MetroCity Bankshares (NASDAQ:MCBS) Posts Earnings Results, Beats Expectations By $0.07 EPS

MetroCity Bankshares (NASDAQ:MCBS) announced its earnings results on Friday. The company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.07, Zacks reports. The firm had revenue of $59.67 million during the quarter. MetroCity Bankshares had a net margin of 23.26% and a return on equity of 13.15%.

MetroCity Bankshares Stock Performance

MetroCity Bankshares stock traded up $0.08 during mid-day trading on Monday, reaching $29.74. The company’s stock had a trading volume of 11,847 shares, compared to its average volume of 26,667. The firm has a market cap of $749.75 million, a price-to-earnings ratio of 14.91 and a beta of 0.60. MetroCity Bankshares has a twelve month low of $18.81 and a twelve month high of $29.90. The business has a 50 day moving average price of $25.51 and a 200-day moving average price of $24.46. The company has a current ratio of 1.22, a quick ratio of 1.20 and a debt-to-equity ratio of 0.88.

MetroCity Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 9th. Stockholders of record on Wednesday, July 31st will be given a $0.20 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $0.80 annualized dividend and a dividend yield of 2.69%. MetroCity Bankshares’s payout ratio is 40.61%.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods increased their target price on MetroCity Bankshares from $27.00 to $28.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 23rd.

Insider Activity

In other MetroCity Bankshares news, Director Don Leung sold 68,321 shares of MetroCity Bankshares stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $28.59, for a total value of $1,953,297.39. Following the completion of the transaction, the director now directly owns 931,467 shares in the company, valued at $26,630,641.53. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other MetroCity Bankshares news, Director Don Leung sold 68,321 shares of the firm’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $28.59, for a total value of $1,953,297.39. Following the sale, the director now directly owns 931,467 shares in the company, valued at $26,630,641.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sam Sang-Koo Shim purchased 1,900 shares of the stock in a transaction dated Monday, April 29th. The shares were purchased at an average price of $23.90 per share, with a total value of $45,410.00. Following the transaction, the director now directly owns 7,089 shares of the company’s stock, valued at approximately $169,427.10. The disclosure for this purchase can be found here. In the last three months, insiders acquired 4,015 shares of company stock valued at $96,066 and sold 94,587 shares valued at $2,701,878. Company insiders own 27.49% of the company’s stock.

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.