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

MetroCity Bankshares (NASDAQ:MCBS) posted its quarterly earnings data 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 net margin of 25.54% and a return on equity of 14.97%. During the same period last year, the company posted $0.65 EPS.

MetroCity Bankshares Stock Up 2.0 %

Shares of MetroCity Bankshares stock traded up $0.63 during trading on Tuesday, reaching $32.37. 5,637 shares of the company traded hands, compared to its average volume of 39,857. The firm has a market capitalization of $819.93 million, a PE ratio of 13.96 and a beta of 0.64. MetroCity Bankshares has a 1-year low of $21.89 and a 1-year high of $36.15. The company has a 50 day moving average price of $33.12 and a 200-day moving average price of $30.90. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Wednesday, January 29th will be given 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 is Wednesday, January 29th. MetroCity Bankshares’s dividend payout ratio (DPR) is 39.66%.

Insiders Place Their Bets

In other MetroCity Bankshares news, President Farid Tan sold 21,000 shares of the firm’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 value of $710,010.00. Following the completion of the sale, the president now owns 923,888 shares of the company’s stock, valued at approximately $31,236,653.28. This trade represents a 2.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Ajit A. Patel sold 5,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 645,739 shares in the company, valued at $21,373,960.90. The trade was a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,600 shares of company stock worth $1,181,786. 27.49% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods increased their price target on MetroCity Bankshares from $34.00 to $36.00 and gave the stock a “market perform” rating in a 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.