MetroCity Bankshares (NASDAQ:MCBS) Shares Down 0.2% – Here’s Why

Shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) traded down 0.2% during mid-day trading on Friday . The stock traded as low as $32.40 and last traded at $32.66. 59,812 shares were traded during trading, a decline of 12% from the average session volume of 67,684 shares. The stock had previously closed at $32.71.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Wall Street Zen raised MetroCity Bankshares from a “hold” rating to a “buy” rating in a report on Saturday, April 25th. Keefe, Bruyette & Woods raised their price target on MetroCity Bankshares from $32.00 to $33.00 and gave the stock a “market perform” rating in a research report on Thursday, April 9th. Finally, Weiss Ratings raised MetroCity Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 18th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, MetroCity Bankshares presently has a consensus rating of “Moderate Buy” and an average price target of $33.00.

MetroCity Bankshares Stock Down 0.2%

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 firm has a 50-day simple moving average of $31.10 and a two-hundred day simple moving average of $28.85. The company has a market cap of $936.04 million, a PE ratio of 11.79 and a beta of 0.72.

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

MetroCity Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Wednesday, April 29th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, April 29th. This is a positive change from MetroCity Bankshares’s previous quarterly dividend of $0.25. This represents a $1.16 annualized dividend and a yield of 3.6%. MetroCity Bankshares’s dividend payout ratio (DPR) is 41.88%.

Institutional Investors Weigh In On MetroCity Bankshares

Hedge funds and other institutional investors have recently made changes to their positions in the business. Quantinno Capital Management LP grew its position in shares of MetroCity Bankshares by 81.2% in the first quarter. Quantinno Capital Management LP now owns 23,201 shares of the company’s stock valued at $665,000 after purchasing an additional 10,399 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of MetroCity Bankshares in the first quarter valued at $1,134,000. Dimensional Fund Advisors LP grew its position in shares of MetroCity Bankshares by 4.6% in the first quarter. Dimensional Fund Advisors LP now owns 498,788 shares of the company’s stock valued at $14,300,000 after purchasing an additional 21,709 shares during the period. Swiss National Bank grew its position in shares of MetroCity Bankshares by 6.5% in the first quarter. Swiss National Bank now owns 42,862 shares of the company’s stock valued at $1,229,000 after purchasing an additional 2,600 shares during the period. 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.

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.