MetroCity Bankshares, Inc. to Issue 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 given 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 raised its dividend payment 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 Price Performance

MCBS opened at $31.98 on Thursday. MetroCity Bankshares has a fifty-two week low of $21.89 and a fifty-two week high of $36.15. The firm has a 50-day moving average of $33.32 and a 200 day moving average of $30.74. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.24 and a current ratio of 1.24. The firm has a market cap of $810.05 million, a P/E ratio of 13.78 and a beta of 0.64.

MetroCity Bankshares (NASDAQ:MCBS) last released its earnings results on Friday, October 18th. The company reported $0.65 earnings per share 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 firm had revenue of $60.45 million for the quarter.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods increased their price objective on MetroCity Bankshares from $34.00 to $36.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th.

Insider Buying and Selling

In related news, President Farid Tan sold 749 shares of MetroCity Bankshares stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $35.56, for a total value of $26,634.44. Following the completion of the transaction, the president now directly owns 920,871 shares in the company, valued at approximately $32,746,172.76. The trade was a 0.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ajit A. Patel sold 5,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $33.10, for a total value of $165,500.00. Following the sale, 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 34,600 shares of company stock valued at $1,181,786. 27.49% of the stock is 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.