MetroCity Bankshares (NASDAQ:MCBS) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

MetroCity Bankshares (NASDAQ:MCBS) had its price target boosted by analysts at Keefe, Bruyette & Woods from $34.00 to $36.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 6.23% from the stock’s current price.

MetroCity Bankshares Price Performance

MCBS traded down $0.34 on Wednesday, hitting $33.89. 7,927 shares of the company’s stock traded hands, compared to its average volume of 33,599. The company’s 50 day simple moving average is $31.78 and its 200-day simple moving average is $29.05. The firm has a market cap of $858.43 million, a price-to-earnings ratio of 14.61 and a beta of 0.64. MetroCity Bankshares has a one year low of $21.19 and a one year high of $36.15. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.92.

MetroCity Bankshares (NASDAQ:MCBS) last released its quarterly earnings data 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. MetroCity Bankshares had a return on equity of 14.97% and a net margin of 25.54%. The business had revenue of $60.45 million for the quarter.

Insider Transactions at MetroCity Bankshares

In other news, Director Ajit A. Patel sold 5,000 shares of MetroCity Bankshares stock in a transaction that occurred on 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 owns 645,739 shares in the company, valued at approximately $21,373,960.90. The trade was a 0.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Farid Tan sold 5,983 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $35.64, for a total value of $213,234.12. Following the transaction, the president now owns 914,888 shares of the company’s stock, valued at approximately $32,606,608.32. The trade was a 0.65 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,600 shares of company stock worth $1,181,786. 27.49% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MetroCity Bankshares

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