MetroCity Bankshares (NASDAQ:MCBS) Reaches New 1-Year High Following Analyst Upgrade

Key Points

• Reached a new 52-week high after Keefe, Bruyette & Woods raised its price target to $33 (from $32) while keeping a Market Perform rating; MarketBeat's consensus is a Moderate Buy with a $33 target.
• Institutional activity picked up as several large investors raised or initiated stakes (e.g., Jane Street's ~$717K new position), bringing institutional ownership to 25.33%.
• Key fundamentals: market cap ≈ $901M and P/E ~11.9; the company slightly missed the quarter (EPS $0.68 vs. $0.73 estimate) but pays a $0.25 quarterly dividend (annual yield ~3.2%, payout ratio 38%).

MetroCity Bankshares, Inc. (NASDAQ:MCBS - Get Free Report) shares reached a new 52-week high during trading on Thursday after Keefe, Bruyette & Woods raised their price target on the stock from $32.00 to $33.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. MetroCity Bankshares traded as high as $31.16 and last traded at $31.1950, with a volume of 21415 shares changing hands. The stock had previously closed at $30.70.

MCBS has been the topic of several other research reports. Wall Street Zen raised MetroCity Bankshares from a "hold" rating to a "buy" rating in a report on Sunday, March 29th. Weiss Ratings raised shares of MetroCity Bankshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, February 18th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, MetroCity Bankshares currently has an average rating of "Moderate Buy" and a consensus target price of $33.00.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of MCBS. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in MetroCity Bankshares by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,969 shares of the company's stock worth $302,000 after acquiring an additional 468 shares in the last quarter. Jane Street Group LLC bought a new stake in MetroCity Bankshares in the 1st quarter worth about $717,000. Legal & General Group Plc raised its stake in MetroCity Bankshares by 8.0% during the 2nd quarter. Legal & General Group Plc now owns 19,744 shares of the company's stock valued at $564,000 after buying an additional 1,460 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of MetroCity Bankshares by 7.8% during the 2nd quarter. First Trust Advisors LP now owns 16,396 shares of the company's stock valued at $469,000 after buying an additional 1,189 shares during the period. Finally, Qube Research & Technologies Ltd lifted its holdings in shares of MetroCity Bankshares by 14.7% during the 2nd quarter. Qube Research & Technologies Ltd now owns 17,387 shares of the company's stock valued at $497,000 after buying an additional 2,226 shares during the period. 25.33% of the stock is owned by hedge funds and other institutional investors.

MetroCity Bankshares Price Performance

The firm has a fifty day moving average price of $28.80 and a two-hundred day moving average price of $27.58. The stock has a market capitalization of $901.17 million, a P/E ratio of 11.91 and a beta of 0.68. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.21 and a current ratio of 1.21.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last issued its quarterly earnings data 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). The business had revenue of $43.74 million during the quarter, compared to the consensus estimate of $44.50 million. MetroCity Bankshares had a return on equity of 14.82% and a net margin of 27.93%.

MetroCity Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Wednesday, February 4th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Wednesday, February 4th. MetroCity Bankshares's dividend payout ratio is presently 38.02%.

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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