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

Bank of New York Mellon Corp lowered its holdings in shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) by 7.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 102,715 shares of the company’s stock after selling 8,678 shares during the quarter. Bank of New York Mellon Corp’s holdings in MetroCity Bankshares were worth $3,282,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. State Street Corp boosted its position in MetroCity Bankshares by 2.9% during the third quarter. State Street Corp now owns 429,312 shares of the company’s stock worth $13,146,000 after purchasing an additional 11,900 shares in the last quarter. Barclays PLC boosted its position in MetroCity Bankshares by 345.5% during the third quarter. Barclays PLC now owns 28,341 shares of the company’s stock worth $868,000 after purchasing an additional 21,979 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of MetroCity Bankshares by 15.4% in the third quarter. Franklin Resources Inc. now owns 11,680 shares of the company’s stock valued at $358,000 after acquiring an additional 1,557 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of MetroCity Bankshares by 1.5% in the third quarter. Geode Capital Management LLC now owns 424,739 shares of the company’s stock valued at $13,009,000 after acquiring an additional 6,341 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of MetroCity Bankshares by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 147,745 shares of the company’s stock valued at $4,524,000 after acquiring an additional 2,745 shares in the last quarter. Hedge funds and other institutional investors own 25.33% of the company’s stock.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised their target price on MetroCity Bankshares from $34.00 to $36.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th.

MetroCity Bankshares Stock Performance

NASDAQ MCBS opened at $27.64 on Thursday. The company has a market cap of $702.14 million, a PE ratio of 11.01 and a beta of 0.58. The stock’s 50 day simple moving average is $30.33 and its 200-day simple moving average is $31.32. MetroCity Bankshares, Inc. has a 1-year low of $21.89 and a 1-year high of $36.15. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.24 and a quick ratio of 1.24.

MetroCity Bankshares (NASDAQ:MCBS) last released its earnings results on Tuesday, January 21st. 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 return on equity of 15.98% and a net margin of 27.33%. During the same period in the prior year, the firm earned $0.65 EPS.

MetroCity Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 7th. Investors of record on Wednesday, January 29th were given a dividend of $0.23 per share. The ex-dividend date was Wednesday, January 29th. This represents a $0.92 dividend on an annualized basis and a yield of 3.33%. MetroCity Bankshares’s payout ratio is 36.65%.

MetroCity Bankshares 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.