MetroCity Bankshares (NASDAQ:MCBS) Upgraded to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded MetroCity Bankshares (MCBS) from "hold" to "buy," echoing a Weiss Ratings upgrade and leaving the consensus rating at "Moderate Buy" with a $33.00 consensus price target.
• MetroCity beat expectations last quarter with $0.77 EPS (vs. $0.70 est.) and $50.84 million revenue, reporting a 14.82% return on equity and a 27.93% net margin.
• The stock opened at $31.50, trades near its one‑year high of $33.08, and has a market cap of about $903 million with a P/E ratio of 11.98.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) was upgraded by analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued on Saturday.

A number of other equities research analysts have also recently commented on the company. Weiss Ratings raised MetroCity Bankshares from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, February 18th. Keefe, Bruyette & Woods raised their price objective on MetroCity Bankshares from $32.00 to $33.00 and gave the company a "market perform" rating in a research note on Thursday, April 9th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $33.00.

MetroCity Bankshares Trading Down 0.3%

NASDAQ MCBS opened at $31.50 on Friday. The business has a 50 day simple moving average of $29.37 and a 200 day simple moving average of $27.87. MetroCity Bankshares has a one year low of $24.53 and a one year high of $33.08. The stock has a market capitalization of $902.79 million, a P/E ratio of 11.98 and a beta of 0.68. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.21 and a quick ratio of 1.21.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last released its earnings results on Friday, April 24th. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.70 by $0.07. MetroCity Bankshares had a return on equity of 14.82% and a net margin of 27.93%.The business had revenue of $50.84 million during the quarter, compared to analysts' expectations of $50.80 million.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. CWM LLC boosted its position in shares of MetroCity Bankshares by 49.5% during the fourth quarter. CWM LLC now owns 1,428 shares of the company's stock valued at $38,000 after buying an additional 473 shares during the last quarter. State of Alaska Department of Revenue boosted its position in shares of MetroCity Bankshares by 77.9% during the fourth quarter. State of Alaska Department of Revenue now owns 1,822 shares of the company's stock valued at $48,000 after buying an additional 798 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of MetroCity Bankshares by 15.3% during the fourth quarter. SG Americas Securities LLC now owns 5,429 shares of the company's stock valued at $144,000 after buying an additional 721 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of MetroCity Bankshares by 73.1% during the third quarter. JPMorgan Chase & Co. now owns 27,618 shares of the company's stock valued at $765,000 after buying an additional 11,659 shares during the last quarter. Finally, Russell Investments Group Ltd. purchased a new position in shares of MetroCity Bankshares during the third quarter valued at approximately $45,000. Hedge funds and other institutional investors 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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