MetroCity Bankshares (NASDAQ:MCBS) Issues Earnings Results

MetroCity Bankshares (NASDAQ:MCBS) announced its quarterly earnings results on Friday. The company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.05), Zacks reports. MetroCity Bankshares had a net margin of 28.25% and a return on equity of 15.39%. The firm had revenue of $43.74 million during the quarter, compared to the consensus estimate of $44.50 million.

MetroCity Bankshares Stock Performance

MCBS stock traded up $0.35 during trading on Friday, hitting $27.76. 32,910 shares of the company traded hands, compared to its average volume of 54,871. MetroCity Bankshares has a 1 year low of $24.24 and a 1 year high of $32.37. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.27 and a quick ratio of 1.18. The stock’s 50-day simple moving average is $27.24 and its 200 day simple moving average is $27.65. The company has a market cap of $707.20 million, a PE ratio of 10.76 and a beta of 0.72.

MetroCity Bankshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Wednesday, February 4th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Wednesday, February 4th. MetroCity Bankshares’s dividend payout ratio (DPR) is 38.76%.

Analyst Ratings Changes

Several equities analysts recently issued reports on MCBS shares. Keefe, Bruyette & Woods lowered their price target on MetroCity Bankshares from $33.00 to $31.00 and set a “market perform” rating on the stock in a research note on Tuesday, October 21st. Weiss Ratings reiterated a “hold (c+)” rating on shares of MetroCity Bankshares in a research report on Friday, January 9th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $31.00.

Institutional Investors Weigh In On MetroCity Bankshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. purchased a new position in shares of MetroCity Bankshares during the 3rd quarter worth $45,000. BNP Paribas Financial Markets increased its stake in MetroCity Bankshares by 21.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,057 shares of the company’s stock worth $87,000 after buying an additional 540 shares during the period. Tower Research Capital LLC TRC lifted its holdings in MetroCity Bankshares by 69.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,608 shares of the company’s stock worth $103,000 after buying an additional 1,476 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of MetroCity Bankshares by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,969 shares of the company’s stock valued at $302,000 after acquiring an additional 468 shares in the last quarter. Finally, First Trust Advisors LP raised its holdings in MetroCity Bankshares by 7.8% in the second quarter. First Trust Advisors LP now owns 16,396 shares of the company’s stock valued at $469,000 after acquiring an additional 1,189 shares in the last quarter. Institutional investors and hedge funds own 25.33% of the company’s stock.

MetroCity Bankshares Company Profile

MetroCity Bankshares, Inc is a bank holding company headquartered in Houston, Texas. Through its wholly owned subsidiary, MetroCity Bank, the company provides a range of banking and financial services to individuals and businesses. MetroCity Bankshares focuses on community banking, leveraging local expertise to support the financial needs of the greater Houston metropolitan area.

MetroCity Bank offers traditional deposit products, including checking and savings accounts, money market accounts and certificates of deposit.