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

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

MetroCity Bankshares Price Performance

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. 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 has a 12-month low of $19.20 and a 12-month high of $32.87. The business’s fifty day simple moving average is $29.70 and its 200-day simple moving average is $27.12.

MetroCity Bankshares Increases Dividend

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

Insider Activity at MetroCity Bankshares

In other MetroCity Bankshares 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 transaction of $1,288,980.00. Following the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Sam Sang-Koo Shim sold 46,200 shares of the company’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 value 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 approximately $15,009,111.90. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Don Leung sold 1,256 shares of the stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $31.47, for a total transaction of $39,526.32. Following the transaction, the director now owns 815,736 shares in the company, valued at approximately $25,671,211.92. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 107,041 shares of company stock worth $3,088,045 over the last three months. 27.49% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

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