MetroCity Bankshares (NASDAQ:MCBS) Issues Earnings Results, Misses Estimates By $0.05 EPS

MetroCity Bankshares (NASDAQ:MCBS) announced its quarterly earnings results on Friday. The company reported $0.76 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.05), FiscalAI reports. The business had revenue of $49.80 million for the quarter, compared to analyst estimates of $52.40 million. MetroCity Bankshares had a return on equity of 15.09% and a net margin of 28.16%.

MetroCity Bankshares Trading Up 1.3%

NASDAQ:MCBS traded up $0.47 during trading hours on Friday, hitting $36.57. 94,560 shares of the company were exchanged, compared to its average volume of 89,024. The company has a current ratio of 1.21, a quick ratio of 1.20 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $1.05 billion, a price-to-earnings ratio of 13.20 and a beta of 0.70. The company has a fifty day simple moving average of $34.47 and a 200 day simple moving average of $31.11. MetroCity Bankshares has a one year low of $24.53 and a one year high of $37.46.

MetroCity Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 7th. Stockholders of record on Wednesday, July 29th will be issued a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Wednesday, July 29th. MetroCity Bankshares’s payout ratio is 41.88%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. bought a new position in shares of MetroCity Bankshares in the 3rd quarter worth $45,000. BNP Paribas Financial Markets increased its position in MetroCity Bankshares by 21.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,057 shares of the company’s stock valued at $87,000 after buying an additional 540 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of MetroCity Bankshares by 69.2% in the second 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. CANADA LIFE ASSURANCE Co grew its position in MetroCity Bankshares by 716.2% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 6,464 shares of the company’s stock worth $171,000 after purchasing an additional 5,672 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in MetroCity Bankshares by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,969 shares of the company’s stock worth $302,000 after acquiring an additional 468 shares during the period. Hedge funds and other institutional investors own 25.33% of the company’s stock.

Analyst Upgrades and Downgrades

MCBS has been the subject of several recent research reports. Keefe, Bruyette & Woods boosted their target price on shares of MetroCity Bankshares from $32.00 to $33.00 and gave the stock a “market perform” rating in a research report on Thursday, April 9th. Weiss Ratings restated a “buy (b)” rating on shares of MetroCity Bankshares in a report on Wednesday, July 8th. Finally, Wall Street Zen lowered MetroCity Bankshares from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $33.00.

About MetroCity Bankshares

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.