MetroCity Bankshares (NASDAQ:MCBS) Releases Earnings Results, Beats Expectations By $0.02 EPS

MetroCity Bankshares (NASDAQ:MCBS) issued its quarterly earnings data on Tuesday. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate 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 business posted $0.65 earnings per share.

MetroCity Bankshares Price Performance

MCBS traded up $0.56 on Tuesday, hitting $32.30. 5,631 shares of the stock were exchanged, compared to its average volume of 39,857. The firm has a market capitalization of $818.03 million, a price-to-earnings ratio of 13.92 and a beta of 0.64. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.24 and a quick ratio of 1.24. MetroCity Bankshares has a 12 month low of $21.89 and a 12 month high of $36.15. The business has a 50-day moving average of $33.12 and a two-hundred day moving average of $30.90.

MetroCity Bankshares Announces Dividend

The business also recently declared 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 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date is Wednesday, January 29th. MetroCity Bankshares’s payout ratio is currently 39.66%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods lifted their price target on shares of MetroCity Bankshares from $34.00 to $36.00 and gave the company a “market perform” rating in a research 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 company’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $33.10, for a total transaction of $165,500.00. Following the completion of the transaction, the director now directly owns 645,739 shares in the company, valued at $21,373,960.90. This represents a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Farid Tan sold 5,983 shares of the firm’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 owns 914,888 shares in the company, valued at $32,606,608.32. This represents a 0.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,600 shares of company stock valued at $1,181,786 in the last ninety days. 27.49% of the stock is currently owned by company 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.