MetroCity Bankshares (NASDAQ:MCBS) Posts Earnings Results, Beats Expectations By $0.01 EPS

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) posted its quarterly earnings data on Friday. The company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.64 by $0.01, Zacks reports. The business had revenue of $60.45 million for the quarter. MetroCity Bankshares had a net margin of 24.20% and a return on equity of 13.85%.

MetroCity Bankshares Price Performance

MetroCity Bankshares stock traded down $1.61 during trading hours on Monday, reaching $30.14. 30,866 shares of the stock were exchanged, compared to its average volume of 32,780. The stock has a 50 day moving average of $29.77 and a two-hundred day moving average of $27.16. The company has a market cap of $759.71 million, a P/E ratio of 15.30 and a beta of 0.60. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.92. MetroCity Bankshares has a twelve month low of $19.20 and a twelve month high of $32.87.

MetroCity Bankshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Wednesday, October 30th will be paid a $0.23 dividend. This is a boost from MetroCity Bankshares's previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Wednesday, October 30th. This represents a $0.92 annualized dividend and a yield of 3.05%. MetroCity Bankshares's payout ratio is 40.61%.

Insider Transactions at MetroCity Bankshares

In other news, Director Sam Sang-Koo Shim sold 46,200 shares of the company's stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $27.90, for a total transaction of $1,288,980.00. Following the completion of the transaction, the director now directly owns 537,961 shares in the company, valued at approximately $15,009,111.90. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other MetroCity Bankshares news, Director Don Leung sold 1,256 shares of the business's stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $31.47, for a total transaction of $39,526.32. Following the sale, the director now directly owns 815,736 shares of the company's stock, valued at $25,671,211.92. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Sam Sang-Koo Shim sold 46,200 shares of the firm's stock in a transaction on Thursday, August 22nd. The shares were sold at an average price of $27.90, for a total transaction of $1,288,980.00. Following the transaction, the director now directly owns 537,961 shares of the company's stock, valued at $15,009,111.90. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 107,041 shares of company stock valued at $3,088,045. Corporate insiders own 27.49% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods restated a "market perform" rating and set a $32.00 price objective (up from $28.00) on shares of MetroCity Bankshares in a research note on Tuesday, July 23rd.

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.