MetroCity Bankshares (NASDAQ:MCBS) Sets New 1-Year High Following Dividend Announcement

Key Points

• MetroCity Bankshares stock jumped to a new 52-week high after announcing a quarterly dividend of $0.29 per share (annualized $1.16) for a 3.6% yield; the dividend is payable May 8 with record/ex-dividend dates on April 29 and increases the prior quarterly payout from $0.25.
• Analyst sentiment is mixed but mildly positive: Keefe, Bruyette & Woods raised its price target to $33 and Weiss Ratings upgraded to a "buy," while Wall Street Zen downgraded to "hold," yielding a MarketBeat consensus of Moderate Buy and an average price target of $33.
• Key fundamentals: market cap about $915.7M and a P/E of 12.08; MetroCity reported Q1 EPS of $0.68 (missing estimates by $0.05) on $43.74M revenue, and institutional ownership stands near 25.33%.

MetroCity Bankshares, Inc. (NASDAQ:MCBS - Get Free Report) reached a new 52-week high during trading on Thursday after the company announced a dividend. The company traded as high as $32.00 and last traded at $31.85, with a volume of 20890 shares trading hands. The stock had previously closed at $31.17.The newly announced 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 represents a $1.16 annualized dividend and a yield of 3.6%. The ex-dividend date is Wednesday, April 29th. This is a positive change from MetroCity Bankshares's previous quarterly dividend of $0.25. MetroCity Bankshares's dividend payout ratio (DPR) is presently 38.02%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Keefe, Bruyette & Woods upped their price objective on shares of MetroCity Bankshares from $32.00 to $33.00 and gave the company a "market perform" rating in a report on Thursday, April 9th. Weiss Ratings raised shares of MetroCity Bankshares from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, February 18th. Finally, Wall Street Zen downgraded shares of MetroCity Bankshares from a "buy" rating to a "hold" rating in a research report on Saturday, April 11th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, MetroCity Bankshares has a consensus rating of "Moderate Buy" and an average price target of $33.00.

MetroCity Bankshares Trading Up 2.2%

The stock has a market cap of $915.69 million, a PE ratio of 12.08 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 company has a 50 day moving average of $29.03 and a two-hundred day moving average of $27.66.

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

Hedge Funds Weigh In On MetroCity Bankshares

A number of large investors have recently added to or reduced their stakes in MCBS. CWM LLC grew its position in shares of MetroCity Bankshares by 78.8% in the third quarter. CWM LLC now owns 955 shares of the company's stock valued at $26,000 after purchasing an additional 421 shares during the period. State of Alaska Department of Revenue acquired a new position in shares of MetroCity Bankshares during the 3rd quarter worth about $28,000. Russell Investments Group Ltd. purchased a new position in MetroCity Bankshares in the 3rd quarter valued at about $45,000. BNP Paribas Financial Markets boosted its holdings in MetroCity Bankshares by 21.5% in the 2nd 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 last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in MetroCity Bankshares by 69.2% in the 2nd 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 last quarter. 25.33% of the stock is currently owned by institutional investors and hedge funds.

About MetroCity Bankshares

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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