MetroCity Bankshares (NASDAQ:MCBS) Announces Quarterly Earnings Results

MetroCity Bankshares (NASDAQ:MCBS) issued its quarterly earnings data on Tuesday. The company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 in the previous year, the firm earned $0.65 earnings per share.

MetroCity Bankshares Trading Up 1.7 %

Shares of NASDAQ MCBS traded up $0.56 during mid-day trading on Tuesday, hitting $32.30. The company’s stock had a trading volume of 5,631 shares, compared to its average volume of 39,857. 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 cap of $818.03 million, a price-to-earnings ratio of 13.92 and a beta of 0.64. The company’s fifty day simple moving average is $33.12 and its 200-day simple moving average is $30.90. MetroCity Bankshares has a one year low of $21.89 and a one year high of $36.15.

MetroCity Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Investors of record on Wednesday, January 29th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.85%. The ex-dividend date of this dividend is Wednesday, January 29th. MetroCity Bankshares’s dividend payout ratio (DPR) is presently 39.66%.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at MetroCity Bankshares

In related news, Director Ajit A. Patel sold 5,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $33.10, for a total value of $165,500.00. Following the sale, the director now directly owns 645,739 shares in the company, valued at $21,373,960.90. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Farid Tan sold 5,983 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $35.64, for a total transaction of $213,234.12. Following the completion of the sale, the president now directly owns 914,888 shares of the company’s stock, valued at $32,606,608.32. The trade was a 0.65 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,600 shares of company stock valued at $1,181,786. 27.49% of the stock is currently owned by insiders.

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.