MetroCity Bankshares (NASDAQ:MCBS) Shares Gap Down – Time to Sell?

MetroCity Bankshares, Inc. (NASDAQ:MCBS)’s stock price 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.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods raised their target price 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 Price Performance

The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.24 and a current ratio of 1.24. The company’s fifty day simple moving average is $30.40 and its two-hundred day simple moving average is $31.34. The stock has a market capitalization of $688.93 million, a PE ratio of 10.80 and a beta of 0.58.

MetroCity Bankshares (NASDAQ:MCBS) last posted its earnings results on Tuesday, January 21st. The company reported $0.63 earnings per share 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 company also recently declared a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Wednesday, January 29th were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Wednesday, January 29th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.39%. MetroCity Bankshares’s dividend payout ratio (DPR) is presently 36.65%.

Institutional Investors Weigh In On MetroCity Bankshares

A number of hedge funds and other institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of MetroCity Bankshares by 3.6% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,501 shares of the company’s stock worth $336,000 after buying an additional 364 shares in the last quarter. Jane Street Group LLC grew its holdings in shares of MetroCity Bankshares by 2.3% during the third quarter. Jane Street Group LLC now owns 16,357 shares of the company’s stock worth $501,000 after buying an additional 370 shares in the last quarter. Two Sigma Advisers LP grew its holdings in shares of MetroCity Bankshares by 7.7% during the fourth quarter. Two Sigma Advisers LP now owns 14,000 shares of the company’s stock worth $447,000 after buying an additional 1,000 shares in the last quarter. MetLife Investment Management LLC grew its holdings in shares of MetroCity Bankshares by 10.1% during the fourth quarter. MetLife Investment Management LLC now owns 11,032 shares of the company’s stock worth $352,000 after buying an additional 1,012 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of MetroCity Bankshares by 0.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 148,831 shares of the company’s stock worth $4,755,000 after buying an additional 1,086 shares in the last quarter. 25.33% of the stock is currently owned by hedge funds and other institutional investors.

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.