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

MetroCity Bankshares (NASDAQ:MCBS) released its earnings results on Friday. The company reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates 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 Performance

Shares of NASDAQ:MCBS opened at $31.75 on Monday. The company has a market capitalization of $800.29 million, a price-to-earnings ratio of 16.12 and a beta of 0.60. MetroCity Bankshares has a 12 month low of $19.20 and a 12 month high of $32.87. The firm’s 50-day moving average is $29.70 and its 200 day moving average is $27.12. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.92.

MetroCity Bankshares Increases Dividend

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

Wall Street Analyst Weigh In

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

Insider Activity at MetroCity Bankshares

In other MetroCity Bankshares news, CEO Nack Y. Paek sold 18,287 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $30.71, for a total value of $561,593.77. Following the transaction, the chief executive officer now directly owns 1,317,913 shares in the company, valued at $40,473,108.23. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Sam Sang-Koo Shim sold 46,200 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were 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 owns 537,961 shares of the company’s stock, valued at $15,009,111.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Nack Y. Paek sold 18,287 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $30.71, for a total transaction of $561,593.77. Following the sale, the chief executive officer now directly owns 1,317,913 shares of the company’s stock, valued at $40,473,108.23. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 107,041 shares of company stock worth $3,088,045. 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.