MetroCity Bankshares (NASDAQ:MCBS - Free Report) had its price target increased by Keefe, Bruyette & Woods from $32.00 to $34.00 in a research report sent to investors on Tuesday morning, Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the stock.
MetroCity Bankshares Stock Performance
Shares of NASDAQ MCBS traded up $0.48 during mid-day trading on Tuesday, hitting $30.62. 22,585 shares of the company were exchanged, compared to its average volume of 32,730. The stock has a 50 day simple moving average of $29.84 and a 200-day simple moving average of $27.21. MetroCity Bankshares has a 1-year low of $19.20 and a 1-year high of $32.87. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.92. The firm has a market cap of $771.81 million, a price-to-earnings ratio of 15.54 and a beta of 0.60.
MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last released its earnings results on Friday, October 18th. The company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.64 by $0.01. MetroCity Bankshares had a net margin of 24.20% and a return on equity of 13.85%. The company had revenue of $60.45 million during the quarter.
MetroCity Bankshares Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Wednesday, October 30th will be paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.00%. This is an increase from MetroCity Bankshares's previous quarterly dividend of $0.20. The ex-dividend date is Wednesday, October 30th. MetroCity Bankshares's dividend payout ratio is 46.70%.
Insider Activity at MetroCity Bankshares
In other news, Director Sam Sang-Koo Shim sold 3,613 shares of the company's stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $30.29, for a total transaction of $109,437.77. Following the transaction, the director now directly owns 621,403 shares of the company's stock, valued at $18,822,296.87. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Nack Y. Paek sold 18,287 shares of MetroCity Bankshares stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $30.71, for a total transaction of $561,593.77. Following the completion of the transaction, the chief executive officer now directly owns 1,317,913 shares of the company's stock, valued at approximately $40,473,108.23. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Sam Sang-Koo Shim sold 3,613 shares of the company's stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $30.29, for a total value of $109,437.77. Following the completion of the sale, the director now directly owns 621,403 shares in the company, valued at $18,822,296.87. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 107,041 shares of company stock worth $3,088,045 over the last three months. 27.49% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new position in MetroCity Bankshares during the 3rd quarter valued at about $212,000. Creative Planning acquired a new position in shares of MetroCity Bankshares during the 3rd quarter worth approximately $331,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in MetroCity Bankshares by 3.5% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 14,066 shares of the company's stock valued at $351,000 after buying an additional 472 shares in the last quarter. Inspire Investing LLC acquired a new stake in MetroCity Bankshares during the 1st quarter valued at $361,000. Finally, Sanctuary Advisors LLC purchased a new position in MetroCity Bankshares during the second quarter worth $377,000. Institutional investors and hedge funds own 25.33% of the company's stock.
MetroCity Bankshares Company Profile
(
Get Free Report)
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.
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