Wells Fargo & Company MN Raises Position in MetroCity Bankshares, Inc. (NASDAQ:MCBS)

Wells Fargo & Company MN grew its stake in shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) by 24.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,331 shares of the company’s stock after buying an additional 4,515 shares during the quarter. Wells Fargo & Company MN owned 0.09% of MetroCity Bankshares worth $745,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. KLP Kapitalforvaltning AS bought a new stake in MetroCity Bankshares in the fourth quarter valued at approximately $99,000. SG Americas Securities LLC boosted its position in MetroCity Bankshares by 18.5% during the 4th quarter. SG Americas Securities LLC now owns 8,212 shares of the company’s stock valued at $262,000 after buying an additional 1,280 shares during the period. Jane Street Group LLC boosted its position in MetroCity Bankshares by 2.3% during the 3rd quarter. Jane Street Group LLC now owns 16,357 shares of the company’s stock valued at $501,000 after buying an additional 370 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in MetroCity Bankshares in the 4th quarter worth $562,000. Finally, Teacher Retirement System of Texas increased its position in shares of MetroCity Bankshares by 14.9% in the fourth quarter. Teacher Retirement System of Texas now owns 20,176 shares of the company’s stock valued at $645,000 after acquiring an additional 2,614 shares during the period. Hedge funds and other institutional investors own 25.33% of the company’s stock.

MetroCity Bankshares Price Performance

Shares of MCBS stock opened at $27.82 on Friday. 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, Inc. has a fifty-two week low of $23.27 and a fifty-two week high of $36.15. The firm has a market cap of $706.71 million, a P/E ratio of 11.08 and a beta of 0.51. The business’s 50 day moving average price is $27.54 and its 200-day moving average price is $30.63.

MetroCity Bankshares (NASDAQ:MCBS) last released its quarterly earnings results on Friday, April 18th. The company reported $0.63 earnings per share 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%. The business had revenue of $36.01 million for the quarter, compared to analysts’ expectations of $35.20 million.

MetroCity Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Investors of record on Wednesday, April 30th will be paid a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend is Wednesday, April 30th. MetroCity Bankshares’s payout ratio is currently 35.80%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods dropped their target price on shares of MetroCity Bankshares from $36.00 to $34.00 and set a “market perform” rating for the company in a report on Tuesday, April 22nd.

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.