MetroCity Bankshares (NASDAQ:MCBS) Shares Gap Up – Here’s Why

MetroCity Bankshares, Inc. (NASDAQ:MCBS) shares gapped up prior to trading 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 traded.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods upped their price target 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 current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.92. The stock has a fifty day simple moving average of $30.08 and a 200-day simple moving average of $31.26. The stock has a market cap of $699.34 million, a price-to-earnings ratio of 11.04 and a beta of 0.58.

MetroCity Bankshares (NASDAQ:MCBS) last announced its quarterly earnings data on Tuesday, January 21st. The company reported $0.63 earnings per share (EPS) for the quarter, topping 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 period in the prior year, the business earned $0.65 EPS.

MetroCity Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Wednesday, January 29th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date was Wednesday, January 29th. MetroCity Bankshares’s dividend payout ratio is currently 36.65%.

Institutional Investors Weigh In On MetroCity Bankshares

Institutional investors have recently added to or reduced their stakes in the company. State Street Corp lifted its position in shares of MetroCity Bankshares by 2.9% in 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. Barclays PLC boosted its stake in MetroCity Bankshares by 345.5% during the third quarter. Barclays PLC now owns 28,341 shares of the company’s stock worth $868,000 after buying an additional 21,979 shares in the last quarter. Franklin Resources Inc. boosted its stake in MetroCity Bankshares by 15.4% during the third quarter. Franklin Resources Inc. now owns 11,680 shares of the company’s stock worth $358,000 after buying an additional 1,557 shares in the last quarter. Geode Capital Management LLC increased its holdings in MetroCity Bankshares by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 424,739 shares of the company’s stock valued at $13,009,000 after buying an additional 6,341 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in MetroCity Bankshares by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 147,745 shares of the company’s stock worth $4,524,000 after purchasing an additional 2,745 shares in the last quarter. 25.33% of the stock is owned by institutional investors and hedge funds.

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.