MetroCity Bankshares (NASDAQ:MCBS) Sets New 1-Year High – Should You Buy?

MetroCity Bankshares, Inc. (NASDAQ:MCBS) shares reached a new 52-week high during mid-day trading on Monday . The company traded as high as $35.83 and last traded at $35.59, with a volume of 19816 shares trading hands. The stock had previously closed at $35.25.

Analyst Upgrades and Downgrades

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

MetroCity Bankshares Stock Performance

The stock has a fifty day moving average price of $31.27 and a 200-day moving average price of $28.60. The firm has a market capitalization of $901.75 million, a price-to-earnings ratio of 15.19 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 (NASDAQ:MCBS) last issued its quarterly earnings data 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. MetroCity Bankshares had a net margin of 25.54% and a return on equity of 14.97%. The firm had revenue of $60.45 million for the quarter.

MetroCity Bankshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 8th. Stockholders of record on Wednesday, October 30th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.58%. This is a positive change from MetroCity Bankshares’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Wednesday, October 30th. MetroCity Bankshares’s dividend payout ratio is presently 39.66%.

Insider Activity

In other MetroCity Bankshares news, President Farid Tan sold 749 shares of the company’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $35.56, for a total transaction of $26,634.44. Following the completion of the sale, the president now owns 920,871 shares in the company, valued at approximately $32,746,172.76. The trade was a 0.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ajit A. Patel sold 5,000 shares of MetroCity Bankshares stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $33.10, for a total value of $165,500.00. Following the sale, the director now directly owns 645,739 shares of the company’s stock, 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. In the last ninety days, insiders sold 28,617 shares of company stock valued at $968,552. Company insiders own 27.49% of the company’s stock.

Institutional Trading of MetroCity Bankshares

Hedge funds have recently modified their holdings of the company. Sanctuary Advisors LLC bought a new stake in MetroCity Bankshares in the second quarter valued at approximately $377,000. Creative Planning bought a new position in shares of MetroCity Bankshares during the third quarter worth $331,000. SG Americas Securities LLC acquired a new position in shares of MetroCity Bankshares in the 3rd quarter valued at $212,000. GSA Capital Partners LLP bought a new stake in shares of MetroCity Bankshares in the 3rd quarter valued at $251,000. Finally, Bank of New York Mellon Corp raised its stake in MetroCity Bankshares by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 123,188 shares of the company’s stock worth $3,252,000 after buying an additional 2,049 shares during the period. 25.33% of the stock is currently owned by institutional investors and hedge funds.

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.