Renaissance Technologies LLC Invests $1.13 Million in MetroCity Bankshares, Inc. $MCBS

Renaissance Technologies LLC purchased a new stake in MetroCity Bankshares, Inc. (NASDAQ:MCBS) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 39,549 shares of the company’s stock, valued at approximately $1,134,000. Renaissance Technologies LLC owned approximately 0.14% of MetroCity Bankshares at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in MCBS. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in MetroCity Bankshares by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,969 shares of the company’s stock valued at $302,000 after purchasing an additional 468 shares during the last quarter. CWM LLC boosted its position in MetroCity Bankshares by 49.5% in the fourth quarter. CWM LLC now owns 1,428 shares of the company’s stock valued at $38,000 after buying an additional 473 shares in the last quarter. BNP Paribas Financial Markets grew its stake in shares of MetroCity Bankshares by 21.5% during the second quarter. BNP Paribas Financial Markets now owns 3,057 shares of the company’s stock worth $87,000 after buying an additional 540 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of MetroCity Bankshares by 15.3% during the fourth quarter. SG Americas Securities LLC now owns 5,429 shares of the company’s stock worth $144,000 after buying an additional 721 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its holdings in shares of MetroCity Bankshares by 77.9% during the fourth quarter. State of Alaska Department of Revenue now owns 1,822 shares of the company’s stock worth $48,000 after buying an additional 798 shares in the last quarter. 25.33% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Wall Street Zen cut MetroCity Bankshares from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Weiss Ratings restated a “buy (b)” rating on shares of MetroCity Bankshares in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $33.00.

MetroCity Bankshares Stock Up 0.8%

Shares of NASDAQ MCBS opened at $36.34 on Friday. The company has a 50 day simple moving average of $35.41 and a 200 day simple moving average of $32.00. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.21 and a quick ratio of 1.20. MetroCity Bankshares, Inc. has a 1 year low of $24.53 and a 1 year high of $37.46. The firm has a market cap of $1.05 billion, a PE ratio of 12.62 and a beta of 0.69.

MetroCity Bankshares (NASDAQ:MCBS) last posted its earnings results on Friday, July 24th. The company reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.05). MetroCity Bankshares had a return on equity of 15.55% and a net margin of 28.40%.The business had revenue of $49.80 million for the quarter, compared to the consensus estimate of $52.40 million.

MetroCity Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 7th. Investors of record on Wednesday, July 29th were paid a $0.29 dividend. The ex-dividend date of this dividend was Wednesday, July 29th. This represents a $1.16 annualized dividend and a dividend yield of 3.2%. MetroCity Bankshares’s payout ratio is currently 40.28%.

MetroCity Bankshares Company Profile

MetroCity Bankshares, Inc is a bank holding company headquartered in Houston, Texas. Through its wholly owned subsidiary, MetroCity Bank, the company provides a range of banking and financial services to individuals and businesses. MetroCity Bankshares focuses on community banking, leveraging local expertise to support the financial needs of the greater Houston metropolitan area.

MetroCity Bank offers traditional deposit products, including checking and savings accounts, money market accounts and certificates of deposit.