MetroCity Bankshares (NASDAQ:MCBS) Hits New 12-Month High – Still a Buy?

MetroCity Bankshares, Inc. (NASDAQ:MCBS)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $35.83 and last traded at $35.59, with a volume of 19816 shares. The stock had previously closed at $35.25.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised their target price on shares of MetroCity Bankshares from $32.00 to $34.00 and gave the company a “market perform” rating in a report on Tuesday, October 22nd.

MetroCity Bankshares Trading Down 2.7 %

The firm’s 50-day simple moving average is $31.42 and its 200 day simple moving average is $28.74. 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 market capitalization of $869.07 million, a price-to-earnings ratio of 14.79 and a beta of 0.60.

MetroCity Bankshares (NASDAQ:MCBS) last posted its quarterly earnings results on Friday, October 18th. The company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01. MetroCity Bankshares had a return on equity of 14.97% and a net margin of 25.54%. The company had revenue of $60.45 million during the quarter.

MetroCity Bankshares Increases Dividend

The business 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 of this dividend was Wednesday, October 30th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.68%. This is a boost from MetroCity Bankshares’s previous quarterly dividend of $0.20. MetroCity Bankshares’s dividend payout ratio is 39.66%.

Insider Activity

In other MetroCity Bankshares news, Director Ajit A. Patel sold 5,000 shares of the company’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $33.10, for a total value of $165,500.00. Following the completion of the transaction, the director now owns 645,739 shares of the company’s stock, valued at $21,373,960.90. This represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, President Farid Tan sold 21,000 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $33.81, for a total value of $710,010.00. Following the completion of the transaction, the president now owns 923,888 shares of the company’s stock, valued at $31,236,653.28. This represents a 2.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,617 shares of company stock worth $968,552. Corporate insiders own 27.49% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MCBS. Vanguard Group Inc. boosted its position in MetroCity Bankshares by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 981,024 shares of the company’s stock worth $24,486,000 after buying an additional 14,868 shares during the period. Bank of New York Mellon Corp increased its position in MetroCity Bankshares by 1.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 123,188 shares of the company’s stock valued at $3,252,000 after acquiring an additional 2,049 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of MetroCity Bankshares by 4.5% during the second quarter. Dimensional Fund Advisors LP now owns 364,142 shares of the company’s stock valued at $9,612,000 after acquiring an additional 15,796 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of MetroCity Bankshares during the second quarter worth $377,000. Finally, SG Americas Securities LLC bought a new stake in shares of MetroCity Bankshares in the third quarter worth $212,000. 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.