Keefe, Bruyette & Woods Reaffirms Market Perform Rating for MetroCity Bankshares (NASDAQ:MCBS)

Keefe, Bruyette & Woods reissued their market perform rating on shares of MetroCity Bankshares (NASDAQ:MCBS) in a research report report published on Tuesday, Benzinga reports. They currently have a $32.00 price target on the stock, up from their prior price target of $28.00.

MetroCity Bankshares Trading Up 1.0 %

NASDAQ MCBS opened at $30.78 on Tuesday. The company has a market capitalization of $775.84 million, a PE ratio of 15.62 and a beta of 0.60. The company has a fifty day moving average of $25.95 and a 200 day moving average of $24.65. MetroCity Bankshares has a 1 year low of $18.81 and a 1 year high of $31.50. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.22 and a quick ratio of 1.20.

MetroCity Bankshares (NASDAQ:MCBS) last posted its earnings results on Friday, July 19th. The company reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. The company had revenue of $59.67 million during the quarter. MetroCity Bankshares had a net margin of 24.20% and a return on equity of 14.02%.

MetroCity Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Wednesday, July 31st will be given a $0.20 dividend. The ex-dividend date is Wednesday, July 31st. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.60%. MetroCity Bankshares’s dividend payout ratio (DPR) is currently 40.61%.

Insiders Place Their Bets

In other news, Director Sam Sang-Koo Shim acquired 1,420 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was acquired at an average price of $24.00 per share, for a total transaction of $34,080.00. Following the completion of the transaction, the director now owns 625,016 shares in the company, valued at approximately $15,000,384. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Sam Sang-Koo Shim acquired 1,420 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was acquired at an average price of $24.00 per share, for a total transaction of $34,080.00. Following the completion of the transaction, the director now owns 625,016 shares in the company, valued at approximately $15,000,384. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Don Leung sold 68,321 shares of the company’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $28.59, for a total transaction of $1,953,297.39. Following the completion of the transaction, the director now owns 931,467 shares of the company’s stock, valued at approximately $26,630,641.53. The disclosure for this sale can be found here. Over the last quarter, insiders sold 111,601 shares of company stock worth $3,229,653. Company insiders own 27.49% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in shares of MetroCity Bankshares by 4.1% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 13,594 shares of the company’s stock worth $327,000 after acquiring an additional 530 shares during the period. SG Americas Securities LLC increased its stake in shares of MetroCity Bankshares by 19.0% during the fourth quarter. SG Americas Securities LLC now owns 10,302 shares of the company’s stock worth $247,000 after purchasing an additional 1,647 shares in the last quarter. Empowered Funds LLC increased its stake in shares of MetroCity Bankshares by 8.1% during the first quarter. Empowered Funds LLC now owns 44,610 shares of the company’s stock worth $1,113,000 after purchasing an additional 3,325 shares in the last quarter. Sherrill & Hutchins Financial Advisory Inc purchased a new stake in shares of MetroCity Bankshares during the fourth quarter worth about $712,000. Finally, Inspire Investing LLC purchased a new stake in shares of MetroCity Bankshares during the first quarter worth about $361,000. Institutional investors and hedge funds own 25.33% of the company’s stock.

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.