MetroCity Bankshares, Inc. (MCBS) to Issue Quarterly Dividend of $0.23 on February 7th

MetroCity Bankshares, Inc. (NASDAQ:MCBS) declared a quarterly dividend on Wednesday, January 15th,RTT News reports. Shareholders of record on Wednesday, January 29th will be given a dividend of 0.23 per share on Friday, February 7th. This represents a $0.92 annualized dividend and a yield of 2.91%. The ex-dividend date of this dividend is Wednesday, January 29th.

MetroCity Bankshares has raised its dividend payment by an average of 21.7% per year over the last three years. MetroCity Bankshares has a payout ratio of 32.6% indicating that its dividend is sufficiently covered by earnings.

MetroCity Bankshares Trading Down 1.3 %

MetroCity Bankshares stock opened at $31.57 on Friday. MetroCity Bankshares has a 12-month low of $21.89 and a 12-month high of $36.15. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.24 and a quick ratio of 1.24. The stock has a market capitalization of $799.67 million, a PE ratio of 13.61 and a beta of 0.64. The firm has a 50 day simple moving average of $33.27 and a 200-day simple moving average of $30.75.

MetroCity Bankshares (NASDAQ:MCBS) last released its earnings results on Friday, October 18th. The company reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01. MetroCity Bankshares had a return on equity of 14.97% and a net margin of 25.54%. The firm had revenue of $60.45 million for the quarter.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods upped their price target on MetroCity Bankshares from $34.00 to $36.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th.

Insiders Place Their Bets

In other news, President Farid Tan sold 21,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $33.81, for a total value of $710,010.00. Following the transaction, the president now owns 923,888 shares in the company, valued at $31,236,653.28. This represents a 2.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Ajit A. Patel sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $33.10, for a total transaction of $165,500.00. Following the sale, the director now owns 645,739 shares of the company’s stock, valued at approximately $21,373,960.90. This represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,600 shares of company stock worth $1,181,786 over the last ninety days. 27.49% of the stock is currently owned by company insiders.

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.