MetroCity Bankshares (NASDAQ:MCBS) Reaches New 1-Year High – Should You Buy?

MetroCity Bankshares, Inc. (NASDAQ:MCBS)’s stock price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $35.30 and last traded at $35.2460, with a volume of 10377 shares. The stock had previously closed at $35.17.

Wall Street Analysts Forecast Growth

MCBS has been the topic of a number of research analyst reports. Wall Street Zen upgraded MetroCity Bankshares from a “hold” rating to a “buy” rating in a research note on Saturday, April 25th. Keefe, Bruyette & Woods lifted their price target on MetroCity Bankshares from $32.00 to $33.00 and gave the company a “market perform” rating in a research report on Thursday, April 9th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, MetroCity Bankshares presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

MetroCity Bankshares Stock Down 0.6%

The company has a 50 day moving average price of $32.77 and a 200-day moving average price of $29.86. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.21 and a quick ratio of 1.20. The stock has a market capitalization of $1.00 billion, a PE ratio of 12.62 and a beta of 0.71.

MetroCity Bankshares (NASDAQ:MCBS) last posted its earnings results on Friday, April 24th. The company reported $0.77 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.07. The business had revenue of $50.84 million during the quarter, compared to the consensus estimate of $50.80 million. MetroCity Bankshares had a net margin of 28.16% and a return on equity of 15.09%.

MetroCity Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Wednesday, April 29th were issued a dividend of $0.29 per share. This is an increase from MetroCity Bankshares’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Wednesday, April 29th. This represents a $1.16 dividend on an annualized basis and a yield of 3.3%. MetroCity Bankshares’s payout ratio is 41.88%.

Hedge Funds Weigh In On MetroCity Bankshares

Several institutional investors have recently added to or reduced their stakes in MCBS. CWM LLC increased its position in MetroCity Bankshares by 49.5% in the fourth quarter. CWM LLC now owns 1,428 shares of the company’s stock worth $38,000 after purchasing an additional 473 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in MetroCity Bankshares during the third quarter worth $45,000. State of Alaska Department of Revenue boosted its stake in MetroCity Bankshares by 77.9% during the fourth quarter. State of Alaska Department of Revenue now owns 1,822 shares of the company’s stock worth $48,000 after buying an additional 798 shares during the period. BNP Paribas Financial Markets increased its position in MetroCity Bankshares by 21.5% during the second quarter. BNP Paribas Financial Markets now owns 3,057 shares of the company’s stock valued at $87,000 after acquiring an additional 540 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in shares of MetroCity Bankshares in the fourth quarter valued at $99,000. Hedge funds and other institutional investors own 25.33% of the company’s stock.

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.