MetroCity Bankshares (NASDAQ:MCBS) Downgraded to "Hold" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded MetroCity Bankshares (NASDAQ:MCBS) from a "buy" to a "hold" in a research report issued Saturday.
• Despite the downgrade, the stock's consensus remains a Moderate Buy with an average target price of $33.00, and firms like Keefe, Bruyette & Woods and Weiss Ratings have recently raised price targets or upgraded ratings.
• MetroCity recently missed quarterly expectations, reporting EPS of $0.68 versus $0.73 expected and revenue of $43.74 million versus $44.50 million estimated.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Saturday.

Several other research firms have also recently weighed in on MCBS. Keefe, Bruyette & Woods increased their price objective on MetroCity Bankshares from $32.00 to $33.00 and gave the stock a "market perform" rating in a report on Thursday. Weiss Ratings upgraded MetroCity Bankshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, February 18th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $33.00.

MetroCity Bankshares Price Performance

Shares of NASDAQ MCBS opened at $31.14 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.94. The firm has a market capitalization of $895.28 million, a P/E ratio of 11.84 and a beta of 0.68. The stock's 50-day simple moving average is $28.94 and its two-hundred day simple moving average is $27.62. MetroCity Bankshares has a twelve month low of $24.53 and a twelve month high of $31.46.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last issued its earnings results on Friday, January 30th. The company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.05). MetroCity Bankshares had a net margin of 27.93% and a return on equity of 14.82%. The company had revenue of $43.74 million for the quarter, compared to analysts' expectations of $44.50 million.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of MetroCity Bankshares by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,056,382 shares of the company's stock worth $29,251,000 after acquiring an additional 3,580 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of MetroCity Bankshares by 3.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 477,079 shares of the company's stock worth $12,662,000 after acquiring an additional 16,409 shares in the last quarter. State Street Corp raised its position in shares of MetroCity Bankshares by 1.3% in the 4th quarter. State Street Corp now owns 445,316 shares of the company's stock worth $11,819,000 after acquiring an additional 5,543 shares in the last quarter. HoldCo Asset Management LP bought a new position in MetroCity Bankshares during the 4th quarter valued at approximately $2,671,000. Finally, Goldman Sachs Group Inc. increased its position in MetroCity Bankshares by 122.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 67,996 shares of the company's stock valued at $1,805,000 after buying an additional 37,372 shares in the last quarter. Institutional investors 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.

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