MetroCity Bankshares (NASDAQ: MCBS) demoted to be owned by Zacks Investment Research

MetroCity Bankshares (NASDAQ: MCBS) has been downgraded from Zacks investment research from a “buy” note to a “keep” note in a research report given to clients and investors on Tuesday, reports.

According to Zacks, “MetroCity Bankshares Inc. is a banking holding company for its wholly owned banking subsidiary, Metro City Bank. It offers savings accounts, debit and credit cards, business and personal loans, mortgages, cash management, lines of credit, online banking and electronic statements. The company operates its business primarily in Alabama, Florida, Georgia, New York, New Jersey, Texas and Virginia. MetroCity Bankshares Inc. is headquartered in ATLANTA, Georgia.

Actions of NASDAQ MCBS open for $ 27.69 Tuesday. The company’s 50-day moving average is $ 26.35 and its two-hundred-day moving average is $ 22.08. The company has a debt to equity ratio of 1.09, a current ratio of 1.24, and a quick ratio of 1.24. MetroCity Bankshares has a one-year low at $ 14.00 and a one-year high at $ 29.82. The stock has a market cap of $ 705.13 million, a P / E ratio of 13.25 and a beta of 0.50.

MetroCity Bankshares (NASDAQ: MCBS) last released its quarterly profit data on Thursday, October 21. The company reported earnings per share of $ 0.66 for the quarter, beating the consensus estimate of $ 0.61 of $ 0.05 by Thomson Reuters. MetroCity Bankshares had a return on equity of 20.65% and a net margin of 41.26%. The company posted revenue of $ 37.72 million for the quarter, compared to analysts’ expectations of $ 34.30 million. As a group, equity research analysts predict that MetroCity Bankshares will post earnings per share of 2.38 for the current fiscal year.

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Several large investors have recently changed their positions in MCBS. Morgan Stanley increased its position in MetroCity Bankshares shares by 48.6% in the third quarter. Morgan Stanley now owns 1,425 shares of the company valued at $ 29,000 after purchasing an additional 466 shares during the period. Citigroup Inc. strengthened its position in shares of MetroCity Bankshares by 128.6% during the third quarter. Citigroup Inc. now owns 2,062 shares of the company valued at $ 43,000 after purchasing an additional 1,160 shares during the period. Metropolitan Life Insurance Co NY purchased a new position in shares of MetroCity Bankshares during the second quarter valued at approximately $ 100,000. MetLife Investment Management LLC purchased a new position in shares of MetroCity Bankshares during the second quarter valued at approximately $ 131,000. Finally, Barclays PLC strengthened its position in shares of MetroCity Bankshares by 222.9% during the third quarter. Barclays PLC now owns 7,760 shares of the company valued at $ 163,000 after purchasing an additional 5,357 shares during the period. Institutional investors and hedge funds hold 15.56% of the company’s shares.

About MetroCity Bankshares

MetroCity Bankshares, Inc is a banking holding company that provides commercial banking services. The company offers standard banking services such as consumer and business checking accounts, savings accounts, certificates of deposit, business and consumer loans, single-family residential loans, and money transfer services.

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