MetroCity Bankshares (NASDAQ:MCBS) Price Target Raised to $32.00

MetroCity Bankshares (NASDAQ:MCBS) had its target price hoisted by Keefe, Bruyette & Woods from $31.00 to $32.00 in a research report report published on Monday morning,Benzinga reports. They currently have a market perform rating on the stock.

A number of other brokerages have also recently commented on MCBS. Weiss Ratings upgraded MetroCity Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a report on Wednesday, February 18th. Wall Street Zen upgraded MetroCity Bankshares from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $32.00.

MetroCity Bankshares Stock Up 0.3%

Shares of NASDAQ MCBS opened at $28.68 on Monday. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.94. MetroCity Bankshares has a 12-month low of $24.24 and a 12-month high of $31.06. The firm’s 50-day moving average price is $28.46 and its 200-day moving average price is $27.58. The stock has a market capitalization of $824.55 million, a price-to-earnings ratio of 10.90 and a beta of 0.72.

MetroCity Bankshares (NASDAQ:MCBS) last released its quarterly earnings results on Friday, January 30th. The company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.05). MetroCity Bankshares had a return on equity of 14.82% and a net margin of 27.93%.The company had revenue of $43.74 million during the quarter, compared to analysts’ expectations of $44.50 million.

MetroCity Bankshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Wednesday, February 4th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend was Wednesday, February 4th. MetroCity Bankshares’s dividend payout ratio is 38.02%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD grew its stake in shares of MetroCity Bankshares by 13.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,640 shares of the company’s stock valued at $309,000 after buying an additional 1,373 shares during the last quarter. Mariner LLC boosted its holdings in MetroCity Bankshares by 11.4% during the 4th quarter. Mariner LLC now owns 14,755 shares of the company’s stock valued at $392,000 after acquiring an additional 1,511 shares during the period. Barclays PLC boosted its holdings in MetroCity Bankshares by 19.0% during the 4th quarter. Barclays PLC now owns 38,710 shares of the company’s stock valued at $1,027,000 after acquiring an additional 6,194 shares during the period. CANADA LIFE ASSURANCE Co grew its position in MetroCity Bankshares by 716.2% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 6,464 shares of the company’s stock valued at $171,000 after acquiring an additional 5,672 shares during the last quarter. Finally, State Street Corp grew its position in MetroCity Bankshares by 1.3% in the 4th quarter. State Street Corp now owns 445,316 shares of the company’s stock valued at $11,819,000 after acquiring an additional 5,543 shares during the last quarter. 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.