MetroCity Bankshares, Inc. (NASDAQ:MCBS) Announces Dividend Increase - $0.31 Per Share

Key Points

• MetroCity Bankshares raised its quarterly dividend 6.9% to $0.31 per share, payable November 13 to shareholders of record November 4. The annualized dividend is $1.24 per share, yielding approximately 3.5%, with a 41.1% payout ratio.
• The company’s shares recently traded at $35.59, near their 52-week high of $37.46, with a market capitalization of approximately $1.02 billion and a price-to-earnings ratio of 12.36.
• MetroCity Bankshares reported quarterly EPS of $0.76, below analysts’ $0.81 estimate, while revenue of $49.8 million also missed the $52.4 million consensus. Institutional investors own 25.33% of the stock, with several major firms recently adding positions.

MetroCity Bankshares, Inc. (NASDAQ:MCBS - Get Free Report) announced a quarterly dividend on Wednesday, October 21st. Stockholders of record on Wednesday, November 4th will be paid a dividend of $0.31 per share on Friday, November 13th. 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 6.9% increase from MetroCity Bankshares's previous quarterly dividend of $0.29.

MetroCity Bankshares has increased its dividend by an average of 0.2% annually over the last three years. MetroCity Bankshares has a payout ratio of 41.1% meaning its dividend is sufficiently covered by earnings.

MetroCity Bankshares Price Performance

Shares of NASDAQ MCBS traded up $1.08 during mid-day trading on Thursday, reaching $35.59. The company had a trading volume of 60,440 shares, compared to its average volume of 88,280. The company has a 50-day moving average price of $35.11 and a two-hundred day moving average price of $34.24. MetroCity Bankshares has a 1-year low of $24.53 and a 1-year high of $37.46. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.66. The stock has a market cap of $1.02 billion, a PE ratio of 12.36 and a beta of 0.70.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last released its quarterly earnings data on Friday, July 24th. The company reported $0.76 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.81 by ($0.05). The firm had revenue of $49.80 million for the quarter, compared to analyst estimates of $52.40 million. MetroCity Bankshares had a net margin of 28.40% and a return on equity of 15.16%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MCBS. BlackRock Inc. purchased a new stake in MetroCity Bankshares during the 2nd quarter valued at $65,053,000. Dimensional Fund Advisors LP grew its stake in MetroCity Bankshares by 4.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 498,788 shares of the company's stock valued at $14,300,000 after acquiring an additional 21,709 shares during the period. The Manufacturers Life Insurance Company purchased a new stake in shares of MetroCity Bankshares during the second quarter worth $7,866,000. Bank of New York Mellon Corp purchased a new stake in MetroCity Bankshares in the second quarter valued at $4,563,000. Finally, De Lisle Partners LLP acquired a new position in shares of MetroCity Bankshares in the second quarter worth $3,015,000. Hedge funds and other institutional investors own 25.33% of the company's stock.

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.

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