MetroCity Bankshares (NASDAQ:MCBS) Posts Quarterly Earnings Results, Meets Expectations

MetroCity Bankshares (NASDAQ:MCBS) announced its earnings results on Friday. The company reported $0.84 earnings per share for the quarter, meeting the consensus estimate of $0.84, Zacks reports. The business had revenue of $47.94 million for the quarter, compared to the consensus estimate of $51.30 million. MetroCity Bankshares had a net margin of 28.40% and a return on equity of 15.16%.

MetroCity Bankshares Stock Up 0.9%

MetroCity Bankshares stock traded up $0.31 during midday trading on Friday, hitting $35.74. 111,827 shares of the company’s stock were exchanged, compared to its average volume of 108,499. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.21 and a current ratio of 1.21. MetroCity Bankshares has a 12 month low of $24.53 and a 12 month high of $37.46. The firm has a 50-day moving average of $35.08 and a two-hundred day moving average of $34.29. The company has a market cap of $1.03 billion, a PE ratio of 12.41 and a beta of 0.70.

MetroCity Bankshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Wednesday, November 4th will be paid a $0.31 dividend. This represents a $1.24 dividend on an annualized basis and a yield of 3.5%. This is a boost from MetroCity Bankshares’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Wednesday, November 4th. MetroCity Bankshares’s payout ratio is currently 40.28%.

Analyst Upgrades and Downgrades

MCBS has been the topic of a number of recent analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of MetroCity Bankshares in a research report on Friday, October 2nd. Wall Street Zen lowered MetroCity Bankshares from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target 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.