MetroCity Bankshares (NASDAQ:MCBS) Hits New 1-Year High - Here's What Happened

Key Points

• Shares hit a new 52‑week high of $33.38 during Tuesday trading and last traded around $33.00 on volume of 17,406 shares.
• MetroCity beat consensus with quarterly EPS of $0.77 vs. $0.70, reported a net margin of 28.16% and ROE of 15.72%, and currently trades at a P/E of 11.9 with a market cap near $943 million.
• The board raised the quarterly dividend to $0.29 (annualized $1.16) for a yield of 3.5%, and several analysts upgraded the stock—MarketBeat shows a Moderate Buy consensus with an average price target of $33.00.

Shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS - Get Free Report) hit a new 52-week high during trading on Tuesday . The stock traded as high as $33.38 and last traded at $33.0010, with a volume of 17406 shares changing hands. The stock had previously closed at $32.65.

Wall Street Analysts Forecast Growth

MCBS has been the subject of several analyst reports. Keefe, Bruyette & Woods increased their target price on shares of MetroCity Bankshares from $32.00 to $33.00 and gave the company a "market perform" rating in a report on Thursday, April 9th. Weiss Ratings upgraded shares of MetroCity Bankshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, February 18th. Finally, Wall Street Zen upgraded shares of MetroCity Bankshares from a "hold" rating to a "buy" rating in a report on Saturday. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $33.00.

MetroCity Bankshares Price Performance

The business's fifty day moving average is $29.44 and its 200-day moving average is $27.92. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.21 and a quick ratio of 1.21. The firm has a market cap of $943.34 million, a PE ratio of 11.90 and a beta of 0.68.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last posted its quarterly earnings data on Friday, April 24th. The company reported $0.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.70 by $0.07. MetroCity Bankshares had a net margin of 28.16% and a return on equity of 15.72%. The business had revenue of $50.84 million during the quarter, compared to the consensus estimate of $50.80 million.

MetroCity Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 8th. Investors of record on Wednesday, April 29th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 3.5%. This is a boost from MetroCity Bankshares's previous quarterly dividend of $0.25. The ex-dividend date is Wednesday, April 29th. MetroCity Bankshares's dividend payout ratio is 36.10%.

Institutional Trading of MetroCity Bankshares

Large investors have recently added to or reduced their stakes in the stock. Legal & General Group Plc boosted its position in MetroCity Bankshares by 8.0% during the second quarter. Legal & General Group Plc now owns 19,744 shares of the company's stock worth $564,000 after purchasing an additional 1,460 shares during the period. Wells Fargo & Company MN boosted its position in MetroCity Bankshares by 63.5% during the fourth quarter. Wells Fargo & Company MN now owns 21,621 shares of the company's stock worth $574,000 after purchasing an additional 8,401 shares during the period. CIBC Bancorp USA Inc. bought a new position in MetroCity Bankshares during the third quarter worth about $612,000. Dimensional Fund Advisors LP boosted its position in MetroCity Bankshares by 2.2% during the third quarter. Dimensional Fund Advisors LP now owns 460,670 shares of the company's stock worth $12,757,000 after purchasing an additional 9,931 shares during the period. Finally, HoldCo Asset Management LP bought a new position in MetroCity Bankshares during the fourth quarter worth about $2,671,000. Hedge funds and other institutional investors own 25.33% of the company's stock.

MetroCity Bankshares Company Profile

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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