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

MetroCity Bankshares (NASDAQ:MCBS) issued its quarterly earnings results on Tuesday. The company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.02, Zacks reports. MetroCity Bankshares had a return on equity of 15.98% and a net margin of 27.33%. During the same quarter last year, the business earned $0.65 EPS.

MetroCity Bankshares Price Performance

NASDAQ:MCBS opened at $31.52 on Thursday. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.92. The business’s 50-day moving average price is $33.02 and its 200 day moving average price is $30.95. MetroCity Bankshares has a 52-week low of $21.89 and a 52-week high of $36.15. The firm has a market cap of $798.40 million, a P/E ratio of 12.56 and a beta of 0.64.

MetroCity Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Wednesday, January 29th will be issued a $0.23 dividend. The ex-dividend date of this dividend is Wednesday, January 29th. This represents a $0.92 annualized dividend and a dividend yield of 2.92%. MetroCity Bankshares’s dividend payout ratio (DPR) is 36.65%.

Insiders Place Their Bets

In other news, Director Ajit A. Patel sold 5,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $33.10, for a total transaction of $165,500.00. Following the completion of the sale, the director now directly owns 645,739 shares of the company’s stock, valued at $21,373,960.90. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Farid Tan sold 21,000 shares of MetroCity Bankshares stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $33.81, for a total value of $710,010.00. Following the completion of the transaction, the president now directly owns 923,888 shares in the company, valued at $31,236,653.28. This represents a 2.22 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 34,600 shares of company stock worth $1,181,786. 27.49% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

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

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.