MetroCity Bankshares (NASDAQ:MCBS) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of MetroCity Bankshares (NASDAQ:MCBS) from a hold rating to a buy rating in a report published on Saturday.

MCBS has been the subject of a number of other research reports. Weiss Ratings raised MetroCity Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 18th. Keefe, Bruyette & Woods upped their target price on MetroCity Bankshares from $32.00 to $33.00 and gave the stock a “market perform” rating in a research report on Thursday, April 9th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.00.

MetroCity Bankshares Stock Up 3.7%

Shares of MetroCity Bankshares stock opened at $32.65 on Friday. The firm has a market cap of $935.75 million, a price-to-earnings ratio of 11.79 and a beta of 0.68. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.21 and a quick ratio of 1.21. MetroCity Bankshares has a 52-week low of $24.53 and a 52-week high of $33.08. The stock has a 50-day simple moving average of $29.44 and a 200-day simple moving average of $27.92.

MetroCity Bankshares (NASDAQ:MCBS) last announced its quarterly earnings results on Friday, April 24th. The company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.07. The business had revenue of $50.84 million during the quarter, compared to analyst estimates of $50.80 million. MetroCity Bankshares had a return on equity of 15.72% and a net margin of 28.16%.

MetroCity Bankshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 8th. Shareholders of record on Wednesday, April 29th will be given a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, April 29th. This is an increase from MetroCity Bankshares’s previous quarterly dividend of $0.25. This represents a $1.16 dividend on an annualized basis and a yield of 3.6%. MetroCity Bankshares’s dividend payout ratio (DPR) is currently 36.10%.

Institutional Investors Weigh In On MetroCity Bankshares

A number of large investors have recently added to or reduced their stakes in MCBS. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in MetroCity Bankshares by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,969 shares of the company’s stock worth $302,000 after purchasing an additional 468 shares during the period. Jane Street Group LLC bought a new position in MetroCity Bankshares in the 1st quarter worth approximately $717,000. Legal & General Group Plc increased its position in MetroCity Bankshares by 8.0% in the 2nd quarter. Legal & General Group Plc now owns 19,744 shares of the company’s stock worth $564,000 after buying an additional 1,460 shares during the period. First Trust Advisors LP increased its position in MetroCity Bankshares by 7.8% in the 2nd quarter. First Trust Advisors LP now owns 16,396 shares of the company’s stock worth $469,000 after buying an additional 1,189 shares during the period. Finally, Qube Research & Technologies Ltd increased its position in MetroCity Bankshares by 14.7% in the 2nd quarter. Qube Research & Technologies Ltd now owns 17,387 shares of the company’s stock worth $497,000 after buying an additional 2,226 shares during the period. 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.