MetroCity Bankshares (NASDAQ:MCBS) Reaches New 52-Week High at $31.49

MetroCity Bankshares, Inc. (NASDAQ:MCBS) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $31.49 and last traded at $31.42, with a volume of 55494 shares changing hands. The stock had previously closed at $31.03.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $32.00 price target (up from $28.00) on shares of MetroCity Bankshares in a research note on Tuesday.

MetroCity Bankshares Stock Up 1.2 %

The business has a 50-day moving average price of $25.63 and a 200-day moving average price of $24.52. The company has a market capitalization of $791.59 million, a price-to-earnings ratio of 15.75 and a beta of 0.60. The company has a quick ratio of 1.20, a current ratio of 1.22 and a debt-to-equity ratio of 0.88.

MetroCity Bankshares (NASDAQ:MCBS) last announced its earnings results on Friday, July 19th. The company reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. The company had revenue of $59.67 million for the quarter. MetroCity Bankshares had a return on equity of 14.02% and a net margin of 24.20%.

MetroCity Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Stockholders of record on Wednesday, July 31st will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.55%. MetroCity Bankshares’s dividend payout ratio is 40.61%.

Insider Activity

In other MetroCity Bankshares news, Director Sam Sang-Koo Shim purchased 1,900 shares of the stock in a transaction dated Monday, April 29th. The shares were acquired at an average price of $23.90 per share, for a total transaction of $45,410.00. Following the completion of the acquisition, the director now owns 7,089 shares of the company’s stock, valued at approximately $169,427.10. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Sam Sang-Koo Shim bought 1,900 shares of the stock in a transaction on Monday, April 29th. The shares were purchased at an average price of $23.90 per share, for a total transaction of $45,410.00. Following the completion of the purchase, the director now directly owns 7,089 shares of the company’s stock, valued at approximately $169,427.10. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director Don Leung sold 68,321 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $28.59, for a total value of $1,953,297.39. Following the transaction, the director now directly owns 931,467 shares of the company’s stock, valued at approximately $26,630,641.53. The disclosure for this sale can be found here. Over the last quarter, insiders have acquired 4,015 shares of company stock worth $96,066 and have sold 94,587 shares worth $2,701,878. 27.49% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MetroCity Bankshares

Large investors have recently made changes to their positions in the business. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in shares of MetroCity Bankshares by 4.1% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 13,594 shares of the company’s stock worth $327,000 after purchasing an additional 530 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of MetroCity Bankshares by 19.0% during the 4th quarter. SG Americas Securities LLC now owns 10,302 shares of the company’s stock worth $247,000 after purchasing an additional 1,647 shares during the last quarter. Empowered Funds LLC lifted its position in shares of MetroCity Bankshares by 8.1% during the 1st quarter. Empowered Funds LLC now owns 44,610 shares of the company’s stock worth $1,113,000 after purchasing an additional 3,325 shares during the last quarter. Sherrill & Hutchins Financial Advisory Inc acquired a new position in shares of MetroCity Bankshares during the 4th quarter worth about $712,000. Finally, Inspire Investing LLC acquired a new position in MetroCity Bankshares in the 1st quarter valued at approximately $361,000. Institutional investors and hedge funds own 25.33% of the company’s stock.

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.