The Manufacturers Life Insurance Company Buys Shares of 219,175 MetroCity Bankshares, Inc. $MCBS

The Manufacturers Life Insurance Company bought a new position in shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 219,175 shares of the company’s stock, valued at approximately $7,866,000. The Manufacturers Life Insurance Company owned approximately 0.76% of MetroCity Bankshares at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MCBS. CWM LLC grew its position in shares of 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 purchasing an additional 473 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of MetroCity Bankshares during the 3rd quarter valued at $45,000. BNP Paribas Financial Markets lifted its holdings in MetroCity Bankshares by 21.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,057 shares of the company’s stock worth $87,000 after purchasing an additional 540 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in MetroCity Bankshares by 69.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,608 shares of the company’s stock worth $103,000 after purchasing an additional 1,476 shares in the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in MetroCity Bankshares during the 4th quarter worth about $99,000. Hedge funds and other institutional investors own 25.33% of the company’s stock.

MetroCity Bankshares Price Performance

MCBS opened at $35.14 on Monday. The firm has a market capitalization of $1.01 billion, a P/E ratio of 12.20 and a beta of 0.69. MetroCity Bankshares, Inc. has a one year low of $24.53 and a one year high of $37.46. The company has a fifty day moving average price of $35.73 and a 200-day moving average price of $32.54. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.21 and a quick ratio of 1.21.

MetroCity Bankshares (NASDAQ:MCBS) last issued its quarterly earnings data on Friday, July 24th. The company reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.05). The business had revenue of $49.80 million during the quarter, compared to analysts’ expectations of $52.40 million. MetroCity Bankshares had a return on equity of 15.16% and a net margin of 28.40%.

MetroCity Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 7th. Stockholders of record on Wednesday, July 29th were given a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date was Wednesday, July 29th. MetroCity Bankshares’s dividend payout ratio (DPR) is 40.28%.

Analyst Ratings Changes

MCBS has been the subject of a number of recent analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of MetroCity Bankshares in a report on Wednesday, July 8th. Wall Street Zen downgraded shares of MetroCity Bankshares from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, MetroCity Bankshares presently has an average rating of “Moderate Buy” and an average target price of $33.00.

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.