MetroCity Bankshares (NASDAQ:MCBS) Price Target Increased to $34.00 by Analysts at Keefe, Bruyette & Woods

MetroCity Bankshares (NASDAQ:MCBS) had its target price hoisted by Keefe, Bruyette & Woods from $32.00 to $34.00 in a report issued on Tuesday morning, Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the stock.

MetroCity Bankshares Price Performance

MetroCity Bankshares stock opened at $29.67 on Tuesday. MetroCity Bankshares has a 52 week low of $19.45 and a 52 week high of $32.87. The business’s fifty day moving average is $30.00 and its two-hundred day moving average is $27.29. The firm has a market cap of $747.86 million, a P/E ratio of 15.06 and a beta of 0.60. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.24 and a current ratio of 1.24.

MetroCity Bankshares (NASDAQ:MCBS) last announced its quarterly earnings data on Friday, October 18th. The company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.01. MetroCity Bankshares had a return on equity of 15.09% and a net margin of 25.54%. The firm had revenue of $60.45 million for the quarter.

MetroCity Bankshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Wednesday, October 30th will be issued a dividend of $0.23 per share. The ex-dividend date is Wednesday, October 30th. This represents a $0.92 dividend on an annualized basis and a yield of 3.10%. This is a boost from MetroCity Bankshares’s previous quarterly dividend of $0.20. MetroCity Bankshares’s payout ratio is currently 46.70%.

Insiders Place Their Bets

In related news, Director Sam Sang-Koo Shim sold 46,200 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $27.90, for a total transaction of $1,288,980.00. Following the sale, the director now owns 537,961 shares of the company’s stock, valued at approximately $15,009,111.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Don Leung sold 1,256 shares of the stock in a transaction on Monday, July 29th. The shares were sold at an average price of $31.47, for a total transaction of $39,526.32. Following the completion of the sale, the director now owns 815,736 shares of the company’s stock, valued at $25,671,211.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sam Sang-Koo Shim sold 46,200 shares of the business’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $27.90, for a total transaction of $1,288,980.00. Following the completion of the sale, the director now directly owns 537,961 shares in the company, valued at $15,009,111.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 78,703 shares of company stock worth $2,213,704. Company insiders own 27.49% of the company’s stock.

Institutional Trading of MetroCity Bankshares

Hedge funds and other institutional investors have recently modified their holdings of the company. Sanctuary Advisors LLC acquired a new stake in MetroCity Bankshares in the 2nd quarter valued at approximately $377,000. SG Americas Securities LLC acquired a new stake in shares of MetroCity Bankshares in the third quarter valued at approximately $212,000. Bank of New York Mellon Corp lifted its position in shares of MetroCity Bankshares by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 123,188 shares of the company’s stock worth $3,252,000 after purchasing an additional 2,049 shares in the last quarter. Vanguard Group Inc. boosted its holdings in MetroCity Bankshares by 1.5% during the first quarter. Vanguard Group Inc. now owns 981,024 shares of the company’s stock worth $24,486,000 after purchasing an additional 14,868 shares during the last quarter. Finally, Empowered Funds LLC grew its position in MetroCity Bankshares by 8.1% in the first quarter. Empowered Funds LLC now owns 44,610 shares of the company’s stock valued at $1,113,000 after purchasing an additional 3,325 shares in the last quarter. 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.