MetroCity Bankshares (NASDAQ:MCBS) Shares Gap Up – Still a Buy?

MetroCity Bankshares, Inc. (NASDAQ:MCBS)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $27.48, but opened at $28.08. MetroCity Bankshares shares last traded at $27.96, with a volume of 915 shares trading hands.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods increased their price objective on MetroCity Bankshares from $34.00 to $36.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th.

MetroCity Bankshares Stock Up 0.2 %

The stock has a market capitalization of $699.34 million, a P/E ratio of 11.04 and a beta of 0.58. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.92. The firm’s fifty day moving average is $30.08 and its 200-day moving average is $31.26.

MetroCity Bankshares (NASDAQ:MCBS) last posted its earnings results on Tuesday, January 21st. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.02. MetroCity Bankshares had a net margin of 27.33% and a return on equity of 15.98%. During the same period in the previous year, the company earned $0.65 earnings per share.

MetroCity Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Wednesday, January 29th were paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date was Wednesday, January 29th. MetroCity Bankshares’s dividend payout ratio is currently 36.65%.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. increased its position in MetroCity Bankshares by 1.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 147,745 shares of the company’s stock valued at $4,524,000 after acquiring an additional 2,745 shares in the last quarter. PDT Partners LLC bought a new stake in shares of MetroCity Bankshares during the third quarter valued at approximately $228,000. State Street Corp increased its holdings in shares of MetroCity Bankshares by 2.9% in the third quarter. State Street Corp now owns 429,312 shares of the company’s stock valued at $13,146,000 after purchasing an additional 11,900 shares in the last quarter. Jane Street Group LLC increased its holdings in shares of MetroCity Bankshares by 2.3% in the third quarter. Jane Street Group LLC now owns 16,357 shares of the company’s stock valued at $501,000 after purchasing an additional 370 shares in the last quarter. Finally, Barclays PLC raised its position in MetroCity Bankshares by 345.5% in the 3rd quarter. Barclays PLC now owns 28,341 shares of the company’s stock worth $868,000 after purchasing an additional 21,979 shares during the last quarter. 25.33% of the stock is owned by institutional investors.

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.