MetroCity Bankshares (NASDAQ:MCBS) Sees Large Volume Increase - Still a Buy?

Key Points

• MetroCity Bankshares (NASDAQ:MCBS) experienced a significant trading volume increase of 6%, with 36,021 shares trading hands compared to 33,998 shares previously.
• The company recently declared a quarterly dividend of $0.25, representing an increase from the previous quarterly dividend of $0.23, yielding an annualized dividend of $1.00.
• Wall Street analysts maintain a "Moderate Buy" rating on the stock, with an average price target of $34.00.

MetroCity Bankshares, Inc. (NASDAQ:MCBS - Get Free Report) shares saw unusually-high trading volume on Tuesday . Approximately 36,021 shares traded hands during mid-day trading, an increase of 6% from the previous session's volume of 33,998 shares.The stock last traded at $27.26 and had previously closed at $27.53.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a "buy (b)" rating on shares of MetroCity Bankshares in a research report on Saturday, September 27th. One analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, MetroCity Bankshares has an average rating of "Moderate Buy" and an average price target of $34.00.

MetroCity Bankshares Stock Up 1.1%

The business has a 50-day simple moving average of $28.69 and a two-hundred day simple moving average of $28.30. 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 company has a market capitalization of $698.75 million, a price-to-earnings ratio of 10.75 and a beta of 0.64.

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

MetroCity Bankshares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 8th. Stockholders of record on Wednesday, July 30th were issued a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, July 30th. This represents a $1.00 annualized dividend and a dividend yield of 3.7%. This is an increase from MetroCity Bankshares's previous quarterly dividend of $0.23. MetroCity Bankshares's payout ratio is 39.06%.

Institutional Trading of MetroCity Bankshares

Hedge funds have recently modified their holdings of the business. GAMMA Investing LLC lifted its holdings in shares of MetroCity Bankshares by 3,756.7% in the 1st quarter. GAMMA Investing LLC now owns 6,865 shares of the company's stock valued at $189,000 after buying an additional 6,687 shares during the period. Vanguard Group Inc. increased its stake in MetroCity Bankshares by 3.5% in the 1st 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 in the last quarter. Nuveen LLC purchased a new position in MetroCity Bankshares in the 1st quarter valued at approximately $1,889,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in MetroCity Bankshares by 10.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 28,434 shares of the company's stock valued at $908,000 after purchasing an additional 2,742 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in MetroCity Bankshares by 42.0% in the 4th quarter. Bank of America Corp DE now owns 21,317 shares of the company's stock valued at $681,000 after purchasing an additional 6,308 shares in the last quarter. 25.33% of the stock is owned by institutional investors and hedge funds.

About MetroCity Bankshares

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.

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