MetroCity Bankshares (NASDAQ:MCBS) Releases Earnings Results, Hits Estimates

MetroCity Bankshares (NASDAQ:MCBS) issued its earnings results on Friday. The company reported $0.84 EPS for the quarter, hitting the consensus estimate of $0.84, Zacks reports. MetroCity Bankshares had a return on equity of 15.16% and a net margin of 28.40%.

MetroCity Bankshares Trading Up 0.9%

Shares of MetroCity Bankshares stock traded up $0.31 on Friday, reaching $35.74. 111,357 shares of the company’s stock were exchanged, compared to its average volume of 88,431. The company has a market capitalization of $1.03 billion, a P/E ratio of 12.41 and a beta of 0.70. MetroCity Bankshares has a 52 week low of $24.53 and a 52 week high of $37.46. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.21 and a current ratio of 1.21. The firm’s 50-day moving average is $35.09 and its two-hundred day moving average is $34.28.

MetroCity Bankshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Wednesday, November 4th will be issued a dividend of $0.31 per share. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date is Wednesday, November 4th. This is a positive change from MetroCity Bankshares’s previous quarterly dividend of $0.29. MetroCity Bankshares’s dividend payout ratio (DPR) is currently 40.28%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Wall Street Zen downgraded MetroCity Bankshares from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Weiss Ratings reissued a “buy (b)” rating on shares of MetroCity Bankshares in a research report on Friday, October 2nd. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $33.00.

About MetroCity Bankshares

MetroCity Bankshares, Inc is the bank holding company for Metro City Bank, a community bank headquartered in the Atlanta metropolitan area. The bank provides traditional banking services to businesses, individuals and community organizations, with a particular focus on Korean American and other multicultural communities.

Metro City Bank offers commercial and consumer deposit accounts, commercial real estate and commercial business loans, residential mortgage loans, construction lending, home equity products and other consumer credit products.