MetroCity Bankshares (NASDAQ:MCBS) Price Target Lowered to $34.00 at Keefe, Bruyette & Woods

MetroCity Bankshares (NASDAQ:MCBS) had its price target trimmed by Keefe, Bruyette & Woods from $36.00 to $34.00 in a research note published on Tuesday,Benzinga reports. The brokerage currently has a market perform rating on the stock.

MetroCity Bankshares Stock Performance

MetroCity Bankshares stock opened at $28.55 on Tuesday. The firm has a fifty day simple moving average of $27.96 and a two-hundred day simple moving average of $30.72. MetroCity Bankshares has a twelve month low of $22.25 and a twelve month high of $36.15. The company has a market capitalization of $725.26 million, a PE ratio of 11.37 and a beta of 0.51. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.92.

MetroCity Bankshares (NASDAQ:MCBS) last issued its earnings results on Friday, April 18th. The company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.02. MetroCity Bankshares had a return on equity of 15.98% and a net margin of 27.33%. The company had revenue of $36.01 million during the quarter, compared to analysts’ expectations of $35.20 million.

MetroCity Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Shareholders of record on Wednesday, April 30th will be given a dividend of $0.23 per share. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a $0.92 annualized dividend and a yield of 3.22%. MetroCity Bankshares’s payout ratio is currently 36.65%.

Hedge Funds Weigh In On MetroCity Bankshares

Several hedge funds and other institutional investors have recently modified their holdings of MCBS. BNP Paribas Financial Markets purchased a new position in MetroCity Bankshares during the 4th quarter valued at about $83,000. KLP Kapitalforvaltning AS purchased a new position in shares of MetroCity Bankshares during the fourth quarter valued at approximately $99,000. GAMMA Investing LLC raised its holdings in shares of MetroCity Bankshares by 3,756.7% during the first quarter. GAMMA Investing LLC now owns 6,865 shares of the company’s stock valued at $189,000 after acquiring an additional 6,687 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in MetroCity Bankshares in the fourth quarter worth $205,000. Finally, Price T Rowe Associates Inc. MD bought a new stake in MetroCity Bankshares in the fourth quarter valued at $224,000. 25.33% of the stock is owned by institutional investors.

About MetroCity Bankshares

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.