Connor Clark & Lunn Investment Management Ltd. Buys New Shares in MetroCity Bankshares, Inc. (NASDAQ:MCBS)

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 17,599 shares of the company’s stock, valued at approximately $562,000.

A number of other hedge funds have also recently bought and sold shares of the stock. Jane Street Group LLC raised its stake in MetroCity Bankshares by 2.3% in the 3rd quarter. Jane Street Group LLC now owns 16,357 shares of the company’s stock valued at $501,000 after acquiring an additional 370 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of MetroCity Bankshares by 0.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 148,831 shares of the company’s stock worth $4,755,000 after purchasing an additional 1,086 shares in the last quarter. SG Americas Securities LLC increased its holdings in shares of MetroCity Bankshares by 18.5% during the fourth quarter. SG Americas Securities LLC now owns 8,212 shares of the company’s stock worth $262,000 after purchasing an additional 1,280 shares during the period. Franklin Resources Inc. raised 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 buying an additional 1,557 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in shares of MetroCity Bankshares by 11.4% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 34,237 shares of the company’s stock valued at $1,094,000 after buying an additional 3,493 shares during the period. 25.33% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

MetroCity Bankshares Stock Performance

Shares of MCBS stock opened at $27.20 on Friday. MetroCity Bankshares, Inc. has a 12 month low of $21.89 and a 12 month high of $36.15. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $690.96 million, a price-to-earnings ratio of 10.84 and a beta of 0.58. The business’s 50-day moving average price is $30.20 and its 200-day moving average price is $31.28.

MetroCity Bankshares (NASDAQ:MCBS) last posted its quarterly earnings data on Tuesday, January 21st. The company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates 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 last year, the company earned $0.65 EPS.

MetroCity Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 7th. Shareholders of record on Wednesday, January 29th were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Wednesday, January 29th. This represents a $0.92 dividend on an annualized basis and a yield of 3.38%. MetroCity Bankshares’s payout ratio is currently 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.