target price cut by Keefe, Bruyette & Woods from $36.00 to $34.00 in a research report sent to investors on Tuesday morning,Benzinga reports. They currently have a market perform rating on the stock.

MetroCity Bankshares Stock Performance

Shares of MCBS stock traded down $0.41 on Tuesday, hitting $27.60. 26,583 shares of the stock were exchanged, compared to its average volume of 40,247. The firm's 50 day moving average is $27.74 and its two-hundred day moving average is $30.70. MetroCity Bankshares has a one year low of $22.25 and a one year high of $36.15. The firm has a market capitalization of $701.12 million, a PE ratio of 11.00 and a beta of 0.51. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.92.

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

MetroCity Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 9th. Shareholders of record on Wednesday, April 30th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a $0.92 dividend on an annualized basis and a yield of 3.33%. MetroCity Bankshares's payout ratio is 35.80%.

Hedge Funds Weigh In On MetroCity Bankshares

Large investors have recently made changes to their positions in the stock. State Street Corp lifted its holdings in MetroCity Bankshares by 2.9% during the 3rd quarter. State Street Corp now owns 429,312 shares of the company's stock worth $13,146,000 after purchasing an additional 11,900 shares in the last quarter. Jane Street Group LLC increased its position in shares of MetroCity Bankshares by 2.3% during the third quarter. Jane Street Group LLC now owns 16,357 shares of the company's stock valued at $501,000 after buying an additional 370 shares during the period. Barclays PLC lifted its holdings in shares of MetroCity Bankshares by 345.5% in the third quarter. Barclays PLC now owns 28,341 shares of the company's stock worth $868,000 after buying an additional 21,979 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of MetroCity Bankshares by 1.5% in the third quarter. Geode Capital Management LLC now owns 424,739 shares of the company's stock valued at $13,009,000 after acquiring an additional 6,341 shares during the period. Finally, Franklin Resources Inc. grew its stake in MetroCity Bankshares by 15.4% during the third quarter. Franklin Resources Inc. now owns 11,680 shares of the company's stock valued at $358,000 after acquiring an additional 1,557 shares in the last quarter. 25.33% of the stock is 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.