Short Interest in MetroCity Bankshares, Inc. (NASDAQ:MCBS) Grows By 24.4%

by · The Cerbat Gem

MetroCity Bankshares, Inc. (NASDAQ:MCBS – Get Free Report) was the recipient of a large growth in short interest during the month of March. As of March 31st, there was short interest totalling 137,700 shares, a growth of 24.4% from the March 15th total of 110,700 shares. Based on an average daily volume of 38,500 shares, the days-to-cover ratio is currently 3.6 days. Approximately 0.8% of the shares of the company are short sold.

MetroCity Bankshares Stock Performance

NASDAQ:MCBS traded up $0.32 during trading hours on Friday, hitting $26.99. 50,673 shares of the company were exchanged, compared to its average volume of 39,729. MetroCity Bankshares has a 52-week low of $22.25 and a 52-week high of $36.15. The company’s 50 day moving average price is $28.09 and its 200-day moving average price is $30.74. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.24 and a quick ratio of 1.24. The stock has a market capitalization of $685.63 million, a price-to-earnings ratio of 10.75 and a beta of 0.51.

MetroCity Bankshares (NASDAQ:MCBS – Get Free Report) last issued its quarterly earnings results 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 quarter in the previous year, the company posted $0.65 earnings per share.

MetroCity Bankshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 9th. Shareholders of record on Wednesday, April 30th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 3.41%. The ex-dividend date of this dividend is Wednesday, April 30th. MetroCity Bankshares’s payout ratio is presently 36.65%.

Institutional Trading of MetroCity Bankshares

A number of hedge funds have recently added to or reduced their stakes in the company. State Street Corp boosted its stake in shares of MetroCity Bankshares by 2.9% during the 3rd quarter. State Street Corp now owns 429,312 shares of the company’s stock worth $13,146,000 after acquiring an additional 11,900 shares in the last quarter. Barclays PLC boosted its holdings in MetroCity Bankshares by 345.5% in the 3rd quarter. Barclays PLC now owns 28,341 shares of the company’s stock worth $868,000 after buying an additional 21,979 shares during the last quarter. Franklin Resources Inc. increased its stake in MetroCity Bankshares by 15.4% during the 3rd quarter. Franklin Resources Inc. now owns 11,680 shares of the company’s stock worth $358,000 after buying an additional 1,557 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of MetroCity Bankshares by 1.5% during 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 during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of MetroCity Bankshares by 119.7% in the third quarter. JPMorgan Chase & Co. now owns 43,158 shares of the company’s stock valued at $1,321,000 after acquiring an additional 23,515 shares in the last quarter. 25.33% of the stock is owned by hedge funds and other institutional investors.

MetroCity Bankshares Company Profile

(Get Free Report)

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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