MetroCity Bankshares (NASDAQ:MCBS) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

MetroCity Bankshares (NASDAQ:MCBS) had its price target increased by stock analysts at Keefe, Bruyette & Woods from $34.00 to $36.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price objective suggests a potential upside of 6.23% from the stock’s previous close.

MetroCity Bankshares Price Performance

Shares of MCBS traded down $0.34 during midday trading on Wednesday, hitting $33.89. 7,927 shares of the company traded hands, compared to its average volume of 33,599. The stock has a 50-day moving average of $31.78 and a 200-day moving average of $29.05. MetroCity Bankshares has a one year low of $21.19 and a one year high of $36.15. The firm has a market cap of $858.43 million, a P/E ratio of 14.61 and a beta of 0.64. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.24 and a quick ratio of 1.24.

MetroCity Bankshares (NASDAQ:MCBS) last posted its quarterly earnings data on Friday, October 18th. The company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.01. The company had revenue of $60.45 million for the quarter. MetroCity Bankshares had a net margin of 25.54% and a return on equity of 14.97%.

Insider Activity at MetroCity Bankshares

In related news, President Farid Tan sold 5,983 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $35.64, for a total transaction of $213,234.12. Following the sale, the president now directly owns 914,888 shares of the company’s stock, valued at $32,606,608.32. This trade represents a 0.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ajit A. Patel sold 5,000 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $33.10, for a total value of $165,500.00. Following the sale, the director now directly owns 645,739 shares in the company, valued at $21,373,960.90. This trade represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,600 shares of company stock worth $1,181,786 over the last quarter. 27.49% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MCBS. Jane Street Group LLC lifted its position in shares of MetroCity Bankshares by 2.3% during the 3rd quarter. Jane Street Group LLC now owns 16,357 shares of the company’s stock valued at $501,000 after buying an additional 370 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of MetroCity Bankshares by 15.4% during the 3rd quarter. Franklin Resources Inc. now owns 11,680 shares of the company’s stock valued at $358,000 after buying an additional 1,557 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of MetroCity Bankshares by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 123,188 shares of the company’s stock valued at $3,252,000 after buying an additional 2,049 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of MetroCity Bankshares by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 147,745 shares of the company’s stock valued at $4,524,000 after buying an additional 2,745 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of MetroCity Bankshares by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 424,739 shares of the company’s stock valued at $13,009,000 after buying an additional 6,341 shares in the last quarter. 25.33% of the stock is owned by hedge funds and other institutional investors.

MetroCity Bankshares Company Profile

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.