MetroCity Bankshares (NASDAQ:MCBS) Shares Gap Up - Still a Buy?

Shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS - Get Free Report) gapped up before the market opened 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 lifted their price target on MetroCity Bankshares from $34.00 to $36.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th.

MetroCity Bankshares Stock Down 0.9 %

The stock has a market capitalization of $696.04 million, a PE ratio of 10.92 and a beta of 0.58. The stock's 50-day moving average price is $29.83 and its two-hundred day moving average price is $31.20. 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 - Get Free Report) last released its earnings results on Tuesday, January 21st. The company reported $0.63 EPS for the quarter, topping analysts' consensus estimates of $0.61 by $0.02. MetroCity Bankshares had a return on equity of 15.98% and a net margin of 27.33%. During the same period in the previous year, the company earned $0.65 EPS.

MetroCity Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Wednesday, January 29th were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Wednesday, January 29th. This represents a $0.92 annualized dividend and a yield of 3.36%. MetroCity Bankshares's dividend payout ratio is 36.65%.

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Institutional Investors Weigh In On MetroCity Bankshares

Several large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. raised its holdings in shares of MetroCity Bankshares by 1.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 147,745 shares of the company's stock valued at $4,524,000 after purchasing an additional 2,745 shares during the last quarter. PDT Partners LLC bought a new position in shares of MetroCity Bankshares during the 3rd quarter valued at $228,000. State Street Corp boosted its stake 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 last quarter. Jane Street Group LLC grew its holdings in shares of MetroCity Bankshares by 2.3% in the third quarter. Jane Street Group LLC now owns 16,357 shares of the company's stock worth $501,000 after acquiring an additional 370 shares during the period. Finally, Barclays PLC increased its position in MetroCity Bankshares by 345.5% during the third 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 last quarter. 25.33% of the stock is currently owned by institutional investors.

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.