MetroCity Bankshares (NASDAQ:MCBS) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded MetroCity Bankshares (MCBS) from a "hold" to a "buy"; Weiss Ratings also raised its rating and the consensus on MarketBeat is a "Moderate Buy" with a $32 target price.
• MCBS trades around $28.21 with a market cap of about $811 million and a relatively low P/E of 10.73, and a 12‑month range of $24.24–$31.06.
• In the most recent quarter MCBS missed estimates with EPS $0.68 vs. $0.73 and revenue $43.74M vs. $44.50M, but reported a strong net margin (27.93%) and ROE (14.82%); several hedge funds added or initiated positions and institutions own roughly 25.33% of the stock.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued to clients and investors on Sunday.

MCBS has been the topic of several other research reports. Weiss Ratings upgraded shares of MetroCity Bankshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, February 18th. Keefe, Bruyette & Woods increased their target price on shares of MetroCity Bankshares from $31.00 to $32.00 and gave the company a "market perform" rating in a research note on Monday, March 23rd. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, MetroCity Bankshares currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.00.

MetroCity Bankshares Stock Performance

MCBS opened at $28.21 on Friday. The business's 50 day moving average is $28.49 and its 200-day moving average is $27.56. The stock has a market cap of $811.04 million, a PE ratio of 10.73 and a beta of 0.72. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.94. MetroCity Bankshares has a twelve month low of $24.24 and a twelve month high of $31.06.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last released its earnings results on Friday, January 30th. The company reported $0.68 EPS 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 analyst estimates of $44.50 million.

Hedge Funds Weigh In On MetroCity Bankshares

A number of hedge funds have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of MetroCity Bankshares by 4.5% during the 1st 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 during the period. Jane Street Group LLC bought a new stake in MetroCity Bankshares in the first quarter valued at about $717,000. Geode Capital Management LLC increased its stake in MetroCity Bankshares by 3.4% in the second quarter. Geode Capital Management LLC now owns 443,930 shares of the company's stock valued at $12,690,000 after acquiring an additional 14,766 shares during the period. Creative Planning acquired a new position in MetroCity Bankshares in the second quarter worth about $815,000. Finally, Legal & General Group Plc raised its position in MetroCity Bankshares by 8.0% in 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 in the last quarter. Institutional investors and hedge funds 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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