MetroCity Bankshares (NASDAQ:MCBS) Sets New 1-Year High – Should You Buy?

MetroCity Bankshares, Inc. (NASDAQ:MCBS) hit a new 52-week high during trading on Thursday . The company traded as high as $32.52 and last traded at $32.41, with a volume of 56939 shares changing hands. The stock had previously closed at $31.71.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $32.00 price target (up from $28.00) on shares of MetroCity Bankshares in a research report on Tuesday, July 23rd.

MetroCity Bankshares Price Performance

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 stock has a market capitalization of $816.93 million, a price-to-earnings ratio of 16.45 and a beta of 0.60. The business’s 50 day simple moving average is $29.50 and its 200-day simple moving average is $26.97.

MetroCity Bankshares (NASDAQ:MCBS) last posted its quarterly earnings results on Friday, July 19th. The company reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.07. MetroCity Bankshares had a net margin of 24.20% and a return on equity of 13.85%. The business had revenue of $59.67 million for the quarter.

Insider Transactions at MetroCity Bankshares

In other MetroCity Bankshares news, Director Sam Sang-Koo Shim sold 46,200 shares of MetroCity Bankshares stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $27.90, for a total value of $1,288,980.00. Following the transaction, the director now owns 537,961 shares in the company, valued at $15,009,111.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other MetroCity Bankshares news, Director Don Leung sold 1,256 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The shares were 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 in the company, valued at approximately $25,671,211.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Sam Sang-Koo Shim sold 46,200 shares of the firm’s stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $27.90, for a total transaction of $1,288,980.00. Following the transaction, the director now directly owns 537,961 shares of the company’s stock, valued at $15,009,111.90. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 124,055 shares of company stock valued at $3,615,819. Corporate insiders own 27.49% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MCBS. SG Americas Securities LLC acquired a new stake in shares of MetroCity Bankshares in the third quarter valued at about $212,000. Creative Planning acquired a new position in shares of MetroCity Bankshares in the 3rd quarter worth approximately $331,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in shares of 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 purchasing an additional 472 shares during the last quarter. Inspire Investing LLC bought a new position in MetroCity Bankshares during the first quarter worth $361,000. Finally, Sanctuary Advisors LLC acquired a new position in MetroCity Bankshares in the second quarter valued at $377,000. 25.33% of the stock is 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.