MetroCity Bankshares (NASDAQ:MCBS – Get Free Report) had its price objective cut by Keefe, Bruyette & Woods from $33.00 to $31.00 in a report released on Tuesday, Marketbeat.com reports. The firm presently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price target would indicate a potential upside of 17.07% from the stock’s current price.
Separately, Weiss Ratings cut MetroCity Bankshares from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, October 14th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $31.00.
Read Our Latest Stock Report on MetroCity Bankshares
MetroCity Bankshares Stock Performance
MetroCity Bankshares (NASDAQ:MCBS – Get Free Report) last released its quarterly earnings results on Friday, October 17th. The company reported $0.67 earnings per share for the quarter, hitting the consensus estimate of $0.67. The company had revenue of $37.97 million for the quarter, compared to analysts’ expectations of $37.70 million. MetroCity Bankshares had a return on equity of 15.55% and a net margin of 28.25%.
Hedge Funds Weigh In On MetroCity Bankshares
Several institutional investors have recently added to or reduced their stakes in the business. CWM LLC lifted its stake in MetroCity Bankshares by 78.8% in the third quarter. CWM LLC now owns 955 shares of the company’s stock valued at $26,000 after buying an additional 421 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in MetroCity Bankshares by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,969 shares of the company’s stock valued at $302,000 after buying an additional 468 shares during the period. Osaic Holdings Inc. lifted its stake in MetroCity Bankshares by 0.9% in the second quarter. Osaic Holdings Inc. now owns 58,081 shares of the company’s stock valued at $1,660,000 after buying an additional 534 shares during the period. BNP Paribas Financial Markets lifted its stake in MetroCity Bankshares by 21.5% in the second quarter. BNP Paribas Financial Markets now owns 3,057 shares of the company’s stock valued at $87,000 after buying an additional 540 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in MetroCity Bankshares by 4.0% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 23,116 shares of the company’s stock valued at $661,000 after buying an additional 893 shares during the period. 25.33% of the stock is owned by institutional investors and hedge funds.
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.
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