MetroCity Bankshares (NASDAQ:MCBS) Sees Large Volume Increase - Here's Why

Shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS - Get Free Report) saw unusually-high trading volume on Friday . Approximately 28,714 shares changed hands during mid-day trading, a decline of 19% from the previous session's volume of 35,296 shares.The stock last traded at $26.96 and had previously closed at $27.49.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods upped their target price on shares of MetroCity Bankshares from $34.00 to $36.00 and gave the company a "market perform" rating in a research note on Wednesday, December 4th.

MetroCity Bankshares Stock Performance

The stock has a market capitalization of $705.31 million, a price-to-earnings ratio of 11.06 and a beta of 0.58. 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 stock has a 50-day moving average of $30.16 and a 200 day moving average of $31.27.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last posted its quarterly earnings results on Tuesday, January 21st. The company reported $0.63 earnings per share for the quarter, topping analysts' consensus estimates 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 quarter in the prior year, the business earned $0.65 earnings per share.

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MetroCity Bankshares Dividend Announcement

The company also recently declared 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. The ex-dividend date was Wednesday, January 29th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.31%. MetroCity Bankshares's dividend payout ratio is 36.65%.

Institutional Trading of MetroCity Bankshares

Several hedge funds have recently added to or reduced their stakes in MCBS. State Street Corp grew its stake in MetroCity Bankshares by 2.9% in the third quarter. State Street Corp now owns 429,312 shares of the company's stock valued at $13,146,000 after acquiring an additional 11,900 shares during the period. Geode Capital Management LLC lifted its holdings in shares of MetroCity Bankshares by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 424,739 shares of the company's stock valued at $13,009,000 after purchasing an additional 6,341 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of MetroCity Bankshares by 3.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 402,397 shares of the company's stock valued at $12,857,000 after purchasing an additional 14,215 shares in the last quarter. American Century Companies Inc. grew its position in shares of MetroCity Bankshares by 34.4% in the 4th quarter. American Century Companies Inc. now owns 309,264 shares of the company's stock valued at $9,881,000 after purchasing an additional 79,080 shares during the period. Finally, Northern Trust Corp increased its stake in MetroCity Bankshares by 6.5% during the 4th quarter. Northern Trust Corp now owns 164,993 shares of the company's stock worth $5,272,000 after purchasing an additional 10,057 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.