MetroCity Bankshares (NASDAQ:MCBS) Posts 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, beating 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 return on equity of 13.85% and a net margin of 24.20%.

MetroCity Bankshares Stock Performance

Shares of MCBS stock 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. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.24 and a current ratio of 1.24. MetroCity Bankshares has a one year low of $19.20 and a one year high of $32.87. The company’s 50-day moving average is $29.70 and its 200 day moving average is $27.12.

MetroCity Bankshares Increases Dividend

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

Insiders Place Their Bets

In other MetroCity Bankshares news, Director Sam Sang-Koo Shim sold 46,200 shares of the stock in a transaction 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 sale, the director now directly owns 537,961 shares in the company, valued at approximately $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 accessible through this hyperlink. In other news, Director Sam Sang-Koo Shim sold 46,200 shares of the business’s 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 transaction, the director now directly owns 537,961 shares of the company’s stock, valued at $15,009,111.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction, the chief executive officer now owns 1,317,913 shares in the company, valued at approximately $40,473,108.23. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 107,041 shares of company stock valued at $3,088,045. Insiders own 27.49% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.