MetroCity Bankshares (NASDAQ:MCBS) Hits New 1-Year High – Time to Buy?

MetroCity Bankshares, Inc. (NASDAQ:MCBS)’s share price hit a new 52-week high during trading on Wednesday . The stock traded as high as $36.63 and last traded at $36.1620, with a volume of 10564 shares trading hands. The stock had previously closed at $35.89.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Wall Street Zen upgraded MetroCity Bankshares from a “hold” rating to a “buy” rating in a report on Saturday, April 25th. Keefe, Bruyette & Woods increased their target price on shares of MetroCity Bankshares from $32.00 to $33.00 and gave the stock a “market perform” rating in a research note on Thursday, April 9th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $33.00.

MetroCity Bankshares Trading Up 2.3%

The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 0.77. The business has a 50-day simple moving average of $33.08 and a 200-day simple moving average of $30.09. The company has a market cap of $1.05 billion, a PE ratio of 13.26 and a beta of 0.71.

MetroCity Bankshares (NASDAQ:MCBS) last posted its quarterly earnings data on Friday, April 24th. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.07. MetroCity Bankshares had a return on equity of 15.09% and a net margin of 28.16%.The firm had revenue of $50.84 million for the quarter, compared to the consensus estimate of $50.80 million.

MetroCity Bankshares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Wednesday, April 29th were paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 3.2%. This is a boost from MetroCity Bankshares’s previous quarterly dividend of $0.25. The ex-dividend date was Wednesday, April 29th. MetroCity Bankshares’s payout ratio is currently 41.88%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of MetroCity Bankshares by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,969 shares of the company’s stock valued at $302,000 after purchasing an additional 468 shares in the last quarter. CWM LLC lifted its holdings in MetroCity Bankshares by 49.5% during the 4th quarter. CWM LLC now owns 1,428 shares of the company’s stock worth $38,000 after buying an additional 473 shares in the last quarter. BNP Paribas Financial Markets boosted its position in MetroCity Bankshares by 21.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,057 shares of the company’s stock valued at $87,000 after buying an additional 540 shares during the period. SG Americas Securities LLC grew its stake in shares of MetroCity Bankshares by 15.3% in the fourth quarter. SG Americas Securities LLC now owns 5,429 shares of the company’s stock worth $144,000 after acquiring an additional 721 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its stake in shares of MetroCity Bankshares by 77.9% in the fourth quarter. State of Alaska Department of Revenue now owns 1,822 shares of the company’s stock worth $48,000 after acquiring an additional 798 shares in the last quarter. Hedge funds and other institutional investors own 25.33% of the company’s stock.

About MetroCity Bankshares

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.