Short Interest in MetroCity Bankshares, Inc. (NASDAQ:MCBS) Declines By 17.0%

MetroCity Bankshares, Inc. (NASDAQ:MCBS) saw a significant drop in short interest in January. As of January 30th, there was short interest totaling 231,377 shares, a drop of 17.0% from the January 15th total of 278,721 shares. Approximately 1.3% of the company’s shares are short sold. Based on an average trading volume of 67,069 shares, the short-interest ratio is currently 3.4 days. Based on an average trading volume of 67,069 shares, the short-interest ratio is currently 3.4 days. Approximately 1.3% of the company’s shares are short sold.

MetroCity Bankshares Trading Up 1.5%

MCBS traded up $0.43 on Tuesday, reaching $29.48. 71,448 shares of the company traded hands, compared to its average volume of 67,350. The company has a market cap of $751.15 million, a P/E ratio of 11.21 and a beta of 0.72. The company has a quick ratio of 1.18, a current ratio of 1.27 and a debt-to-equity ratio of 0.95. MetroCity Bankshares has a one year low of $24.24 and a one year high of $31.83. The firm has a fifty day simple moving average of $27.91 and a two-hundred day simple moving average of $27.65.

MetroCity Bankshares (NASDAQ:MCBS) last posted its quarterly earnings results on Friday, January 30th. The company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.05). The company had revenue of $43.74 million for the quarter, compared to the consensus estimate of $44.50 million. MetroCity Bankshares had a net margin of 27.93% and a return on equity of 15.73%.

MetroCity Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Wednesday, February 4th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.4%. The ex-dividend date was Wednesday, February 4th. MetroCity Bankshares’s dividend payout ratio is presently 38.02%.

Institutional Investors Weigh In On MetroCity Bankshares

Several hedge funds have recently modified their holdings of the business. CWM LLC boosted its stake in shares of MetroCity Bankshares by 78.8% during the third quarter. CWM LLC now owns 955 shares of the company’s stock valued at $26,000 after purchasing an additional 421 shares in the last quarter. State of Alaska Department of Revenue bought a new stake in MetroCity Bankshares during the 3rd quarter valued at $28,000. Russell Investments Group Ltd. purchased a new position in shares of MetroCity Bankshares in the 3rd quarter valued at $45,000. BNP Paribas Financial Markets increased its holdings in shares of MetroCity Bankshares by 21.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,057 shares of the company’s stock valued at $87,000 after acquiring an additional 540 shares during the period. Finally, Eurizon Capital SGR S.p.A. bought a new position in shares of MetroCity Bankshares in the 4th quarter worth $99,000. Hedge funds and other institutional investors own 25.33% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on MCBS. Weiss Ratings restated a “hold (c+)” rating on shares of MetroCity Bankshares in a report on Friday, January 9th. Keefe, Bruyette & Woods cut their price objective on shares of MetroCity Bankshares from $33.00 to $31.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 21st. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $31.00.

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.