MetroCity Bankshares (NASDAQ:MCBS) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

MetroCity Bankshares (NASDAQ:MCBS) posted its quarterly earnings data on Friday. The company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01, Zacks reports. MetroCity Bankshares had a net margin of 24.20% and a return on equity of 13.85%. The company had revenue of $60.45 million for the quarter.

MetroCity Bankshares Price Performance

NASDAQ MCBS opened at $31.75 on Monday. The stock has a market cap of $800.29 million, a price-to-earnings ratio of 16.12 and a beta of 0.60. MetroCity Bankshares has a 12 month low of $19.20 and a 12 month high of $32.87. The company’s 50 day moving average is $29.70 and its two-hundred day moving average is $27.12. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.92.

MetroCity Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Wednesday, October 30th will be paid a dividend of $0.23 per share. The ex-dividend date is Wednesday, October 30th. This is an increase from MetroCity Bankshares’s previous quarterly dividend of $0.20. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.90%. MetroCity Bankshares’s payout ratio is 40.61%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $32.00 price objective (up previously from $28.00) on shares of MetroCity Bankshares in a research report on Tuesday, July 23rd.

Insider Transactions at MetroCity Bankshares

In related news, Director Don Leung sold 1,256 shares of MetroCity Bankshares stock in a transaction on Monday, July 29th. The shares were sold at an average price of $31.47, for a total transaction of $39,526.32. Following the transaction, the director now owns 815,736 shares in the company, valued at approximately $25,671,211.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Don Leung sold 1,256 shares of the stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $31.47, for a total transaction of $39,526.32. Following the completion of the sale, the director now owns 815,736 shares in the company, valued at approximately $25,671,211.92. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Sam Sang-Koo Shim sold 3,613 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $30.29, for a total value of $109,437.77. Following the completion of the transaction, the director now directly owns 621,403 shares in the company, valued at approximately $18,822,296.87. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 107,041 shares of company stock valued at $3,088,045 over the last three months. Corporate insiders own 27.49% of the company’s stock.

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.