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

MetroCity Bankshares (NASDAQ:MCBS) released its earnings results on Friday. The company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01, Zacks reports. The company had revenue of $60.45 million during the quarter. MetroCity Bankshares had a net margin of 24.20% and a return on equity of 13.85%.

MetroCity Bankshares Stock Performance

MetroCity Bankshares stock opened at $31.75 on Monday. The stock has a market cap of $800.29 million, a price-to-earnings ratio of 16.12 and a beta of 0.60. MetroCity Bankshares has a 1-year low of $19.20 and a 1-year high of $32.87. The firm has a 50 day simple moving average of $29.70 and a 200-day simple moving average of $27.12. 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 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Shareholders 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 positive change from MetroCity Bankshares’s previous quarterly dividend of $0.20. MetroCity Bankshares’s payout ratio is 40.61%.

Insider Transactions at MetroCity Bankshares

In related news, CEO Nack Y. Paek sold 18,287 shares of the company’s 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. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other MetroCity Bankshares news, CEO Nack Y. Paek sold 18,287 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $30.71, for a total value of $561,593.77. Following the completion of the transaction, the chief executive officer now owns 1,317,913 shares in the company, valued at $40,473,108.23. 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 hyperlink. Also, Director Don Leung sold 9,554 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $31.07, for a total transaction of $296,842.78. Following the transaction, the director now directly owns 828,185 shares in the company, valued at $25,731,707.95. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 107,041 shares of company stock worth $3,088,045. 27.49% of the stock is currently owned by insiders.

Analysts Set New Price Targets

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

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.