Vanguard Group Inc. Buys 34,335 Shares of MetroCity Bankshares, Inc. $MCBS

Key Points

• Vanguard Group Inc. increased its stake in MetroCity Bankshares by 3.5%, acquiring an additional 34,335 shares, bringing its total ownership to 1,010,491 shares valued at approximately $27.86 million.
• MetroCity Bankshares recently declared a quarterly dividend of $0.25 per share, raising it from $0.23, resulting in an annualized yield of 3.3%.
• The company's stock has shown stability, currently priced at $30.12, with a significant return on equity of 15.61% and quarterly revenue exceeding analyst expectations at $37.91 million.

Vanguard Group Inc. grew its holdings in shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS - Free Report) by 3.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,010,491 shares of the company's stock after buying an additional 34,335 shares during the quarter. Vanguard Group Inc. owned 3.98% of MetroCity Bankshares worth $27,859,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in MCBS. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its holdings in shares of MetroCity Bankshares by 12.1% in the first 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 purchasing an additional 4,138 shares during the last quarter. Axecap Investments LLC purchased a new stake in shares of MetroCity Bankshares in the first quarter valued at about $863,000. GAMMA Investing LLC raised its holdings in shares of MetroCity Bankshares by 3,756.7% in the first quarter. GAMMA Investing LLC now owns 6,865 shares of the company's stock valued at $189,000 after purchasing an additional 6,687 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of MetroCity Bankshares by 10.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 28,434 shares of the company's stock valued at $908,000 after purchasing an additional 2,742 shares during the last quarter. Finally, Two Sigma Advisers LP raised its holdings in shares of MetroCity Bankshares by 7.7% in the fourth quarter. Two Sigma Advisers LP now owns 14,000 shares of the company's stock valued at $447,000 after purchasing an additional 1,000 shares during the last quarter. 25.33% of the stock is currently owned by institutional investors and hedge funds.

MetroCity Bankshares Stock Down 0.4%

Shares of MCBS stock traded down $0.13 on Tuesday, hitting $29.86. The stock had a trading volume of 18,211 shares, compared to its average volume of 31,638. MetroCity Bankshares, Inc. has a 12-month low of $24.24 and a 12-month high of $36.15. The business has a 50 day moving average of $28.99 and a 200 day moving average of $28.33. The stock has a market cap of $762.62 million, a price-to-earnings ratio of 11.66 and a beta of 0.67. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.27 and a quick ratio of 1.26.

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

MetroCity Bankshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 8th. Shareholders of record on Wednesday, July 30th were paid a dividend of $0.25 per share. The ex-dividend date was Wednesday, July 30th. This represents a $1.00 annualized dividend and a yield of 3.3%. This is an increase from MetroCity Bankshares's previous quarterly dividend of $0.23. MetroCity Bankshares's dividend payout ratio (DPR) is currently 39.06%.

About MetroCity Bankshares

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.