Nuveen LLC Makes New Investment in MetroCity Bankshares, Inc. $MCBS

Key Points

• Nuveen LLC has made a new investment of approximately $1.89 million in MetroCity Bankshares, acquiring around 68,503 shares as reported in its recent SEC filing.
• MetroCity Bankshares recently announced an increase in its quarterly dividend to $0.25, up from $0.23, representing an annualized rate of $1.00 and a dividend yield of 3.3%.
• In its latest quarterly earnings report, MetroCity Bankshares reported earnings per share of $0.65, surpassing analysts' expectations of $0.63.

Nuveen LLC purchased a new stake in MetroCity Bankshares, Inc. (NASDAQ:MCBS - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 68,503 shares of the company's stock, valued at approximately $1,889,000. Nuveen LLC owned about 0.27% of MetroCity Bankshares at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of MetroCity Bankshares by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 1,010,491 shares of the company's stock valued at $27,859,000 after buying an additional 34,335 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of MetroCity Bankshares by 3.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 402,397 shares of the company's stock valued at $12,857,000 after buying an additional 14,215 shares during the last quarter. Northern Trust Corp grew its position in shares of MetroCity Bankshares by 6.5% in the 4th quarter. Northern Trust Corp now owns 164,993 shares of the company's stock valued at $5,272,000 after buying an additional 10,057 shares during the last quarter. Nuveen Asset Management LLC grew its position in shares of MetroCity Bankshares by 5.2% in the 4th quarter. Nuveen Asset Management LLC now owns 68,503 shares of the company's stock valued at $2,189,000 after buying an additional 3,416 shares during the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in shares of MetroCity Bankshares by 12.1% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 38,375 shares of the company's stock valued at $1,058,000 after buying an additional 4,138 shares during the last quarter. Institutional investors own 25.33% of the company's stock.

MetroCity Bankshares Trading Up 0.1%

Shares of NASDAQ MCBS traded up $0.02 during trading on Thursday, reaching $29.41. The company had a trading volume of 397 shares, compared to its average volume of 37,638. MetroCity Bankshares, Inc. has a 12 month low of $24.24 and a 12 month high of $36.15. The company has a quick ratio of 1.26, a current ratio of 1.27 and a debt-to-equity ratio of 0.97. The company's fifty day moving average price is $29.05 and its 200-day moving average price is $28.34. The stock has a market cap of $750.94 million, a P/E ratio of 11.49 and a beta of 0.67.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last announced its earnings results on Friday, July 18th. The company reported $0.65 EPS for the quarter, beating the consensus estimate of $0.63 by $0.02. MetroCity Bankshares had a return on equity of 15.61% and a net margin of 27.98%.The company had revenue of $37.91 million for the quarter, compared to analyst estimates of $36.10 million.

MetroCity Bankshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 8th. Investors of record on Wednesday, July 30th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Wednesday, July 30th. This is a positive change from MetroCity Bankshares's previous quarterly dividend of $0.23. MetroCity Bankshares's dividend payout ratio is currently 39.06%.

MetroCity Bankshares Company Profile

MetroCity Bankshares, Inc operates as the bank holding company for Metro City Bank that engages in the provision of banking products and services in the United States. It offers customary banking services, such as consumer and commercial checking accounts, savings, and money market accounts, as well as certificates of deposit.