Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for MetroCity Bankshares (NASDAQ:MCBS) Stock

MetroCity Bankshares (NASDAQ:MCBS) had its price target raised by Keefe, Bruyette & Woods from $34.00 to $36.00 in a report published on Wednesday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the stock.

MetroCity Bankshares Price Performance

NASDAQ:MCBS opened at $34.76 on Wednesday. The business’s 50-day moving average price is $31.98 and its 200 day moving average price is $29.13. The firm has a market cap of $880.54 million, a P/E ratio of 14.98 and a beta of 0.64. MetroCity Bankshares has a 52-week low of $21.33 and a 52-week high of $36.15. 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 released its earnings results on Friday, October 18th. The company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01. The firm had revenue of $60.45 million for the quarter. MetroCity Bankshares had a return on equity of 14.97% and a net margin of 25.54%.

MetroCity Bankshares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Wednesday, October 30th were issued a dividend of $0.23 per share. This is a positive change from MetroCity Bankshares’s previous quarterly dividend of $0.20. This represents a $0.92 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date of this dividend was Wednesday, October 30th. MetroCity Bankshares’s payout ratio is presently 39.66%.

Insider Buying and Selling

In related news, President Farid Tan sold 21,000 shares of MetroCity Bankshares stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $33.81, for a total value of $710,010.00. Following the transaction, the president now owns 923,888 shares of the company’s stock, valued at approximately $31,236,653.28. This trade represents a 2.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ajit A. Patel sold 5,000 shares of MetroCity Bankshares stock in a transaction dated 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 transaction, the director now directly owns 645,739 shares in the company, valued at $21,373,960.90. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,600 shares of company stock valued at $1,181,786. 27.49% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On MetroCity Bankshares

Institutional investors have recently bought and sold shares of the stock. Barclays PLC boosted its position in MetroCity Bankshares by 345.5% during the 3rd quarter. Barclays PLC now owns 28,341 shares of the company’s stock worth $868,000 after acquiring an additional 21,979 shares during the period. Dimensional Fund Advisors LP boosted its position in MetroCity Bankshares by 4.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 364,142 shares of the company’s stock worth $9,612,000 after acquiring an additional 15,796 shares during the period. Sanctuary Advisors LLC acquired a new stake in MetroCity Bankshares during the 2nd quarter worth about $377,000. Vanguard Group Inc. boosted its position in MetroCity Bankshares by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 981,024 shares of the company’s stock worth $24,486,000 after acquiring an additional 14,868 shares during the period. Finally, State Street Corp boosted its position in MetroCity Bankshares by 2.9% during the 3rd quarter. State Street Corp now owns 429,312 shares of the company’s stock worth $13,146,000 after acquiring an additional 11,900 shares during the period. Hedge funds and other 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.