MetroCity Bankshares, Inc. (NASDAQ:MCBS) Short Interest Update

MetroCity Bankshares, Inc. (NASDAQ:MCBS) was the target of a large growth in short interest during the month of March. As of March 13th, there was short interest totaling 319,195 shares, a growth of 31.7% from the February 26th total of 242,410 shares. Approximately 1.5% of the company’s stock are sold short. Based on an average daily trading volume, of 90,183 shares, the days-to-cover ratio is presently 3.5 days.

MetroCity Bankshares Stock Performance

Shares of MCBS stock traded up $0.37 during trading hours on Monday, hitting $28.58. The stock had a trading volume of 90,769 shares, compared to its average volume of 137,834. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.21 and a quick ratio of 1.21. The firm has a market capitalization of $821.68 million, a PE ratio of 10.87 and a beta of 0.72. The stock’s 50 day moving average is $28.51 and its 200 day moving average is $27.55. MetroCity Bankshares has a twelve month low of $24.24 and a twelve month high of $31.06.

MetroCity Bankshares (NASDAQ:MCBS) last announced its earnings results on Friday, January 30th. The company reported $0.68 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.05). The business had revenue of $43.74 million during the quarter, compared to analyst estimates of $44.50 million. MetroCity Bankshares had a net margin of 27.93% and a return on equity of 14.82%.

MetroCity Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Wednesday, February 4th were paid a dividend of $0.25 per share. The ex-dividend date was Wednesday, February 4th. This represents a $1.00 annualized dividend and a dividend yield of 3.5%. MetroCity Bankshares’s dividend payout ratio is 38.02%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MCBS. Weiss Ratings raised shares of MetroCity Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 18th. Wall Street Zen raised shares of MetroCity Bankshares from a “hold” rating to a “buy” rating in a research report on Sunday. Finally, Keefe, Bruyette & Woods raised their price objective on MetroCity Bankshares from $31.00 to $32.00 and gave the stock a “market perform” rating in a report on Monday, March 23rd. One 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, MetroCity Bankshares currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.00.

Hedge Funds Weigh In On MetroCity Bankshares

A number of hedge funds and other institutional investors have recently made changes to their positions in MCBS. Price T Rowe Associates Inc. MD raised its stake in 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 valued at $309,000 after acquiring an additional 1,373 shares during the last quarter. Mariner LLC increased its holdings in shares of 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 purchasing an additional 1,511 shares during the period. Barclays PLC increased its holdings in shares of MetroCity Bankshares by 19.0% in the fourth quarter. Barclays PLC now owns 38,710 shares of the company’s stock valued at $1,027,000 after purchasing an additional 6,194 shares during the period. CANADA LIFE ASSURANCE Co raised its stake in shares of 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 purchasing an additional 5,672 shares during the last quarter. Finally, State Street Corp lifted 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 purchasing an additional 5,543 shares during the period. Hedge funds and other institutional investors own 25.33% of the company’s stock.

About MetroCity Bankshares

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.