The Manufacturers Life Insurance Company Takes Position in MetroCity Bankshares, Inc. $MCBS

The Manufacturers Life Insurance Company acquired a new position in shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 219,175 shares of the company’s stock, valued at approximately $7,866,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MCBS. BlackRock Inc. bought a new position in MetroCity Bankshares in the second quarter valued at $65,053,000. Vanguard Group Inc. raised its stake in shares of MetroCity Bankshares by 0.3% during the third quarter. Vanguard Group Inc. now owns 1,056,382 shares of the company’s stock worth $29,251,000 after acquiring an additional 3,580 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of MetroCity Bankshares by 4.6% during the first quarter. Dimensional Fund Advisors LP now owns 498,788 shares of the company’s stock worth $14,300,000 after acquiring an additional 21,709 shares in the last quarter. State Street Corp lifted its holdings in shares of MetroCity Bankshares by 1.3% in the 4th quarter. State Street Corp now owns 445,316 shares of the company’s stock worth $11,819,000 after acquiring an additional 5,543 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of MetroCity Bankshares in the 2nd quarter worth approximately $4,563,000. 25.33% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

MetroCity Bankshares Price Performance

MCBS opened at $35.14 on Monday. The stock’s 50 day simple moving average is $35.73 and its 200 day simple moving average is $32.54. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.21 and a quick ratio of 1.21. MetroCity Bankshares, Inc. has a 1 year low of $24.53 and a 1 year high of $37.46. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of 12.20 and a beta of 0.69.

MetroCity Bankshares (NASDAQ:MCBS) last announced its quarterly earnings results on Friday, July 24th. The company reported $0.76 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.05). The company had revenue of $49.80 million during the quarter, compared to analysts’ expectations of $52.40 million. MetroCity Bankshares had a return on equity of 15.16% and a net margin of 28.40%.

MetroCity Bankshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 7th. Investors of record on Wednesday, July 29th were paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Wednesday, July 29th. MetroCity Bankshares’s payout ratio is presently 40.28%.

MetroCity Bankshares 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.