MetroCity Bankshares, Inc. (NASDAQ:MCBS) Announces Quarterly Dividend of $0.23

MetroCity Bankshares, Inc. (NASDAQ:MCBS - Get Free Report) declared a quarterly dividend on Wednesday, January 15th,RTT News reports. Shareholders of record on Wednesday, January 29th will be paid a dividend of 0.23 per share on Friday, February 7th. This represents a $0.92 annualized dividend and a dividend yield of 2.88%.

MetroCity Bankshares has increased its dividend by an average of 21.7% per year over the last three years. MetroCity Bankshares has a dividend payout ratio of 32.6% indicating that its dividend is sufficiently covered by earnings.

MetroCity Bankshares Trading Up 2.4 %

Shares of NASDAQ MCBS traded up $0.74 during midday trading on Wednesday, hitting $31.98. The company's stock had a trading volume of 33,267 shares, compared to its average volume of 41,665. MetroCity Bankshares has a 12-month low of $21.89 and a 12-month high of $36.15. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.92. The firm has a market cap of $810.12 million, a P/E ratio of 13.78 and a beta of 0.64. The business's 50 day moving average is $33.32 and its two-hundred day moving average is $30.74.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last released its earnings results on Friday, October 18th. The company reported $0.65 earnings per share for the quarter, topping analysts' consensus estimates of $0.64 by $0.01. The business had revenue of $60.45 million for the quarter. MetroCity Bankshares had a return on equity of 14.97% and a net margin of 25.54%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods boosted their price objective on shares of MetroCity Bankshares from $34.00 to $36.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th.

Insider Buying and Selling

In other news, President Farid Tan sold 21,000 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $33.81, for a total transaction of $710,010.00. Following the transaction, the president now directly owns 923,888 shares in the company, valued at approximately $31,236,653.28. This trade represents a 2.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ajit A. Patel sold 5,000 shares of MetroCity Bankshares stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $33.10, for a total transaction of $165,500.00. Following the transaction, the director now directly owns 645,739 shares in the company, valued at approximately $21,373,960.90. The trade was a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,600 shares of company stock valued at $1,181,786 over the last quarter. 27.49% of the stock is owned by corporate insiders.

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.

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