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

MetroCity Bankshares, Inc. (NASDAQ:MCBS) shares reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $39.30 and last traded at $39.30, with a volume of 102 shares. The stock had previously closed at $34.81.

Wall Street Analyst Weigh In

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

MetroCity Bankshares Stock Down 0.5 %

The stock’s fifty day moving average is $30.67 and its two-hundred day moving average is $28.10. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.92. The company has a market capitalization of $862.74 million, a PE ratio of 14.69 and a beta of 0.60.

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 analysts’ consensus estimates of $0.64 by $0.01. The company had revenue of $60.45 million for the quarter. MetroCity Bankshares had a net margin of 25.54% and a return on equity of 14.97%.

MetroCity Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Wednesday, October 30th were issued a $0.23 dividend. 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 2.70%. The ex-dividend date was Wednesday, October 30th. MetroCity Bankshares’s payout ratio is 39.66%.

Insider Buying and Selling at MetroCity Bankshares

In other MetroCity Bankshares news, Director Sam Sang-Koo Shim sold 46,200 shares of the company’s stock in a transaction dated 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 sale, the director now directly owns 537,961 shares of the company’s stock, valued at $15,009,111.90. This represents a 7.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Ajit A. Patel sold 5,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $33.10, for a total transaction of $165,500.00. Following the sale, the director now directly owns 645,739 shares in the company, valued at approximately $21,373,960.90. This trade represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,949 shares of company stock valued at $3,017,228 over the last three months. 27.49% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MetroCity Bankshares

Large investors have recently modified their holdings of the company. SG Americas Securities LLC bought a new position in shares of MetroCity Bankshares in the third quarter valued at approximately $212,000. PDT Partners LLC purchased a new stake in MetroCity Bankshares in the third quarter valued at approximately $228,000. GSA Capital Partners LLP purchased a new stake in MetroCity Bankshares in the third quarter valued at approximately $251,000. Creative Planning purchased a new stake in MetroCity Bankshares in the third quarter valued at approximately $331,000. Finally, Sanctuary Advisors LLC purchased a new stake in MetroCity Bankshares in the second quarter valued at approximately $377,000. 25.33% of the stock is currently owned by institutional investors.

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.