MetroCity Bankshares (NASDAQ:MCBS) Trading 1.8% Higher - Time to Buy?
MetroCity Bankshares (NASDAQ:MCBS) saw a 1.8% increase in trading, reaching $26.21. Analysts have mixed opinions, with Weiss Ratings downgrading the stock to "hold" and Keefe, Bruyette & Woods lowering the target price to $31.00. The company reported quarterly earnings of $0.67 per share, meeting estimates, and declared a $0.25 dividend. Institutional investors hold 25.33% of the stock, with Vanguard increasing its stake by 3.5%. The stock has a market cap of $669.40 million and a P/E ratio of 10.16.
MetroCity Bankshares, Inc. (NASDAQ:MCBS - Get Free Report) traded up 1.8% on Wednesday . The stock traded as high as $26.32 and last traded at $26.21. 46,401 shares changed hands during trading, an increase of 11% from the average session volume of 41,731 shares. The stock had previously closed at $25.75.
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Analyst Upgrades and Downgrades
Several equities analysts have weighed in on the company. Weiss Ratings lowered MetroCity Bankshares from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, October 14th. Keefe, Bruyette & Woods cut their target price on MetroCity Bankshares from $33.00 to $31.00 and set a "market perform" rating on the stock in a report on Tuesday, October 21st. Two research analysts have rated the stock with a Hold rating, According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $31.00.
View Our Latest Research Report on MCBS
MetroCity Bankshares Trading Up 1.8%
The company has a market capitalization of $669.40 million, a price-to-earnings ratio of 10.16 and a beta of 0.65. The company has a 50-day moving average price of $27.74 and a 200-day moving average price of $28.24. The company has a quick ratio of 1.26, a current ratio of 1.27 and a debt-to-equity ratio of 0.97.
MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last issued its quarterly earnings results on Friday, October 17th. The company reported $0.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.67. The company had revenue of $37.97 million for the quarter, compared to the consensus estimate of $37.70 million. MetroCity Bankshares had a return on equity of 15.55% and a net margin of 28.25%.
MetroCity Bankshares Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 7th. Stockholders of record on Wednesday, October 29th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Wednesday, October 29th. MetroCity Bankshares's dividend payout ratio (DPR) is currently 38.76%.
Institutional Investors Weigh In On MetroCity Bankshares
Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of MetroCity Bankshares by 3.5% in the first 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 during the last quarter. Nuveen LLC bought a new position in MetroCity Bankshares during the first quarter valued at about $1,889,000. American Century Companies Inc. increased its stake in MetroCity Bankshares by 22.7% during the first quarter. American Century Companies Inc. now owns 379,399 shares of the company's stock valued at $10,460,000 after acquiring an additional 70,135 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its stake in MetroCity Bankshares by 12.1% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 38,375 shares of the company's stock valued at $1,058,000 after acquiring an additional 4,138 shares during the period. Finally, PDT Partners LLC increased its stake in MetroCity Bankshares by 22.8% during the first quarter. PDT Partners LLC now owns 12,331 shares of the company's stock valued at $340,000 after acquiring an additional 2,290 shares during the period. 25.33% of the stock is owned by institutional investors and hedge funds.
MetroCity Bankshares Company Profile
(Get Free Report)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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