MetroCity Bankshares (NASDAQ:MCBS) Reaches New 52-Week High After Dividend Announcement

MetroCity Bankshares, Inc. (NASDAQ:MCBS) reached a new 52-week high during trading on Wednesday after the company announced a dividend. The company traded as high as $28.70 and last traded at $28.69, with a volume of 131025 shares. The stock had previously closed at $28.58.

The newly announced dividend which will be paid on Friday, August 9th. Shareholders of record on Wednesday, July 31st will be paid a $0.20 dividend. The ex-dividend date is Wednesday, July 31st. This represents a $0.80 dividend on an annualized basis and a yield of 2.70%. MetroCity Bankshares’s payout ratio is 40.61%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods raised their price target on MetroCity Bankshares from $27.00 to $28.00 and gave the company a “market perform” rating in a research note on Tuesday, April 23rd.

MetroCity Bankshares Stock Performance

The company has a debt-to-equity ratio of 0.88, a current ratio of 1.22 and a quick ratio of 1.20. The firm has a market cap of $747.73 million, a price-to-earnings ratio of 14.58 and a beta of 0.60. The firm has a fifty day simple moving average of $25.43 and a two-hundred day simple moving average of $24.41.

MetroCity Bankshares (NASDAQ:MCBS) last issued its quarterly earnings results on Friday, April 19th. The company reported $0.57 earnings per share for the quarter. The business had revenue of $32.65 million during the quarter. MetroCity Bankshares had a return on equity of 13.15% and a net margin of 23.26%.

Insider Buying and Selling

In related news, Director Don Leung sold 68,321 shares of MetroCity Bankshares stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $28.59, for a total transaction of $1,953,297.39. Following the completion of the transaction, the director now directly owns 931,467 shares in the company, valued at $26,630,641.53. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Don Leung sold 68,321 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $28.59, for a total value of $1,953,297.39. Following the completion of the sale, the director now directly owns 931,467 shares in the company, valued at $26,630,641.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sam Sang-Koo Shim acquired 1,420 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was acquired at an average price of $24.00 per share, with a total value of $34,080.00. Following the completion of the transaction, the director now directly owns 625,016 shares of the company’s stock, valued at $15,000,384. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 4,015 shares of company stock valued at $96,066 and sold 94,587 shares valued at $2,701,878. Corporate insiders own 27.49% of the company’s stock.

Institutional Trading of MetroCity Bankshares

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in MetroCity Bankshares by 1.5% during the first quarter. Vanguard Group Inc. now owns 981,024 shares of the company’s stock worth $24,486,000 after buying an additional 14,868 shares during the last quarter. Inspire Investing LLC acquired a new position in MetroCity Bankshares during the first quarter worth $361,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in MetroCity Bankshares by 3.5% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 14,066 shares of the company’s stock worth $351,000 after buying an additional 472 shares during the last quarter. Empowered Funds LLC boosted its stake in MetroCity Bankshares by 8.1% during the first quarter. Empowered Funds LLC now owns 44,610 shares of the company’s stock worth $1,113,000 after buying an additional 3,325 shares during the last quarter. Finally, Cahaba Wealth Management Inc. acquired a new position in MetroCity Bankshares during the first quarter worth $998,000. 25.33% of the stock is owned by institutional investors and hedge funds.

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.