MetroCity Bankshares (NASDAQ:MCBS) Announces Quarterly Earnings Results

MetroCity Bankshares (NASDAQ:MCBS) posted its earnings results on Tuesday. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.02, Zacks reports. MetroCity Bankshares had a net margin of 25.54% and a return on equity of 14.97%. During the same period last year, the business posted $0.65 earnings per share.

MetroCity Bankshares Stock Performance

Shares of MCBS traded up $0.63 during mid-day trading on Tuesday, hitting $32.37. The stock had a trading volume of 5,637 shares, compared to its average volume of 39,857. The business has a fifty day moving average price of $33.12 and a 200-day moving average price of $30.90. MetroCity Bankshares has a 52 week low of $21.89 and a 52 week high of $36.15. The firm has a market cap of $819.93 million, a P/E ratio of 13.96 and a beta of 0.64. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.24 and a quick ratio of 1.24.

MetroCity Bankshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Wednesday, January 29th will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend is Wednesday, January 29th. MetroCity Bankshares’s dividend payout ratio is currently 39.66%.

Analyst Upgrades and Downgrades

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

Insider Activity at MetroCity Bankshares

In other MetroCity Bankshares news, President Farid Tan sold 749 shares of the business’s stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $35.56, for a total transaction of $26,634.44. Following the sale, the president now owns 920,871 shares of the company’s stock, valued at $32,746,172.76. The trade was a 0.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ajit A. Patel sold 5,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $33.10, for a total value of $165,500.00. Following the completion of the transaction, the director now directly owns 645,739 shares of the company’s stock, valued at $21,373,960.90. The trade was a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,600 shares of company stock worth $1,181,786. Company insiders own 27.49% of the company’s stock.

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.