MetroCity Bankshares (NASDAQ:MCBS) Announces Earnings Results, Beats Estimates By $0.01 EPS

MetroCity Bankshares (NASDAQ:MCBS) posted its earnings results on Friday. The company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.01, Zacks reports. MetroCity Bankshares had a net margin of 24.20% and a return on equity of 13.85%. The company had revenue of $60.45 million for the quarter.

MetroCity Bankshares Stock Down 2.0 %

Shares of NASDAQ:MCBS opened at $31.75 on Monday. MetroCity Bankshares has a 1-year low of $19.20 and a 1-year high of $32.87. The stock has a market cap of $800.29 million, a P/E ratio of 16.12 and a beta of 0.60. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a fifty day moving average price of $29.70 and a 200 day moving average price of $27.12.

MetroCity Bankshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Wednesday, October 30th will be paid a dividend of $0.23 per share. The ex-dividend date is Wednesday, October 30th. This represents a $0.92 dividend on an annualized basis and a yield of 2.90%. This is a boost from MetroCity Bankshares’s previous quarterly dividend of $0.20. MetroCity Bankshares’s dividend payout ratio is currently 40.61%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $32.00 price objective (up from $28.00) on shares of MetroCity Bankshares in a report on Tuesday, July 23rd.

Insider Transactions at MetroCity Bankshares

In other news, Director Sam Sang-Koo Shim sold 46,200 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $27.90, for a total value of $1,288,980.00. Following the completion of the transaction, the director now owns 537,961 shares in the company, valued at $15,009,111.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, Director Don Leung sold 9,554 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $31.07, for a total value of $296,842.78. Following the sale, the director now directly owns 828,185 shares of the company’s stock, valued at approximately $25,731,707.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sam Sang-Koo Shim sold 46,200 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $27.90, for a total transaction of $1,288,980.00. Following the completion of the sale, the director now directly owns 537,961 shares in the company, valued at $15,009,111.90. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 107,041 shares of company stock worth $3,088,045. Company insiders own 27.49% of the company’s stock.

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.