MetroCity Bankshares (NASDAQ:MCBS) Issues Earnings Results

MetroCity Bankshares (NASDAQ:MCBS) posted its quarterly earnings results on Friday. The company reported $0.76 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.05), FiscalAI reports. MetroCity Bankshares had a net margin of 28.16% and a return on equity of 15.09%. The business had revenue of $49.80 million during the quarter, compared to analysts’ expectations of $52.40 million.

MetroCity Bankshares Stock Performance

Shares of MCBS opened at $36.57 on Friday. MetroCity Bankshares has a 52-week low of $24.53 and a 52-week high of $37.46. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $1.05 billion, a PE ratio of 12.70 and a beta of 0.70. The firm has a 50-day moving average price of $34.58 and a 200 day moving average price of $31.15.

MetroCity Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 7th. Stockholders of record on Wednesday, July 29th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Wednesday, July 29th. MetroCity Bankshares’s payout ratio is 41.88%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Wall Street Zen downgraded shares of MetroCity Bankshares from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Weiss Ratings reissued a “buy (b)” rating on shares of MetroCity Bankshares in a research report on Wednesday, July 8th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of MetroCity Bankshares from $32.00 to $33.00 and gave the stock a “market perform” rating in a research report on Thursday, April 9th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

Institutional Trading of MetroCity Bankshares

Several institutional investors and hedge funds have recently bought and sold shares of the stock. HoldCo Asset Management LP acquired a new position in shares of MetroCity Bankshares in the fourth quarter worth $2,671,000. Goldman Sachs Group Inc. grew its holdings in MetroCity Bankshares by 122.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 67,996 shares of the company’s stock valued at $1,805,000 after buying an additional 37,372 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of MetroCity Bankshares in the first quarter worth $717,000. CIBC Bancorp USA Inc. bought a new position in shares of MetroCity Bankshares during the 3rd quarter worth about $612,000. Finally, Dimensional Fund Advisors LP increased its stake in MetroCity Bankshares by 3.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 477,079 shares of the company’s stock valued at $12,662,000 after acquiring an additional 16,409 shares during the period. 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.