MetroCity Bankshares (NASDAQ:MCBS) Sets New 1-Year High – Here’s What Happened

MetroCity Bankshares, Inc. (NASDAQ:MCBS) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $35.83 and last traded at $35.59, with a volume of 19816 shares traded. The stock had previously closed at $35.25.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods increased their price target on MetroCity Bankshares from $32.00 to $34.00 and gave the company a “market perform” rating in a research report on Tuesday, October 22nd.

MetroCity Bankshares Stock Down 2.7 %

The firm has a market capitalization of $869.07 million, a P/E ratio of 14.79 and a beta of 0.60. The firm’s 50 day moving average is $31.42 and its two-hundred day moving average is $28.74. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.24 and a quick ratio of 1.24.

MetroCity Bankshares (NASDAQ:MCBS) last announced its quarterly earnings data on Friday, October 18th. The company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.01. The company had revenue of $60.45 million during the quarter. MetroCity Bankshares had a net margin of 25.54% and a return on equity of 14.97%.

MetroCity Bankshares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 8th. Shareholders of record on Wednesday, October 30th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date was Wednesday, October 30th. This is an increase from MetroCity Bankshares’s previous quarterly dividend of $0.20. MetroCity Bankshares’s payout ratio is 39.66%.

Insider Activity

In other news, President Farid Tan sold 21,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $33.81, for a total value of $710,010.00. Following the transaction, the president now directly owns 923,888 shares of the company’s stock, valued at $31,236,653.28. This represents a 2.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ajit A. Patel sold 5,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $33.10, for a total transaction of $165,500.00. Following the sale, the director now owns 645,739 shares of the company’s stock, valued at approximately $21,373,960.90. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,617 shares of company stock valued at $968,552 over the last three months. Insiders own 27.49% of the company’s stock.

Hedge Funds Weigh In On MetroCity Bankshares

Several institutional investors and hedge funds have recently made changes to their positions in MCBS. Vanguard Group Inc. boosted its stake in MetroCity Bankshares by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 981,024 shares of the company’s stock valued at $24,486,000 after purchasing an additional 14,868 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of MetroCity Bankshares by 1.7% during the second quarter. Bank of New York Mellon Corp now owns 123,188 shares of the company’s stock worth $3,252,000 after buying an additional 2,049 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of MetroCity Bankshares by 4.5% in the second quarter. Dimensional Fund Advisors LP now owns 364,142 shares of the company’s stock valued at $9,612,000 after acquiring an additional 15,796 shares during the period. Sanctuary Advisors LLC acquired a new position in shares of MetroCity Bankshares in the second quarter valued at about $377,000. Finally, SG Americas Securities LLC bought a new position in MetroCity Bankshares during the third quarter worth about $212,000. Institutional investors and hedge funds own 25.33% of the company’s stock.

About MetroCity Bankshares

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.