MetroCity Bankshares (NASDAQ:MCBS) Reaches New 1-Year High – Time to Buy?

Shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) hit a new 52-week high during trading on Thursday . The company traded as high as $35.30 and last traded at $35.2460, with a volume of 10377 shares traded. The stock had previously closed at $35.17.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MCBS shares. Wall Street Zen upgraded MetroCity Bankshares from a “hold” rating to a “buy” rating in a research report on Saturday, April 25th. Keefe, Bruyette & Woods raised 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 assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $33.00.

MetroCity Bankshares Price Performance

The stock has a market cap of $1.03 billion, a price-to-earnings ratio of 12.95 and a beta of 0.71. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 0.77. The company’s 50-day moving average is $32.94 and its 200-day moving average is $29.96.

MetroCity Bankshares (NASDAQ:MCBS) last released its quarterly earnings data on Friday, April 24th. The company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.07. The company had revenue of $50.84 million for the quarter, compared to analyst estimates of $50.80 million. MetroCity Bankshares had a return on equity of 15.09% and a net margin of 28.16%.

MetroCity Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 8th. Shareholders of record on Wednesday, April 29th were issued a dividend of $0.29 per share. The ex-dividend date of this dividend was Wednesday, April 29th. This is a boost from MetroCity Bankshares’s previous quarterly dividend of $0.25. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.2%. MetroCity Bankshares’s dividend payout ratio (DPR) is 41.88%.

Hedge Funds Weigh In On MetroCity Bankshares

Several institutional investors have recently added to or reduced their stakes in the company. CWM LLC boosted its position in MetroCity Bankshares by 49.5% in the fourth quarter. CWM LLC now owns 1,428 shares of the company’s stock valued at $38,000 after buying an additional 473 shares in the last quarter. Russell Investments Group Ltd. bought a new position in shares of MetroCity Bankshares in the third quarter valued at approximately $45,000. State of Alaska Department of Revenue raised its stake in shares of MetroCity Bankshares by 77.9% in the fourth quarter. State of Alaska Department of Revenue now owns 1,822 shares of the company’s stock valued at $48,000 after acquiring an additional 798 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of MetroCity Bankshares by 21.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,057 shares of the company’s stock worth $87,000 after acquiring an additional 540 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new position in shares of MetroCity Bankshares in the 4th quarter worth approximately $99,000. 25.33% of the stock is owned by institutional investors.

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.