MetroCity Bankshares (NASDAQ:MCBS) Shares Gap Up – Time to Buy?

MetroCity Bankshares, Inc. (NASDAQ:MCBS)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $27.48, but opened at $28.08. MetroCity Bankshares shares last traded at $27.96, with a volume of 915 shares changing hands.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods boosted their target price on MetroCity Bankshares from $34.00 to $36.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th.

MetroCity Bankshares Stock Performance

The business’s fifty day moving average is $29.92 and its two-hundred day moving average is $31.21. The stock has a market capitalization of $702.39 million, a PE ratio of 11.02 and a beta of 0.58. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.92.

MetroCity Bankshares (NASDAQ:MCBS) last issued its quarterly earnings data on Tuesday, January 21st. The company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates 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 period in the previous year, the company posted $0.65 earnings per share.

MetroCity Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Wednesday, January 29th were given a dividend of $0.23 per share. The ex-dividend date was Wednesday, January 29th. This represents a $0.92 dividend on an annualized basis and a yield of 3.33%. MetroCity Bankshares’s dividend payout ratio (DPR) is presently 36.65%.

Hedge Funds Weigh In On MetroCity Bankshares

Large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets purchased a new position in MetroCity Bankshares during the fourth quarter worth $83,000. KLP Kapitalforvaltning AS bought a new stake in shares of MetroCity Bankshares in the 4th quarter worth about $99,000. Janus Henderson Group PLC purchased a new position in shares of MetroCity Bankshares during the 4th quarter worth about $205,000. Price T Rowe Associates Inc. MD bought a new position in MetroCity Bankshares during the 4th quarter valued at about $224,000. Finally, PDT Partners LLC purchased a new stake in MetroCity Bankshares in the 3rd quarter worth about $228,000. Institutional investors own 25.33% of the company’s stock.

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.