MetroCity Bankshares (NASDAQ:MCBS) Releases Quarterly 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 analysts’ consensus estimates of $0.61 by $0.02, Zacks reports. MetroCity Bankshares had a return on equity of 14.97% and a net margin of 25.54%. During the same quarter last year, the company posted $0.65 EPS.

MetroCity Bankshares Stock Performance

Shares of MetroCity Bankshares stock opened at $32.42 on Wednesday. The stock has a market cap of $821.20 million, a price-to-earnings ratio of 13.97 and a beta of 0.64. MetroCity Bankshares has a twelve month low of $21.89 and a twelve month high of $36.15. The company’s fifty day moving average is $33.12 and its 200 day moving average is $30.90. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Wednesday, January 29th will be paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.84%. The ex-dividend date of this dividend is Wednesday, January 29th. MetroCity Bankshares’s payout ratio is currently 39.66%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other MetroCity Bankshares 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 transaction of $165,500.00. Following the completion of the sale, the director now owns 645,739 shares of the company’s stock, valued at approximately $21,373,960.90. This represents a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, President Farid Tan sold 21,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $33.81, for a total transaction of $710,010.00. Following the completion of the transaction, the president now owns 923,888 shares in the company, valued at $31,236,653.28. This trade represents a 2.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,600 shares of company stock valued at $1,181,786 in the last three months. Insiders own 27.49% of the company’s stock.

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.