Renaissance Technologies LLC Takes Position in MetroCity Bankshares, Inc. $MCBS

Renaissance Technologies LLC acquired a new position in shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) in the first quarter, Holdings Channel reports. The institutional investor acquired 39,549 shares of the company’s stock, valued at approximately $1,134,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MCBS. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in MetroCity Bankshares by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,969 shares of the company’s stock valued at $302,000 after acquiring an additional 468 shares during the last quarter. Jane Street Group LLC bought a new position in MetroCity Bankshares during the 1st quarter worth approximately $717,000. Legal & General Group Plc raised its holdings in MetroCity Bankshares by 8.0% during the 2nd quarter. Legal & General Group Plc now owns 19,744 shares of the company’s stock worth $564,000 after purchasing an additional 1,460 shares during the last quarter. First Trust Advisors LP lifted its position in shares of MetroCity Bankshares by 7.8% in the 2nd quarter. First Trust Advisors LP now owns 16,396 shares of the company’s stock worth $469,000 after purchasing an additional 1,189 shares during the period. Finally, Qube Research & Technologies Ltd lifted its position in shares of MetroCity Bankshares by 14.7% in the 2nd quarter. Qube Research & Technologies Ltd now owns 17,387 shares of the company’s stock worth $497,000 after purchasing an additional 2,226 shares during the period. 25.33% of the stock is owned by institutional investors and hedge funds.

MetroCity Bankshares Trading Up 0.8%

Shares of MCBS stock opened at $36.34 on Friday. The company has a market cap of $1.05 billion, a P/E ratio of 12.62 and a beta of 0.69. The stock has a 50 day simple moving average of $35.41 and a two-hundred day simple moving average of $32.00. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.20 and a current ratio of 1.21. MetroCity Bankshares, Inc. has a fifty-two week low of $24.53 and a fifty-two week high of $37.46.

MetroCity Bankshares (NASDAQ:MCBS) last posted its quarterly earnings results on Friday, July 24th. The company reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.05). The business had revenue of $49.80 million for the quarter, compared to the consensus estimate of $52.40 million. MetroCity Bankshares had a return on equity of 15.55% and a net margin of 28.40%.

MetroCity Bankshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 7th. Investors of record on Wednesday, July 29th were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Wednesday, July 29th. MetroCity Bankshares’s payout ratio is presently 40.28%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on MCBS shares. Weiss Ratings reiterated a “buy (b)” rating on shares of MetroCity Bankshares in a research report on Wednesday, July 8th. Wall Street Zen lowered shares of MetroCity Bankshares from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, MetroCity Bankshares presently has a consensus rating of “Moderate Buy” and an average price target of $33.00.

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.