Bank of New York Mellon Corp Decreases Holdings in MetroCity Bankshares, Inc. (NASDAQ:MCBS)

Bank of New York Mellon Corp trimmed its holdings in shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) by 1.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 101,294 shares of the company’s stock after selling 1,421 shares during the period. Bank of New York Mellon Corp owned 0.40% of MetroCity Bankshares worth $2,793,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in MCBS. American Century Companies Inc. lifted its holdings in MetroCity Bankshares by 34.4% in the 4th quarter. American Century Companies Inc. now owns 309,264 shares of the company’s stock worth $9,881,000 after buying an additional 79,080 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in MetroCity Bankshares by 81.4% in the 4th quarter. JPMorgan Chase & Co. now owns 78,276 shares of the company’s stock worth $2,501,000 after buying an additional 35,118 shares in the last quarter. Axecap Investments LLC acquired a new position in MetroCity Bankshares in the 1st quarter worth $863,000. First Trust Advisors LP acquired a new position in MetroCity Bankshares in the 4th quarter worth $490,000. Finally, Dimensional Fund Advisors LP lifted its holdings in MetroCity Bankshares by 3.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 402,397 shares of the company’s stock worth $12,857,000 after buying an additional 14,215 shares in the last quarter. Institutional investors and hedge funds own 25.33% of the company’s stock.

Analysts Set New Price Targets

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

MetroCity Bankshares Stock Performance

Shares of MCBS opened at $29.34 on Monday. The business’s 50 day moving average is $28.55 and its two-hundred day moving average is $28.83. MetroCity Bankshares, Inc. has a 52-week low of $24.24 and a 52-week high of $36.15. The firm has a market cap of $745.24 million, a price-to-earnings ratio of 11.46 and a beta of 0.61. The company has a quick ratio of 1.25, a current ratio of 1.26 and a debt-to-equity ratio of 0.99.

MetroCity Bankshares (NASDAQ:MCBS) last announced its earnings results 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. The company had revenue of $37.91 million for the quarter, compared to analyst estimates of $36.10 million. MetroCity Bankshares had a return on equity of 15.77% and a net margin of 27.98%.

MetroCity Bankshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 8th. Stockholders of record on Wednesday, July 30th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date of this dividend is Wednesday, July 30th. This is a positive change from MetroCity Bankshares’s previous quarterly dividend of $0.23. MetroCity Bankshares’s dividend payout ratio is 35.94%.

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.