MetroCity Bankshares (NASDAQ:MCBS) Issues Earnings Results, Beats Estimates By $0.07 EPS

Key Points

• Beat estimates: MetroCity reported $0.77 EPS vs. $0.70 expected (a $0.07 beat) on $50.84M revenue, with a 14.82% ROE and a 27.93% net margin.
• Dividend increase: the quarterly payout was raised to $0.29 (annualized $1.16), implying a 3.7% yield with an ex-dividend date of April 29.
• Shares slipped 0.3% to $31.50 post-report; the stock has a market cap around $903M, a PE of 11.98, and an average analyst target of $33 amid mixed ratings.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) announced its quarterly earnings data on Friday. The company reported $0.77 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.07, FiscalAI reports. MetroCity Bankshares had a return on equity of 14.82% and a net margin of 27.93%.The firm had revenue of $50.84 million for the quarter, compared to the consensus estimate of $50.80 million.

MetroCity Bankshares Stock Down 0.3%

Shares of NASDAQ MCBS traded down $0.08 during midday trading on Friday, reaching $31.50. 82,872 shares of the company's stock were exchanged, compared to its average volume of 92,241. MetroCity Bankshares has a 52-week low of $24.53 and a 52-week high of $33.08. The stock has a market capitalization of $902.79 million, a PE ratio of 11.98 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 business's fifty day moving average price is $29.32 and its two-hundred day moving average price is $27.83.

MetroCity Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 8th. Shareholders of record on Wednesday, April 29th will be paid a dividend of $0.29 per share. This is a boost from MetroCity Bankshares's previous quarterly dividend of $0.25. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Wednesday, April 29th. MetroCity Bankshares's payout ratio is presently 38.02%.

Institutional Trading of MetroCity Bankshares

Hedge funds and other institutional investors have recently bought and sold shares of the company. Russell Investments Group Ltd. bought a new position in shares of MetroCity Bankshares during the third quarter valued at approximately $45,000. BNP Paribas Financial Markets boosted its position in shares of MetroCity Bankshares by 21.5% during the second quarter. BNP Paribas Financial Markets now owns 3,057 shares of the company's stock worth $87,000 after buying an additional 540 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of MetroCity Bankshares by 69.2% during the second quarter. Tower Research Capital LLC TRC now owns 3,608 shares of the company's stock worth $103,000 after buying an additional 1,476 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in shares of MetroCity Bankshares by 716.2% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 6,464 shares of the company's stock worth $171,000 after buying an additional 5,672 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of MetroCity Bankshares by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,969 shares of the company's stock worth $302,000 after buying an additional 468 shares during the period. 25.33% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on MCBS. Weiss Ratings upgraded MetroCity Bankshares from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Wednesday, February 18th. Keefe, Bruyette & Woods boosted their target price on MetroCity Bankshares from $32.00 to $33.00 and gave the stock a "market perform" rating in a research note on Thursday, April 9th. Finally, Wall Street Zen cut MetroCity Bankshares from a "buy" rating to a "hold" rating in a research report on Saturday, April 11th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $33.00.

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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