Keefe, Bruyette & Woods Raises MetroCity Bankshares (NASDAQ:MCBS) Price Target to $34.00

MetroCity Bankshares (NASDAQ:MCBS) had its price target lifted by Keefe, Bruyette & Woods from $32.00 to $34.00 in a report published on Tuesday, Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the stock.

MetroCity Bankshares Stock Down 1.2 %

MetroCity Bankshares stock opened at $30.14 on Tuesday. The firm has a market capitalization of $759.71 million, a P/E ratio of 15.30 and a beta of 0.60. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.92. MetroCity Bankshares has a twelve month low of $19.45 and a twelve month high of $32.87. The stock’s fifty day simple moving average is $29.91 and its 200-day simple moving average is $27.23.

MetroCity Bankshares (NASDAQ:MCBS) last issued its quarterly earnings results on Friday, October 18th. The company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.01. The company had revenue of $60.45 million for the quarter. MetroCity Bankshares had a return on equity of 13.85% and a net margin of 24.20%.

MetroCity Bankshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Wednesday, October 30th will be given a $0.23 dividend. The ex-dividend date of this dividend is Wednesday, October 30th. This is an increase from MetroCity Bankshares’s previous quarterly dividend of $0.20. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.05%. MetroCity Bankshares’s dividend payout ratio is currently 46.70%.

Insider Activity

In related news, Director Don Leung sold 1,256 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $31.47, for a total value of $39,526.32. Following the transaction, the director now owns 815,736 shares of the company’s stock, valued at $25,671,211.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Sam Sang-Koo Shim sold 46,200 shares of the business’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $27.90, for a total transaction of $1,288,980.00. Following the completion of the sale, the director now owns 537,961 shares in the company, valued at approximately $15,009,111.90. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Don Leung sold 1,256 shares of the stock in a transaction on Monday, July 29th. The shares were sold at an average price of $31.47, for a total transaction of $39,526.32. Following the completion of the transaction, the director now directly owns 815,736 shares in the company, valued at $25,671,211.92. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 78,703 shares of company stock worth $2,213,704. 27.49% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On MetroCity Bankshares

Several large investors have recently bought and sold shares of MCBS. Sanctuary Advisors LLC acquired a new stake in shares of MetroCity Bankshares during the second quarter worth about $377,000. SG Americas Securities LLC acquired a new position in MetroCity Bankshares during the third quarter worth approximately $212,000. Bank of New York Mellon Corp lifted its stake in MetroCity Bankshares by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 123,188 shares of the company’s stock valued at $3,252,000 after buying an additional 2,049 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of MetroCity Bankshares by 1.5% in the first quarter. Vanguard Group Inc. now owns 981,024 shares of the company’s stock valued at $24,486,000 after acquiring an additional 14,868 shares during the period. Finally, Empowered Funds LLC grew its position in shares of MetroCity Bankshares by 8.1% during the first quarter. Empowered Funds LLC now owns 44,610 shares of the company’s stock worth $1,113,000 after acquiring an additional 3,325 shares during the last quarter. 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.