MetroCity Bankshares (NASDAQ:MCBS) Issues Earnings Results

MetroCity Bankshares (NASDAQ:MCBS) posted its quarterly earnings results on Friday. The company reported $0.68 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.05), Zacks reports. The company had revenue of $43.74 million during the quarter, compared to analyst estimates of $44.50 million. MetroCity Bankshares had a net margin of 28.25% and a return on equity of 15.39%.

MetroCity Bankshares Price Performance

Shares of NASDAQ:MCBS traded up $0.32 during trading on Friday, reaching $27.73. The company had a trading volume of 35,836 shares, compared to its average volume of 55,166. MetroCity Bankshares has a 12 month low of $24.24 and a 12 month high of $32.37. The company has a current ratio of 1.27, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. The company has a fifty day moving average of $27.24 and a two-hundred day moving average of $27.65. The stock has a market capitalization of $706.48 million, a P/E ratio of 10.78 and a beta of 0.72.

MetroCity Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Wednesday, February 4th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Wednesday, February 4th. MetroCity Bankshares’s payout ratio is 38.76%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MetroCity Bankshares in a research report on Friday, January 9th. Keefe, Bruyette & Woods decreased their target price on MetroCity Bankshares from $33.00 to $31.00 and set a “market perform” rating on the stock in a research report on Tuesday, October 21st. Two analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $31.00.

Institutional Investors Weigh In On MetroCity Bankshares

Institutional investors and hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. bought a new position in MetroCity Bankshares during the 3rd quarter valued at approximately $45,000. BNP Paribas Financial Markets raised its stake in shares of MetroCity Bankshares by 21.5% in the second quarter. BNP Paribas Financial Markets now owns 3,057 shares of the company’s stock worth $87,000 after buying an additional 540 shares during the period. Tower Research Capital LLC TRC increased its stake in MetroCity Bankshares by 69.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,608 shares of the company’s stock worth $103,000 after buying an additional 1,476 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of MetroCity Bankshares by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,969 shares of the company’s stock valued at $302,000 after buying an additional 468 shares during the last quarter. Finally, First Trust Advisors LP increased its holdings in MetroCity Bankshares by 7.8% in the 2nd quarter. First Trust Advisors LP now owns 16,396 shares of the company’s stock valued at $469,000 after acquiring an additional 1,189 shares during the last quarter. 25.33% of the stock is owned by hedge funds and other institutional investors.

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.