MetroCity Bankshares, Inc. (NASDAQ:MCBS) Announces Dividend Increase - $0.29 Per Share

Key Points

• MetroCity Bankshares announced a quarterly dividend of $0.29 per share — a 16.0% increase from the prior $0.25 — implying an annualized yield of about 3.7%; shareholders of record Apr. 29 will be paid May 8 (ex-dividend Apr. 29).
• The dividend appears well covered with a 35.5% payout ratio, although dividend growth has averaged only 0.2% annually over the past three years.
• In the most recent quarter MetroCity missed expectations, reporting $0.68 EPS vs. $0.73 consensus and slightly lower revenue, while the stock trades near $31 with a P/E of 11.85 and a market cap around $896 million.

MetroCity Bankshares, Inc. (NASDAQ:MCBS - Get Free Report) announced a quarterly dividend on Wednesday, April 15th. Shareholders of record on Wednesday, April 29th will be paid a dividend of 0.29 per share on Friday, May 8th. This represents a c) annualized dividend and a yield of 3.7%. The ex-dividend date is Wednesday, April 29th. This is a 16.0% increase from MetroCity Bankshares's previous quarterly dividend of $0.25.

MetroCity Bankshares has increased its dividend payment by an average of 0.2%annually over the last three years. MetroCity Bankshares has a payout ratio of 35.5% indicating that its dividend is sufficiently covered by earnings.

MetroCity Bankshares Stock Performance

MCBS stock opened at $31.17 on Thursday. MetroCity Bankshares has a 1 year low of $24.53 and a 1 year high of $31.46. The stock has a market capitalization of $896.14 million, a price-to-earnings ratio of 11.85 and a beta of 0.68. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.21 and a current ratio of 1.21. The stock's fifty day moving average is $29.03 and its two-hundred day moving average is $27.66.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last released its quarterly earnings results on Friday, January 30th. The company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.05). The firm had revenue of $43.74 million for the quarter, compared to the consensus estimate of $44.50 million. MetroCity Bankshares had a return on equity of 14.82% and a net margin of 27.93%.

MetroCity Bankshares Company Profile

MetroCity Bankshares, Inc is a bank holding company headquartered in Houston, Texas. Through its wholly owned subsidiary, MetroCity Bank, the company provides a range of banking and financial services to individuals and businesses. MetroCity Bankshares focuses on community banking, leveraging local expertise to support the financial needs of the greater Houston metropolitan area.

MetroCity Bank offers traditional deposit products, including checking and savings accounts, money market accounts and certificates of deposit.

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