MetroCity Bankshares (NASDAQ:MCBS) Price Target Raised to $34.00

MetroCity Bankshares (NASDAQ:MCBS) had its target price increased by stock analysts at Keefe, Bruyette & Woods from $32.00 to $34.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ target price indicates a potential upside of 12.51% from the stock’s previous close.

MetroCity Bankshares Stock Up 0.3 %

Shares of NASDAQ:MCBS traded up $0.08 during midday trading on Tuesday, reaching $30.22. The company had a trading volume of 1,858 shares, compared to its average volume of 32,628. The business’s 50 day moving average price is $29.77 and its 200 day moving average price is $27.16. MetroCity Bankshares has a 1-year low of $19.20 and a 1-year high of $32.87. 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 cap of $761.73 million, a PE ratio of 15.34 and a beta of 0.60.

MetroCity Bankshares (NASDAQ:MCBS) last announced its quarterly 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. MetroCity Bankshares had a net margin of 24.20% and a return on equity of 13.85%. The firm had revenue of $60.45 million during the quarter.

Insider Buying and Selling at MetroCity Bankshares

In other MetroCity Bankshares news, Director Don Leung sold 9,554 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $31.07, for a total value of $296,842.78. Following the transaction, the director now directly owns 828,185 shares in the company, valued at $25,731,707.95. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Nack Y. Paek sold 18,287 shares of MetroCity Bankshares stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $30.71, for a total transaction of $561,593.77. Following the completion of the sale, the chief executive officer now directly owns 1,317,913 shares of the company’s stock, valued at approximately $40,473,108.23. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Don Leung sold 9,554 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $31.07, for a total value of $296,842.78. Following the completion of the sale, the director now owns 828,185 shares of the company’s stock, valued at $25,731,707.95. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 107,041 shares of company stock valued at $3,088,045 in the last quarter. 27.49% of the stock is currently owned by insiders.

Institutional Investors Weigh In On MetroCity Bankshares

A number of hedge funds and other institutional investors have recently modified their holdings of the company. SG Americas Securities LLC acquired a new position in shares of MetroCity Bankshares in the third quarter valued at about $212,000. Creative Planning bought a new stake in MetroCity Bankshares in the 3rd quarter valued at about $331,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in shares of MetroCity Bankshares by 3.5% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 14,066 shares of the company’s stock worth $351,000 after purchasing an additional 472 shares in the last quarter. Inspire Investing LLC bought a new position in shares of MetroCity Bankshares during the first quarter worth approximately $361,000. Finally, Sanctuary Advisors LLC acquired a new stake in shares of MetroCity Bankshares in the second quarter valued at approximately $377,000. Institutional investors and hedge funds own 25.33% of the company’s stock.

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.