MetroCity Bankshares (NASDAQ:MCBS) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

MetroCity Bankshares (NASDAQ:MCBS) had its price objective lifted by equities researchers at Keefe, Bruyette & Woods from $34.00 to $36.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 3.90% from the company’s current price.

MetroCity Bankshares Stock Performance

Shares of NASDAQ:MCBS opened at $34.65 on Wednesday. The stock has a market capitalization of $877.75 million, a price-to-earnings ratio of 14.94 and a beta of 0.64. The business’s fifty day moving average price is $31.98 and its two-hundred day moving average price is $29.13. MetroCity Bankshares has a fifty-two week low of $21.19 and a fifty-two week high of $36.15. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.24 and a quick ratio of 1.24.

MetroCity Bankshares (NASDAQ:MCBS) last posted its earnings results 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 business had revenue of $60.45 million for the quarter.

Insider Buying and Selling

In related news, President Farid Tan sold 21,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $33.81, for a total transaction of $710,010.00. Following the transaction, the president now owns 923,888 shares in the company, valued at $31,236,653.28. This represents a 2.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ajit A. Patel sold 5,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $33.10, for a total transaction of $165,500.00. Following the sale, the director now directly owns 645,739 shares in the company, valued at approximately $21,373,960.90. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,600 shares of company stock worth $1,181,786 in the last three months. Insiders own 27.49% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC acquired a new stake in shares of MetroCity Bankshares in the 3rd quarter valued at $212,000. PDT Partners LLC bought a new position in MetroCity Bankshares in the third quarter valued at about $228,000. GSA Capital Partners LLP acquired a new stake in MetroCity Bankshares in the third quarter worth about $251,000. Creative Planning bought a new stake in MetroCity Bankshares during the 3rd quarter worth about $331,000. Finally, Franklin Resources Inc. lifted its position in MetroCity Bankshares by 15.4% during the 3rd quarter. Franklin Resources Inc. now owns 11,680 shares of the company’s stock valued at $358,000 after purchasing an additional 1,557 shares during the period. Institutional investors own 25.33% of the company’s stock.

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.