MetroCity Bankshares (NASDAQ:MCBS) Announces Quarterly Earnings Results

MetroCity Bankshares (NASDAQ:MCBSGet Free Report) announced its quarterly earnings results on Friday. The company reported $0.76 earnings per share 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 analysts’ expectations of $52.40 million. MetroCity Bankshares had a return on equity of 15.09% and a net margin of 28.16%.

MetroCity Bankshares Price Performance

NASDAQ MCBS traded up $0.47 on Friday, reaching $36.57. 90,555 shares of the stock traded hands, compared to its average volume of 88,950. MetroCity Bankshares has a 12 month low of $24.53 and a 12 month high of $37.46. The company has a market cap of $1.05 billion, a price-to-earnings ratio of 13.20 and a beta of 0.70. The firm’s fifty day simple moving average is $34.47 and its 200 day simple moving average is $31.11. The company has a quick ratio of 1.20, a current ratio of 1.21 and a debt-to-equity ratio of 0.77.

MetroCity Bankshares Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Shareholders of record on Wednesday, July 29th will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Wednesday, July 29th. This represents a $1.16 annualized dividend and a yield of 3.2%. MetroCity Bankshares’s dividend payout ratio (DPR) is presently 41.88%.

Analyst Upgrades and Downgrades

MCBS has been the subject of several research analyst reports. Keefe, Bruyette & Woods boosted their price objective on MetroCity Bankshares from $32.00 to $33.00 and gave the company a “market perform” rating in a report on Thursday, April 9th. Wall Street Zen downgraded shares of MetroCity Bankshares from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of MetroCity Bankshares in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

Get Our Latest Stock Report on MetroCity Bankshares

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC grew its holdings in MetroCity Bankshares by 17.0% in the 3rd quarter. Millennium Management LLC now owns 18,239 shares of the company’s stock valued at $505,000 after buying an additional 2,645 shares during the last quarter. Qube Research & Technologies Ltd lifted its holdings in shares of MetroCity Bankshares by 14.7% during the second quarter. Qube Research & Technologies Ltd now owns 17,387 shares of the company’s stock worth $497,000 after buying an additional 2,226 shares during the last quarter. Two Sigma Investments LP boosted its position in shares of MetroCity Bankshares by 25.0% in the third quarter. Two Sigma Investments LP now owns 17,646 shares of the company’s stock valued at $489,000 after acquiring an additional 3,534 shares during the period. Deutsche Bank AG boosted its position in shares of MetroCity Bankshares by 114.4% in the fourth quarter. Deutsche Bank AG now owns 17,900 shares of the company’s stock valued at $475,000 after acquiring an additional 9,552 shares during the period. Finally, First Trust Advisors LP boosted its position in shares of MetroCity Bankshares by 7.8% in the second 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 period. Institutional investors and hedge funds own 25.33% of the company’s stock.

About MetroCity Bankshares

(Get Free Report)

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.

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Earnings History for MetroCity Bankshares (NASDAQ:MCBS)

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