MetroCity Bankshares (NASDAQ:MCBS) Downgraded by Weiss Ratings to “Hold (C+)”

Weiss Ratings downgraded shares of MetroCity Bankshares (NASDAQ:MCBS) from a buy (b-) rating to a hold (c+) rating in a report released on Tuesday morning,Weiss Ratings reports.

MetroCity Bankshares Trading Up 2.2%

Shares of NASDAQ MCBS opened at $27.11 on Tuesday. MetroCity Bankshares has a twelve month low of $24.24 and a twelve month high of $36.15. The company has a current ratio of 1.27, a quick ratio of 1.26 and a debt-to-equity ratio of 0.97. The stock has a fifty day simple moving average of $28.56 and a 200-day simple moving average of $28.26. The stock has a market capitalization of $692.39 million, a PE ratio of 10.59 and a beta of 0.64.

MetroCity Bankshares (NASDAQ:MCBS) last released its earnings results on Friday, July 18th. The company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.02. The firm had revenue of $37.91 million during the quarter, compared to analyst estimates of $36.10 million. MetroCity Bankshares had a return on equity of 15.61% and a net margin of 27.98%.

Institutional Trading of MetroCity Bankshares

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of MetroCity Bankshares by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 1,010,491 shares of the company’s stock valued at $27,859,000 after purchasing an additional 34,335 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of MetroCity Bankshares by 3.4% in the 2nd quarter. Geode Capital Management LLC now owns 443,930 shares of the company’s stock valued at $12,690,000 after purchasing an additional 14,766 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of MetroCity Bankshares by 13.6% in the 2nd quarter. American Century Companies Inc. now owns 430,922 shares of the company’s stock valued at $12,316,000 after purchasing an additional 51,523 shares during the last quarter. Nuveen LLC purchased a new stake in shares of MetroCity Bankshares in the 1st quarter valued at about $1,889,000. Finally, Osaic Holdings Inc. lifted its holdings in shares of MetroCity Bankshares by 0.9% in the 2nd quarter. Osaic Holdings Inc. now owns 58,081 shares of the company’s stock valued at $1,660,000 after purchasing an additional 534 shares during 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.