MetroCity Bankshares (NASDAQ:MCBS) Hits New 12-Month High – What’s Next?

Shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) hit a new 52-week high on Friday . The company traded as high as $34.00 and last traded at $33.8810, with a volume of 13844 shares changing hands. The stock had previously closed at $33.51.

Wall Street Analysts Forecast Growth

MCBS has been the subject of several recent research reports. Keefe, Bruyette & Woods raised their target price on shares of MetroCity Bankshares from $32.00 to $33.00 and gave the company a “market perform” rating in a report on Thursday, April 9th. Weiss Ratings raised shares of MetroCity Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, February 18th. Finally, Wall Street Zen raised MetroCity Bankshares from a “hold” rating to a “buy” rating in a research note on Saturday, April 25th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $33.00.

MetroCity Bankshares Price Performance

The company has a market capitalization of $982.21 million, a price-to-earnings ratio of 12.35 and a beta of 0.71. The company has a current ratio of 1.21, a quick ratio of 1.20 and a debt-to-equity ratio of 0.77. The company’s 50 day simple moving average is $31.47 and its 200-day simple moving average is $29.06.

MetroCity Bankshares (NASDAQ:MCBS) last posted its quarterly earnings data on Friday, April 24th. The company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.70 by $0.07. The business had revenue of $50.84 million during the quarter, compared to analyst estimates of $50.80 million. MetroCity Bankshares had a net margin of 28.16% and a return on equity of 15.09%.

MetroCity Bankshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Stockholders of record on Wednesday, April 29th were given a $0.29 dividend. This is an increase from MetroCity Bankshares’s previous quarterly dividend of $0.25. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Wednesday, April 29th. MetroCity Bankshares’s dividend payout ratio (DPR) is presently 41.88%.

Institutional Trading of MetroCity Bankshares

Hedge funds have recently added to or reduced their stakes in the business. CWM LLC increased its stake in shares of MetroCity Bankshares by 49.5% during the 4th quarter. CWM LLC now owns 1,428 shares of the company’s stock valued at $38,000 after acquiring an additional 473 shares during the last quarter. Russell Investments Group Ltd. acquired a new position in shares of MetroCity Bankshares in the 3rd quarter valued at $45,000. State of Alaska Department of Revenue grew its stake in shares of MetroCity Bankshares by 77.9% during the 4th quarter. State of Alaska Department of Revenue now owns 1,822 shares of the company’s stock valued at $48,000 after buying an additional 798 shares during the period. BNP Paribas Financial Markets raised its position in shares of MetroCity Bankshares by 21.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,057 shares of the company’s stock worth $87,000 after buying an additional 540 shares during the period. Finally, Tower Research Capital LLC TRC boosted its holdings in MetroCity Bankshares by 69.2% in the second quarter. Tower Research Capital LLC TRC now owns 3,608 shares of the company’s stock valued at $103,000 after acquiring an additional 1,476 shares during the last quarter. 25.33% of the stock is owned by institutional investors and hedge funds.

MetroCity Bankshares Company Profile

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.