MetroCity Bankshares (NASDAQ:MCBS) Sees Unusually-High Trading Volume - Here's Why

Key Points

• MetroCity Bankshares experienced a significant increase in trading volume, with 30,699 shares traded—a 14% rise from the previous session.
• The company reported earnings of $0.65 per share for the last quarter, surpassing estimates, and announced a dividend increase to $0.25 per share, reflecting a 3.4% yield.
• Recent activity from institutional investors indicates growing interest, as they now own 25.33% of the company's shares, with several significant acquisitions over the past quarters.

MetroCity Bankshares, Inc. (NASDAQ:MCBS - Get Free Report) saw unusually-strong trading volume on Thursday . Approximately 30,699 shares traded hands during trading, an increase of 14% from the previous session's volume of 26,834 shares.The stock last traded at $29.14 and had previously closed at $29.23.

MetroCity Bankshares Price Performance

The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.26 and a current ratio of 1.27. The stock has a market cap of $730.39 million, a PE ratio of 11.17 and a beta of 0.67. The stock's 50-day moving average is $29.05 and its two-hundred day moving average is $28.25.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last posted its quarterly earnings data on Friday, July 18th. The company reported $0.65 earnings per share for the quarter, topping analysts' consensus estimates of $0.63 by $0.02. The firm had revenue of $37.91 million during the quarter, compared to analysts' expectations 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 firm also recently declared a quarterly dividend, which was paid on Friday, August 8th. Shareholders of record on Wednesday, July 30th were given a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, July 30th. This represents a $1.00 annualized dividend and a yield of 3.5%. This is a boost from MetroCity Bankshares's previous quarterly dividend of $0.23. MetroCity Bankshares's dividend payout ratio is 39.06%.

Hedge Funds Weigh In On MetroCity Bankshares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its position in MetroCity Bankshares by 3,756.7% in the 1st quarter. GAMMA Investing LLC now owns 6,865 shares of the company's stock valued at $189,000 after buying an additional 6,687 shares during the period. Vanguard Group Inc. boosted its position in 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 period. Nuveen LLC purchased a new position in MetroCity Bankshares in the 1st quarter valued at approximately $1,889,000. BNP Paribas Financial Markets purchased a new stake in shares of MetroCity Bankshares during the 4th quarter worth $83,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of MetroCity Bankshares by 3.6% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 10,501 shares of the company's stock worth $336,000 after purchasing an additional 364 shares during the last quarter. Hedge funds and other institutional investors own 25.33% of the company's stock.

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.