Creative Planning Buys New Position in MetroCity Bankshares, Inc. $MCBS

Creative Planning purchased a new position in shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 28,505 shares of the company’s stock, valued at approximately $815,000. Creative Planning owned 0.11% of MetroCity Bankshares as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of MetroCity Bankshares by 3.5% during the first quarter. Vanguard Group Inc. now owns 1,010,491 shares of the company’s stock worth $27,859,000 after acquiring an additional 34,335 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in MetroCity Bankshares by 26.3% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 22,223 shares of the company’s stock valued at $613,000 after purchasing an additional 4,624 shares during the last quarter. Nuveen LLC acquired a new stake in MetroCity Bankshares during the 1st quarter worth $1,889,000. American Century Companies Inc. grew its position in MetroCity Bankshares by 22.7% during the 1st quarter. American Century Companies Inc. now owns 379,399 shares of the company’s stock worth $10,460,000 after purchasing an additional 70,135 shares during the last quarter. Finally, PDT Partners LLC increased its stake in MetroCity Bankshares by 22.8% in the first quarter. PDT Partners LLC now owns 12,331 shares of the company’s stock valued at $340,000 after purchasing an additional 2,290 shares during the period. Hedge funds and other institutional investors own 25.33% of the company’s stock.

MetroCity Bankshares Stock Down 0.2%

Shares of NASDAQ:MCBS opened at $26.59 on Tuesday. The company has a market cap of $677.39 million, a price-to-earnings ratio of 10.30 and a beta of 0.72. The firm’s 50-day simple moving average is $26.52 and its 200-day simple moving average is $27.93. The company has a quick ratio of 1.18, a current ratio of 1.27 and a debt-to-equity ratio of 0.95. MetroCity Bankshares, Inc. has a fifty-two week low of $24.24 and a fifty-two week high of $35.44.

MetroCity Bankshares (NASDAQ:MCBS) last posted its quarterly earnings results on Friday, October 17th. The company reported $0.67 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.67. MetroCity Bankshares had a net margin of 28.25% and a return on equity of 15.39%. The firm had revenue of $37.97 million during the quarter, compared to analysts’ expectations of $37.70 million.

MetroCity Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 7th. Stockholders of record on Wednesday, October 29th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend was Wednesday, October 29th. MetroCity Bankshares’s dividend payout ratio (DPR) is currently 38.76%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Weiss Ratings downgraded shares of MetroCity Bankshares from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, October 14th. Keefe, Bruyette & Woods reduced their price objective on MetroCity Bankshares from $33.00 to $31.00 and set a “market perform” rating for the company in a research note on Tuesday, October 21st. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, MetroCity Bankshares presently has an average rating of “Hold” and a consensus target price of $31.00.

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.