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

MetroCity Bankshares (NASDAQ:MCBS) released its quarterly earnings data on Friday. The company reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.05), Zacks reports. The firm had revenue of $43.74 million during the quarter, compared to analysts’ expectations of $44.50 million. MetroCity Bankshares had a net margin of 28.25% and a return on equity of 15.39%.

MetroCity Bankshares Trading Up 1.3%

NASDAQ MCBS traded up $0.35 during trading hours on Friday, hitting $27.76. 32,910 shares of the company’s stock were exchanged, compared to its average volume of 54,871. The business’s 50 day moving average is $27.24 and its 200-day moving average is $27.65. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.18 and a current ratio of 1.27. MetroCity Bankshares has a 12-month low of $24.24 and a 12-month high of $32.37. The firm has a market capitalization of $707.20 million, a P/E ratio of 10.76 and a beta of 0.72.

MetroCity Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Wednesday, February 4th will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, February 4th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.6%. MetroCity Bankshares’s payout ratio is currently 38.76%.

Institutional Trading of MetroCity Bankshares

Large investors have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of MetroCity Bankshares by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,969 shares of the company’s stock valued at $302,000 after purchasing an additional 468 shares during the period. Jane Street Group LLC acquired a new position in MetroCity Bankshares in the first quarter valued at approximately $717,000. Legal & General Group Plc lifted its stake in MetroCity Bankshares by 8.0% in the second quarter. Legal & General Group Plc now owns 19,744 shares of the company’s stock valued at $564,000 after buying an additional 1,460 shares during the last quarter. First Trust Advisors LP boosted its stake in MetroCity Bankshares by 7.8% during the 2nd quarter. First Trust Advisors LP now owns 16,396 shares of the company’s stock valued at $469,000 after purchasing an additional 1,189 shares during the period. Finally, Qube Research & Technologies Ltd boosted its position 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 period. 25.33% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Keefe, Bruyette & Woods dropped their target price on shares of MetroCity Bankshares from $33.00 to $31.00 and set a “market perform” rating on the stock in a report on Tuesday, October 21st. Weiss Ratings reissued a “hold (c+)” rating on shares of MetroCity Bankshares in a report on Friday, January 9th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $31.00.

MetroCity Bankshares Company Profile

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.