MetroCity Bankshares, Inc. (NASDAQ:MCBS) Short Interest Down 17.0% in January

MetroCity Bankshares, Inc. (NASDAQ:MCBS) saw a significant drop in short interest in January. As of January 30th, there was short interest totaling 231,377 shares, a drop of 17.0% from the January 15th total of 278,721 shares. Approximately 1.3% of the company’s shares are short sold. Based on an average daily volume of 67,069 shares, the days-to-cover ratio is presently 3.4 days. Based on an average daily volume of 67,069 shares, the days-to-cover ratio is presently 3.4 days. Approximately 1.3% of the company’s shares are short sold.

Analyst Upgrades and Downgrades

A number of analysts recently commented on MCBS shares. Keefe, Bruyette & Woods lowered their price objective on shares of MetroCity Bankshares from $33.00 to $31.00 and set a “market perform” rating for the company in a research report on Tuesday, October 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of MetroCity Bankshares in a research note on Friday, January 9th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $31.00.

Institutional Trading of MetroCity Bankshares

A number of institutional investors have recently made changes to their positions in the business. HoldCo Asset Management LP acquired a new position in MetroCity Bankshares during the fourth quarter worth $2,671,000. American Century Companies Inc. boosted its stake in shares of MetroCity Bankshares by 13.6% during the 2nd quarter. American Century Companies Inc. now owns 430,922 shares of the company’s stock worth $12,316,000 after buying an additional 51,523 shares during the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of MetroCity Bankshares by 511.7% in the 2nd quarter. Los Angeles Capital Management LLC now owns 49,741 shares of the company’s stock valued at $1,422,000 after acquiring an additional 41,610 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of MetroCity Bankshares by 122.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 67,996 shares of the company’s stock valued at $1,805,000 after acquiring an additional 37,372 shares during the last quarter. Finally, Creative Planning acquired a new stake in shares of MetroCity Bankshares in the second quarter valued at about $815,000. Institutional investors own 25.33% of the company’s stock.

MetroCity Bankshares Stock Down 1.7%

MCBS traded down $0.50 during trading on Wednesday, hitting $28.98. The company had a trading volume of 84,759 shares, compared to its average volume of 63,799. The firm’s 50-day moving average price is $27.91 and its 200 day moving average price is $27.65. The company has a market capitalization of $738.44 million, a PE ratio of 11.02 and a beta of 0.72. The company has a quick ratio of 1.18, a current ratio of 1.27 and a debt-to-equity ratio of 0.95. MetroCity Bankshares has a one year low of $24.24 and a one year high of $31.55.

MetroCity Bankshares (NASDAQ:MCBS) last issued its quarterly earnings results on Friday, January 30th. The company reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.05). The firm had revenue of $43.74 million during the quarter, compared to the consensus estimate of $44.50 million. MetroCity Bankshares had a net margin of 27.93% and a return on equity of 15.73%.

MetroCity Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Wednesday, February 4th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend was Wednesday, February 4th. MetroCity Bankshares’s dividend payout ratio (DPR) is currently 38.02%.

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.