MetroCity Bankshares (NASDAQ:MCBS) Announces Earnings Results, Beats Estimates By $0.02 EPS

MetroCity Bankshares (NASDAQ:MCBS) issued its quarterly earnings data on Tuesday. The company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.02, Zacks reports. MetroCity Bankshares had a return on equity of 15.98% and a net margin of 27.33%. During the same quarter last year, the firm posted $0.65 earnings per share.

MetroCity Bankshares Stock Performance

Shares of MCBS stock opened at $31.52 on Thursday. The stock has a market capitalization of $798.40 million, a price-to-earnings ratio of 12.56 and a beta of 0.64. MetroCity Bankshares has a one year low of $21.89 and a one year high of $36.15. The company’s 50-day simple moving average is $33.02 and its 200-day simple moving average is $30.95. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.24 and a current ratio of 1.24.

MetroCity Bankshares Announces Dividend

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 paid a $0.23 dividend. The ex-dividend date of this dividend is Wednesday, January 29th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.92%. MetroCity Bankshares’s dividend payout ratio (DPR) is presently 36.65%.

Wall Street Analysts Forecast Growth

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

Insider Activity at MetroCity Bankshares

In other news, Director Ajit A. Patel sold 5,000 shares of the firm’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $33.10, for a total value of $165,500.00. Following the transaction, the director now directly owns 645,739 shares in the company, valued at approximately $21,373,960.90. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Farid Tan sold 749 shares of the stock in a transaction dated Wednesday, November 13th. The stock was 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 in the company, valued at approximately $32,746,172.76. This trade represents a 0.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,600 shares of company stock valued at $1,181,786 over the last three months. 27.49% of the stock is owned by insiders.

MetroCity Bankshares Company Profile

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.