MetroCity Bankshares (NASDAQ:MCBS) Sets New 12-Month High Following Dividend Announcement

Shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) hit a new 52-week high during trading on Thursday after the company announced a dividend. The stock traded as high as $32.00 and last traded at $31.85, with a volume of 20890 shares. The stock had previously closed at $31.17.

The newly announced dividend which will be paid on Friday, May 8th. Stockholders of record on Wednesday, April 29th will be paid a $0.29 dividend. This is a boost from MetroCity Bankshares’s previous quarterly dividend of $0.25. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Wednesday, April 29th. MetroCity Bankshares’s dividend payout ratio is presently 38.02%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Weiss Ratings upgraded MetroCity Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 18th. Wall Street Zen cut shares of MetroCity Bankshares from a “buy” rating to a “hold” rating in a research note on Saturday, April 11th. Finally, Keefe, Bruyette & Woods upped their target price on shares of MetroCity Bankshares from $32.00 to $33.00 and gave the stock a “market perform” rating in a report on Thursday, April 9th. One analyst has rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $33.00.

MetroCity Bankshares Price Performance

The stock has a market cap of $915.69 million, a PE ratio of 12.08 and a beta of 0.68. The stock’s fifty day moving average is $29.03 and its 200-day moving average is $27.66. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.21 and a quick ratio of 1.21.

MetroCity Bankshares (NASDAQ:MCBS) last posted its earnings results on Friday, January 30th. The company reported $0.68 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.05). MetroCity Bankshares had a net margin of 27.93% and a return on equity of 14.82%. The firm had revenue of $43.74 million during the quarter, compared to analyst estimates of $44.50 million.

Hedge Funds Weigh In On MetroCity Bankshares

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its position in shares of MetroCity Bankshares by 0.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,056,382 shares of the company’s stock worth $29,251,000 after purchasing an additional 3,580 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in MetroCity Bankshares by 3.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 477,079 shares of the company’s stock worth $12,662,000 after buying an additional 16,409 shares during the period. State Street Corp boosted its stake in MetroCity Bankshares by 1.3% during the fourth quarter. State Street Corp now owns 445,316 shares of the company’s stock worth $11,819,000 after buying an additional 5,543 shares during the period. HoldCo Asset Management LP acquired a new stake in shares of MetroCity Bankshares during the fourth quarter valued at about $2,671,000. Finally, Goldman Sachs Group Inc. raised its stake in shares of MetroCity Bankshares by 122.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 67,996 shares of the company’s stock valued at $1,805,000 after acquiring an additional 37,372 shares during the period. Institutional investors and hedge funds own 25.33% of the company’s stock.

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.