Keefe, Bruyette & Woods Increases MetroCity Bankshares (NASDAQ:MCBS) Price Target to $34.00

MetroCity Bankshares (NASDAQ:MCBS) had its price target boosted by Keefe, Bruyette & Woods from $32.00 to $34.00 in a research report sent to investors on Tuesday, Benzinga reports. They currently have a market perform rating on the stock.

MetroCity Bankshares Stock Down 1.2 %

MCBS opened at $30.14 on Tuesday. The business has a 50 day simple moving average of $29.91 and a 200-day simple moving average of $27.23. MetroCity Bankshares has a 12 month low of $19.45 and a 12 month high of $32.87. The stock has a market capitalization of $759.71 million, a P/E ratio of 15.30 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.

MetroCity Bankshares (NASDAQ:MCBS) last released its earnings results on Friday, October 18th. The company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates 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 13.85% and a net margin of 24.20%.

MetroCity Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Wednesday, October 30th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.05%. 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 (DPR) is presently 46.70%.

Insider Transactions at MetroCity Bankshares

In related news, Director Don Leung sold 1,256 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $31.47, for a total value of $39,526.32. Following the completion of the transaction, the director now directly owns 815,736 shares of the company’s stock, valued at $25,671,211.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, Director Don Leung sold 1,256 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $31.47, for a total value of $39,526.32. Following the sale, the director now directly owns 815,736 shares in the company, valued at $25,671,211.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sam Sang-Koo Shim sold 3,613 shares of the firm’s stock in a transaction dated 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 owns 621,403 shares of the company’s stock, valued at $18,822,296.87. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 78,703 shares of company stock valued at $2,213,704 in the last quarter. 27.49% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP grew its holdings in MetroCity Bankshares by 4.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 364,142 shares of the company’s stock valued at $9,612,000 after buying an additional 15,796 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of MetroCity Bankshares in the second quarter valued at $377,000. Vanguard Group Inc. boosted its stake in shares of 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 acquiring an additional 14,868 shares during the last quarter. Inspire Investing LLC purchased a new stake in MetroCity Bankshares during the 1st quarter worth about $361,000. Finally, Creative Planning acquired a new position in MetroCity Bankshares in the 3rd quarter valued at about $331,000. 25.33% of the stock is currently owned by institutional investors and hedge funds.

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.