MetroCity Bankshares (NASDAQ:MCBS) Upgraded to “Strong-Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of MetroCity Bankshares (NASDAQ:MCBS) from a sell rating to a strong-buy rating in a report issued on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $15.00 target price on the stock.

According to Zacks, “MetroCity Bankshares Inc. is a bank 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, line of credit, online banking and e-statements. The company operates primarily in Alabama, Florida, Georgia, New York, New Jersey, Texas and Virginia. MetroCity Bankshares Inc. is based in ATLANTA, Ga. “

Separately, ValuEngine upgraded MetroCity Bankshares from a strong sell rating to a sell rating in a research report on Thursday, June 11th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company. The company has an average rating of Hold and a consensus price target of $16.00.

MCBS stock opened at $14.33 on Tuesday. MetroCity Bankshares has a 1 year low of $8.31 and a 1 year high of $19.07. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.21 and a current ratio of 1.21. The stock’s fifty day moving average price is $12.01 and its 200-day moving average price is $13.64.

MetroCity Bankshares (NASDAQ:MCBS) last released its earnings results on Friday, April 24th. The company reported $0.38 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.40 by ($0.02). The company had revenue of $23.42 million during the quarter, compared to the consensus estimate of $25.40 million. On average, sell-side analysts expect that MetroCity Bankshares will post 1.23 EPS for the current year.

A number of large investors have recently bought and sold shares of MCBS. New York State Common Retirement Fund bought a new stake in MetroCity Bankshares during the fourth quarter valued at about $250,000. Rhumbline Advisers bought a new stake in MetroCity Bankshares during the fourth quarter valued at about $236,000. State Street Corp bought a new stake in MetroCity Bankshares during the fourth quarter valued at about $2,812,000. Charles Schwab Investment Management Inc. bought a new stake in MetroCity Bankshares during the fourth quarter valued at about $591,000. Finally, Bank of Montreal Can bought a new stake in MetroCity Bankshares during the fourth quarter valued at about $35,000. 10.62% of the stock is currently owned by institutional investors and hedge funds.

About MetroCity Bankshares

MetroCity Bankshares, Inc operates as the holding company for Metro City Bank that offers banking products and services in Georgia, The United States. The company offers checking accounts, savings accounts, certificates of deposit, commercial and consumer loans, money transfers, and other banking services.

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