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

MetroCity Bankshares (NASDAQ:MCBS) had its price objective lifted by equities researchers at Keefe, Bruyette & Woods from $31.00 to $32.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 11.39% from the stock’s current price.

A number of other equities analysts have also recently issued reports on MCBS. Weiss Ratings upgraded shares of MetroCity Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, February 18th. Wall Street Zen raised shares of MetroCity Bankshares from a “sell” rating to a “hold” rating in a research note on Saturday. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $32.00.

MetroCity Bankshares Stock Performance

Shares of NASDAQ:MCBS traded up $1.22 during trading on Monday, hitting $28.73. 24,921 shares of the stock were exchanged, compared to its average volume of 85,801. The company has a market capitalization of $825.96 million, a price-to-earnings ratio of 10.92 and a beta of 0.72. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.21 and a current ratio of 1.21. MetroCity Bankshares has a 1-year low of $24.24 and a 1-year high of $31.06. The company’s fifty day simple moving average is $28.37 and its 200-day simple moving average is $27.59.

MetroCity Bankshares (NASDAQ:MCBS) last issued its 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 firm had revenue of $43.74 million during the quarter, compared to the consensus estimate of $44.50 million.

Institutional Investors Weigh In On MetroCity Bankshares

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