MetroCity Bankshares (NASDAQ:MCBS) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Tuesday, Zacks.com reports.
According to Zacks, "MetroCity Bankshares Inc. is a bank holding company for its wholly-owned banking subsidiary, Metro City Bank. It offers savings accounts, debit and credit cards, business and personal loans, mortgages, cash management, line of credit, online banking and e-statements. The company operates primarily in Alabama, Florida, Georgia, New York, New Jersey, Texas and Virginia. MetroCity Bankshares Inc. is based in ATLANTA, Ga. "
Shares of NASDAQ MCBS opened at $27.69 on Tuesday. The business's 50 day moving average is $26.35 and its two-hundred day moving average is $22.08. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.24 and a quick ratio of 1.24. MetroCity Bankshares has a 1-year low of $14.00 and a 1-year high of $29.82. The stock has a market capitalization of $705.13 million, a P/E ratio of 13.25 and a beta of 0.50.
MetroCity Bankshares (NASDAQ:MCBS) last issued its quarterly earnings data on Thursday, October 21st. The company reported $0.66 earnings per share for the quarter, topping the Thomson Reuters' consensus estimate of $0.61 by $0.05. MetroCity Bankshares had a return on equity of 20.65% and a net margin of 41.26%. The company had revenue of $37.72 million for the quarter, compared to analysts' expectations of $34.30 million. As a group, equities research analysts anticipate that MetroCity Bankshares will post 2.38 earnings per share for the current fiscal year.
Several large investors have recently made changes to their positions in MCBS. Morgan Stanley boosted its position in shares of MetroCity Bankshares by 48.6% during the third quarter. Morgan Stanley now owns 1,425 shares of the company's stock valued at $29,000 after buying an additional 466 shares during the period. Citigroup Inc. boosted its position in shares of MetroCity Bankshares by 128.6% during the third quarter. Citigroup Inc. now owns 2,062 shares of the company's stock valued at $43,000 after buying an additional 1,160 shares during the period. Metropolitan Life Insurance Co NY purchased a new position in shares of MetroCity Bankshares during the second quarter valued at approximately $100,000. MetLife Investment Management LLC purchased a new position in shares of MetroCity Bankshares during the second quarter valued at approximately $131,000. Finally, Barclays PLC boosted its position in shares of MetroCity Bankshares by 222.9% during the third quarter. Barclays PLC now owns 7,760 shares of the company's stock valued at $163,000 after buying an additional 5,357 shares during the period. Institutional investors and hedge funds own 15.56% of the company's stock.
About MetroCity Bankshares
MetroCity Bankshares, Inc is a bank holding company, which engages in the provision of commercial bank services. The firm offers customary banking services as consumer and commercial checking accounts, savings accounts, certificates of deposit, commercial and consumer loans, single family residential loans, and money transfers services.
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