MetroCity Bankshares (NASDAQ:MCBS) Releases Earnings Results, Hits Estimates

MetroCity Bankshares (NASDAQ:MCBS) issued its quarterly earnings results on Friday. The company reported $0.84 earnings per share for the quarter, hitting the consensus estimate of $0.84, Zacks reports. MetroCity Bankshares had a net margin of 28.40% and a return on equity of 15.16%.

MetroCity Bankshares Stock Up 0.9%

Shares of MCBS traded up $0.31 during trading hours on Friday, hitting $35.74. The stock had a trading volume of 111,757 shares, compared to its average volume of 88,667. The firm has a 50 day simple moving average of $35.09 and a 200-day simple moving average of $34.28. MetroCity Bankshares has a 1-year low of $24.53 and a 1-year high of $37.46. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.21 and a quick ratio of 1.21. The firm has a market capitalization of $1.03 billion, a P/E ratio of 12.41 and a beta of 0.70.

MetroCity Bankshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Wednesday, November 4th will be paid a $0.31 dividend. This represents a $1.24 annualized dividend and a yield of 3.5%. This is a boost from MetroCity Bankshares’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Wednesday, November 4th. MetroCity Bankshares’s payout ratio is presently 40.28%.

Analysts Set New Price Targets

A number of research analysts have issued reports on MCBS shares. Weiss Ratings restated a “buy (b)” rating on shares of MetroCity Bankshares in a research report on Friday, October 2nd. Wall Street Zen cut MetroCity Bankshares from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

MetroCity Bankshares Company Profile

MetroCity Bankshares, Inc is the bank holding company for Metro City Bank, a community bank headquartered in the Atlanta metropolitan area. The bank provides traditional banking services to businesses, individuals and community organizations, with a particular focus on Korean American and other multicultural communities.

Metro City Bank offers commercial and consumer deposit accounts, commercial real estate and commercial business loans, residential mortgage loans, construction lending, home equity products and other consumer credit products.