MetroCity Bankshares (NASDAQ:MCBS) Sets New 52-Week High - Still a Buy?

MetroCity Bankshares, Inc. (NASDAQ:MCBS - Get Free Report) shares hit a new 52-week high during trading on Wednesday . The company traded as high as $39.30 and last traded at $39.30, with a volume of 102 shares. The stock had previously closed at $34.81.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods boosted their price objective on MetroCity Bankshares from $32.00 to $34.00 and gave the stock a "market perform" rating in a report on Tuesday, October 22nd.

MetroCity Bankshares Trading Down 1.7 %

The company has a market capitalization of $866.79 million, a P/E ratio of 15.19 and a beta of 0.60. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a fifty day moving average price of $30.59 and a 200-day moving average price of $28.06.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last released its earnings results on Friday, October 18th. The company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.01. The company had revenue of $60.45 million during the quarter. MetroCity Bankshares had a return on equity of 14.97% and a net margin of 25.54%.

MetroCity Bankshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 8th. Stockholders of record on Wednesday, October 30th were issued a $0.23 dividend. The ex-dividend date was Wednesday, October 30th. This is a positive change from MetroCity Bankshares's previous quarterly dividend of $0.20. This represents a $0.92 annualized dividend and a dividend yield of 2.69%. MetroCity Bankshares's dividend payout ratio is currently 39.66%.

Insider Buying and Selling at MetroCity Bankshares

In other MetroCity Bankshares news, Director Sam Sang-Koo Shim sold 46,200 shares of the 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 completion of the transaction, the director now directly owns 537,961 shares of the company's stock, valued at approximately $15,009,111.90. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other MetroCity Bankshares news, Director Sam Sang-Koo Shim sold 46,200 shares of the 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 completion of the transaction, the director now directly owns 537,961 shares of the company's stock, valued at approximately $15,009,111.90. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ajit A. Patel sold 5,000 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $33.10, for a total value of $165,500.00. Following the transaction, the director now directly owns 645,739 shares of the company's stock, valued at approximately $21,373,960.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,200 shares of company stock valued at $2,990,593. Company insiders own 27.49% of the company's stock.

Institutional Investors Weigh In On MetroCity Bankshares

Institutional investors have recently made changes to their positions in the stock. Sanctuary Advisors LLC purchased a new stake in shares of MetroCity Bankshares during the second quarter worth $377,000. Creative Planning purchased a new stake in shares of MetroCity Bankshares in the third quarter worth $331,000. SG Americas Securities LLC bought a new stake in MetroCity Bankshares during the third quarter valued at $212,000. Bank of New York Mellon Corp boosted its stake in MetroCity Bankshares by 1.7% during the second quarter. Bank of New York Mellon Corp now owns 123,188 shares of the company's stock valued at $3,252,000 after buying an additional 2,049 shares during the period. Finally, Vanguard Group Inc. boosted its stake in MetroCity Bankshares by 1.5% during the first quarter. Vanguard Group Inc. now owns 981,024 shares of the company's stock valued at $24,486,000 after buying an additional 14,868 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.