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

MetroCity Bankshares (NASDAQ:MCBS) issued its quarterly earnings data on Friday. The company reported $0.84 earnings per share for the quarter, hitting the consensus estimate of $0.84, Zacks reports. The firm had revenue of $47.94 million for the quarter, compared to analysts’ expectations of $51.30 million. MetroCity Bankshares had a net margin of 28.40% and a return on equity of 15.16%.

MetroCity Bankshares Stock Performance

Shares of NASDAQ:MCBS opened at $35.74 on Friday. The firm’s 50 day simple moving average is $35.08 and its 200 day simple moving average is $34.29. The company has a market capitalization of $1.03 billion, a price-to-earnings ratio of 11.72 and a beta of 0.70. MetroCity Bankshares has a fifty-two week low of $24.53 and a fifty-two week high of $37.46. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.21 and a quick ratio of 1.21.

MetroCity Bankshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Wednesday, November 4th will be given a $0.31 dividend. The ex-dividend date is Wednesday, November 4th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 3.5%. This is a positive change from MetroCity Bankshares’s previous quarterly dividend of $0.29. MetroCity Bankshares’s dividend payout ratio is 38.03%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MCBS. Weiss Ratings restated 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 report on Sunday, July 12th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $33.00.

MetroCity Bankshares Company Profile

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.