MetroCity Bankshares, Inc. Declares Quarterly Dividend of $0.23 (NASDAQ:MCBS)

MetroCity Bankshares, Inc. (NASDAQ:MCBS) announced a quarterly dividend on Wednesday, January 15th,RTT News reports. Stockholders of record on Wednesday, January 29th will be paid a dividend of 0.23 per share on Friday, February 7th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.88%.

MetroCity Bankshares has increased its dividend by an average of 21.7% per year over the last three years. MetroCity Bankshares has a dividend payout ratio of 32.6% indicating that its dividend is sufficiently covered by earnings.

MetroCity Bankshares Stock Performance

Shares of MetroCity Bankshares stock traded up $0.74 during midday trading on Wednesday, hitting $31.98. The company had a trading volume of 33,267 shares, compared to its average volume of 41,665. The company has a fifty day simple moving average of $33.32 and a 200 day simple moving average of $30.74. The stock has a market cap of $810.12 million, a price-to-earnings ratio of 13.78 and a beta of 0.64. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.92. MetroCity Bankshares has a 12-month low of $21.89 and a 12-month high of $36.15.

MetroCity Bankshares (NASDAQ:MCBS) last issued its quarterly earnings results on Friday, October 18th. The company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.01. MetroCity Bankshares had a net margin of 25.54% and a return on equity of 14.97%. The business had revenue of $60.45 million for the quarter.

Analyst Ratings Changes

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

Insider Transactions 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 transaction, the director now owns 645,739 shares in the company, valued at approximately $21,373,960.90. This represents a 0.77 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Farid Tan sold 1,868 shares of the firm’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $35.55, for a total transaction of $66,407.40. Following the transaction, the president now directly owns 922,020 shares of the company’s stock, valued at $32,777,811. This represents a 0.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,600 shares of company stock worth $1,181,786 over the last three months. 27.49% of the stock is currently 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.