MetroCity Bankshares (NASDAQ:MCBS) Shares Gap Up to $19.53

Posted by Defense World Staff on Sep 17th, 2023

MetroCity Bankshares, Inc. (NASDAQ:MCBS – Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $19.53, but opened at $20.12. MetroCity Bankshares shares last traded at $20.12, with a volume of 15,936 shares traded.

MetroCity Bankshares Price Performance

The company has a debt-to-equity ratio of 0.87, a current ratio of 1.21 and a quick ratio of 1.21. The company has a 50-day moving average price of $20.17 and a two-hundred day moving average price of $18.18. The company has a market cap of $490.43 million, a PE ratio of 8.40 and a beta of 0.59.

MetroCity Bankshares (NASDAQ:MCBS – Get Free Report) last released its quarterly earnings results on Friday, July 21st. The company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.50 by $0.01. MetroCity Bankshares had a return on equity of 16.54% and a net margin of 30.46%. The business had revenue of $52.24 million for the quarter.

MetroCity Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 11th. Investors of record on Thursday, August 3rd were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 3.71%. The ex-dividend date of this dividend was Wednesday, August 2nd. MetroCity Bankshares’s dividend payout ratio (DPR) is 31.17%.

Institutional Trading of MetroCity Bankshares

Several institutional investors and hedge funds have recently bought and sold shares of the company. Alliancebernstein L.P. acquired a new stake in MetroCity Bankshares during the second quarter valued at approximately $183,000. Wells Fargo & Company MN grew its holdings in shares of MetroCity Bankshares by 108.0% during the second quarter. Wells Fargo & Company MN now owns 6,961 shares of the company’s stock valued at $125,000 after purchasing an additional 3,615 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of MetroCity Bankshares by 69.1% during the second quarter. Goldman Sachs Group Inc. now owns 45,249 shares of the company’s stock valued at $810,000 after purchasing an additional 18,496 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of MetroCity Bankshares by 15.1% during the second quarter. Royal Bank of Canada now owns 10,392 shares of the company’s stock valued at $186,000 after purchasing an additional 1,360 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of MetroCity Bankshares by 4.8% during the second quarter. State Street Corp now owns 394,622 shares of the company’s stock valued at $7,060,000 after purchasing an additional 17,910 shares during the last quarter. Institutional investors and hedge funds own 18.93% of the company’s stock.

About MetroCity Bankshares

(Get Free Report)

MetroCity Bankshares, Inc operates as the bank holding company for Metro City Bank that provides banking products and services in the United States. It offers customary banking services, such as consumer and commercial checking accounts, savings accounts, and certificates of deposit. The company also provides commercial and consumer loans, including single family residential loans; construction and development, and owner and non-owner occupied commercial real estate loans; and commercial and industrial loans, residential mortgage loans, and SBA loans.