MetroCity Bankshares (NASDAQ:MCBS) Cut to “Hold (C+)” at Weiss Ratings

Weiss Ratings downgraded shares of MetroCity Bankshares (NASDAQ:MCBS) from a buy (b-) rating to a hold (c+) rating in a research report sent to investors on Tuesday morning,Weiss Ratings reports.

MetroCity Bankshares Price Performance

Shares of MCBS opened at $25.77 on Tuesday. The firm has a market cap of $658.17 million, a price-to-earnings ratio of 10.07 and a beta of 0.64. The stock has a 50 day moving average of $28.52 and a 200-day moving average of $28.23. The company has a current ratio of 1.27, a quick ratio of 1.26 and a debt-to-equity ratio of 0.97. MetroCity Bankshares has a 52 week low of $24.24 and a 52 week high of $36.15.

MetroCity Bankshares (NASDAQ:MCBS) last released its quarterly earnings data on Friday, July 18th. The company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.02. MetroCity Bankshares had a return on equity of 15.61% and a net margin of 27.98%.The business had revenue of $37.91 million during the quarter, compared to analyst estimates of $36.10 million.

MetroCity Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 7th. Investors of record on Wednesday, October 29th will be given a dividend of $0.25 per share. The ex-dividend date is Wednesday, October 29th. This represents a $1.00 dividend on an annualized basis and a yield of 3.9%. MetroCity Bankshares’s payout ratio is currently 39.06%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in MetroCity Bankshares by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 1,010,491 shares of the company’s stock valued at $27,859,000 after purchasing an additional 34,335 shares during the period. Geode Capital Management LLC boosted its position in MetroCity Bankshares by 3.4% during the 2nd quarter. Geode Capital Management LLC now owns 443,930 shares of the company’s stock valued at $12,690,000 after purchasing an additional 14,766 shares during the period. American Century Companies Inc. boosted its position in MetroCity Bankshares by 13.6% during the 2nd quarter. American Century Companies Inc. now owns 430,922 shares of the company’s stock valued at $12,316,000 after purchasing an additional 51,523 shares during the period. Nuveen LLC acquired a new position in MetroCity Bankshares during the 1st quarter valued at approximately $1,889,000. Finally, Osaic Holdings Inc. boosted its position in MetroCity Bankshares by 0.9% during the 2nd quarter. Osaic Holdings Inc. now owns 58,081 shares of the company’s stock valued at $1,660,000 after purchasing an additional 534 shares during the period. 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.