MetroCity Bankshares (NASDAQ:MCBS) Announces Quarterly Earnings Results, Misses Estimates By $0.05 EPS

MetroCity Bankshares (NASDAQ:MCBS) released its quarterly earnings results on Friday. The company reported $0.76 EPS for the quarter, missing the consensus estimate of $0.81 by ($0.05), FiscalAI reports. The company had revenue of $49.80 million for the quarter, compared to analyst estimates of $52.40 million. MetroCity Bankshares had a return on equity of 15.09% and a net margin of 28.16%.

MetroCity Bankshares Trading Up 1.3%

Shares of MCBS opened at $36.57 on Friday. MetroCity Bankshares has a one year low of $24.53 and a one year high of $37.46. The stock has a 50-day moving average price of $34.58 and a 200 day moving average price of $31.15. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.20 and a current ratio of 1.21. The company has a market capitalization of $1.05 billion, a P/E ratio of 13.20 and a beta of 0.70.

MetroCity Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 7th. Investors of record on Wednesday, July 29th will be issued a $0.29 dividend. The ex-dividend date of this dividend is Wednesday, July 29th. This represents a $1.16 dividend on an annualized basis and a yield of 3.2%. MetroCity Bankshares’s dividend payout ratio is currently 41.88%.

Wall Street Analysts Forecast Growth

MCBS has been the topic of a number of analyst reports. Keefe, Bruyette & Woods lifted their price objective on shares of MetroCity Bankshares from $32.00 to $33.00 and gave the company a “market perform” rating in a research note on Thursday, April 9th. Weiss Ratings restated a “buy (b)” rating on shares of MetroCity Bankshares in a research note on Wednesday, July 8th. Finally, Wall Street Zen lowered shares of MetroCity Bankshares from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, MetroCity Bankshares currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

Institutional Investors Weigh In On MetroCity Bankshares

Hedge funds and other institutional investors have recently bought and sold shares of the business. HoldCo Asset Management LP purchased a new position in shares of MetroCity Bankshares during the 4th quarter valued at approximately $2,671,000. Goldman Sachs Group Inc. increased its stake in shares of MetroCity Bankshares by 122.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 67,996 shares of the company’s stock worth $1,805,000 after buying an additional 37,372 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of MetroCity Bankshares in the first quarter worth $717,000. CIBC Bancorp USA Inc. bought a new stake in shares of MetroCity Bankshares in the third quarter worth $612,000. Finally, Dimensional Fund Advisors LP raised its holdings in MetroCity Bankshares by 3.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 477,079 shares of the company’s stock valued at $12,662,000 after acquiring an additional 16,409 shares in the last quarter. 25.33% of the stock is currently owned by hedge funds and other institutional investors.

About MetroCity Bankshares

MetroCity Bankshares, Inc is a bank holding company headquartered in Houston, Texas. Through its wholly owned subsidiary, MetroCity Bank, the company provides a range of banking and financial services to individuals and businesses. MetroCity Bankshares focuses on community banking, leveraging local expertise to support the financial needs of the greater Houston metropolitan area.

MetroCity Bank offers traditional deposit products, including checking and savings accounts, money market accounts and certificates of deposit.