MetroCity Bankshares (NASDAQ:MCBS) Shares Gap Down – Here’s Why

MetroCity Bankshares, Inc. (NASDAQ:MCBS)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $27.78, but opened at $27.17. MetroCity Bankshares shares last traded at $27.75, with a volume of 3,279 shares changing hands.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods upped their target price on shares of MetroCity Bankshares from $34.00 to $36.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th.

MetroCity Bankshares Trading Down 1.7 %

The stock has a market capitalization of $693.50 million, a price-to-earnings ratio of 10.88 and a beta of 0.58. The company’s 50 day moving average is $30.56 and its 200 day moving average is $31.39. 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) last released its earnings results on Tuesday, January 21st. The company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.61 by $0.02. MetroCity Bankshares had a net margin of 27.33% and a return on equity of 15.98%. During the same quarter in the previous year, the company posted $0.65 earnings per share.

MetroCity Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Stockholders of record on Wednesday, January 29th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend was Wednesday, January 29th. MetroCity Bankshares’s payout ratio is 36.65%.

Hedge Funds Weigh In On MetroCity Bankshares

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of MetroCity Bankshares by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,501 shares of the company’s stock worth $336,000 after acquiring an additional 364 shares during the period. Jane Street Group LLC lifted its holdings in shares of MetroCity Bankshares by 2.3% during the 3rd 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. Two Sigma Advisers LP lifted its holdings in shares of MetroCity Bankshares by 7.7% during the 4th quarter. Two Sigma Advisers LP now owns 14,000 shares of the company’s stock worth $447,000 after acquiring an additional 1,000 shares during the period. MetLife Investment Management LLC lifted its holdings in shares of MetroCity Bankshares by 10.1% during the 4th quarter. MetLife Investment Management LLC now owns 11,032 shares of the company’s stock worth $352,000 after acquiring an additional 1,012 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of MetroCity Bankshares by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 148,831 shares of the company’s stock worth $4,755,000 after acquiring an additional 1,086 shares during the period. 25.33% of the stock is owned by institutional investors.

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.