MetroCity Bankshares (NASDAQ:MCBS) Lowered to "Hold (C+)" Rating by Weiss Ratings

Key Points

• MetroCity Bankshares has been downgraded by Weiss Ratings from a "buy (b-)" rating to a "hold (c+)" rating, indicating a more cautious outlook for the stock.
• The stock price recently increased by $0.55 to $27.08, with a market capitalization of $691.50 million and a P/E ratio of 10.58.
• The company reported earnings of $0.65 per share for the last quarter, exceeding analyst expectations, with revenue hitting $37.91 million.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) was downgraded by equities research analysts at Weiss Ratings from a "buy (b-)" rating to a "hold (c+)" rating in a research report issued to clients and investors on Tuesday,Weiss Ratings reports.

MetroCity Bankshares Price Performance

MetroCity Bankshares stock traded up $0.55 during trading hours on Tuesday, hitting $27.08. 13,969 shares of the stock were exchanged, compared to its average volume of 37,177. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.26 and a current ratio of 1.27. The stock has a market capitalization of $691.50 million, a P/E ratio of 10.58 and a beta of 0.64. MetroCity Bankshares has a 12 month low of $24.24 and a 12 month high of $36.15. The business's 50-day moving average is $28.57 and its two-hundred day moving average is $28.27.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02. The firm had revenue of $37.91 million for the quarter, compared to analysts' expectations of $36.10 million. MetroCity Bankshares had a net margin of 27.98% and a return on equity of 15.61%.

Institutional Trading of MetroCity Bankshares

Several large investors have recently added to or reduced their stakes in MCBS. GAMMA Investing LLC grew its stake in shares of MetroCity Bankshares by 3,756.7% during the first quarter. GAMMA Investing LLC now owns 6,865 shares of the company's stock valued at $189,000 after purchasing an additional 6,687 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of MetroCity Bankshares by 3.5% during the first quarter. Vanguard Group Inc. now owns 1,010,491 shares of the company's stock valued at $27,859,000 after purchasing an additional 34,335 shares during the last quarter. Nuveen LLC bought a new stake in shares of MetroCity Bankshares during the first quarter valued at approximately $1,889,000. American Century Companies Inc. grew its stake in shares of MetroCity Bankshares by 22.7% during the first quarter. American Century Companies Inc. now owns 379,399 shares of the company's stock valued at $10,460,000 after purchasing an additional 70,135 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in shares of MetroCity Bankshares by 12.1% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 38,375 shares of the company's stock valued at $1,058,000 after purchasing an additional 4,138 shares during 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.