MetroCity Bankshares (NASDAQ:MCBS) Reaches New 12-Month High – Here’s Why

MetroCity Bankshares, Inc. (NASDAQ:MCBS) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $39.30 and last traded at $39.30, with a volume of 102 shares traded. The stock had previously closed at $34.81.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods raised their price target 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 Up 0.9 %

The company has a 50-day moving average of $30.59 and a two-hundred day moving average of $28.06. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.92. The company has a market capitalization of $889.59 million, a P/E ratio of 15.00 and a beta of 0.60.

MetroCity Bankshares (NASDAQ:MCBS) last posted its quarterly 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 return on equity of 14.97% and a net margin of 25.54%. The firm had revenue of $60.45 million during the quarter.

MetroCity Bankshares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Wednesday, October 30th were issued a $0.23 dividend. The ex-dividend date was Wednesday, October 30th. This represents a $0.92 annualized dividend and a dividend yield of 2.62%. This is a positive change from MetroCity Bankshares’s previous quarterly dividend of $0.20. MetroCity Bankshares’s payout ratio is presently 39.66%.

Insider Buying and Selling

In related news, 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 completion of the sale, the director now owns 645,739 shares of the company’s stock, valued at $21,373,960.90. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other MetroCity Bankshares news, Director Sam Sang-Koo Shim sold 27,132 shares of the business’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $28.00, for a total transaction of $759,696.00. Following the completion of the sale, the director now owns 594,271 shares of the company’s stock, valued at approximately $16,639,588. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Ajit A. Patel sold 5,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The shares were 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 $21,373,960.90. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 99,332 shares of company stock valued at $2,924,186 over the last 90 days. Company insiders own 27.49% of the company’s stock.

Institutional Investors Weigh In On MetroCity Bankshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MCBS. SG Americas Securities LLC purchased a new stake in MetroCity Bankshares during the third quarter valued at approximately $212,000. GSA Capital Partners LLP purchased a new stake in shares of MetroCity Bankshares in the third quarter worth approximately $251,000. Creative Planning purchased a new stake in shares of MetroCity Bankshares in the third quarter worth approximately $331,000. Inspire Investing LLC bought a new position in MetroCity Bankshares in the first quarter worth approximately $361,000. Finally, Sanctuary Advisors LLC bought a new position in MetroCity Bankshares in the second quarter worth approximately $377,000. 25.33% of the stock is currently owned by hedge funds and other institutional investors.

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.