MetroCity Bankshares (NASDAQ:MCBS) Shares Gap Down – Here’s Why

Shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) gapped down before the market opened on Monday . The stock had previously closed at $27.78, but opened at $27.17. MetroCity Bankshares shares last traded at $27.75, with a volume of 3,279 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods lifted their price target on shares of MetroCity Bankshares from $34.00 to $36.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th.

MetroCity Bankshares Stock Down 1.7 %

The stock has a market capitalization of $693.50 million, a P/E ratio of 10.88 and a beta of 0.58. The firm’s fifty day moving average is $30.56 and its 200-day moving average is $31.39. 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 announced its quarterly earnings results on Tuesday, January 21st. The company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.02. MetroCity Bankshares had a net margin of 27.33% and a return on equity of 15.98%. During the same quarter in the prior year, the company posted $0.65 earnings per share.

MetroCity Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Wednesday, January 29th were given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend was Wednesday, January 29th. MetroCity Bankshares’s payout ratio is presently 36.65%.

Institutional Investors Weigh In On MetroCity Bankshares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets acquired a new stake in MetroCity Bankshares in the 4th quarter valued at about $83,000. KLP Kapitalforvaltning AS acquired a new stake in MetroCity Bankshares in the 4th quarter valued at about $99,000. Janus Henderson Group PLC acquired a new stake in MetroCity Bankshares in the 4th quarter valued at about $205,000. Price T Rowe Associates Inc. MD acquired a new stake in MetroCity Bankshares in the 4th quarter valued at about $224,000. Finally, PDT Partners LLC acquired a new stake in MetroCity Bankshares in the 3rd quarter valued at about $228,000. Institutional investors and hedge funds own 25.33% of the company’s stock.

MetroCity Bankshares Company Profile

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.