MetroCity Bankshares (NASDAQ:MCBS) Shares Down 8.6%

Shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS - Get Free Report) were down 8.6% during mid-day trading on Wednesday . The stock traded as low as $22.18 and last traded at $22.18. Approximately 9,974 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 21,553 shares. The stock had previously closed at $24.28.

MetroCity Bankshares Stock Performance

The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.20 and a current ratio of 1.21. The firm's 50 day moving average is $23.87 and its 200-day moving average is $22.59. The firm has a market cap of $577.31 million, a price-to-earnings ratio of 11.34 and a beta of 0.57.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last released its quarterly earnings data on Tuesday, January 23rd. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.48 by ($0.04). MetroCity Bankshares had a net margin of 24.44% and a return on equity of 13.83%. The business had revenue of $55.38 million during the quarter.

MetroCity Bankshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 9th. Investors of record on Wednesday, January 31st were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 3.49%. The ex-dividend date was Tuesday, January 30th. This is a positive change from MetroCity Bankshares's previous quarterly dividend of $0.18. MetroCity Bankshares's payout ratio is presently 39.60%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. lifted its position in MetroCity Bankshares by 4.4% during the 2nd quarter. BlackRock Inc. now owns 1,263,093 shares of the company's stock worth $22,597,000 after acquiring an additional 53,106 shares during the last quarter. Vanguard Group Inc. lifted its position in MetroCity Bankshares by 7.9% during the 4th quarter. Vanguard Group Inc. now owns 966,156 shares of the company's stock worth $23,207,000 after acquiring an additional 70,536 shares during the last quarter. State Street Corp lifted its position in MetroCity Bankshares by 4.8% during the 2nd quarter. State Street Corp now owns 394,622 shares of the company's stock worth $7,060,000 after acquiring an additional 17,910 shares during the last quarter. Geode Capital Management LLC lifted its position in MetroCity Bankshares by 4.0% during the 2nd quarter. Geode Capital Management LLC now owns 352,505 shares of the company's stock worth $6,306,000 after acquiring an additional 13,617 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in MetroCity Bankshares by 0.3% during the 1st quarter. The Manufacturers Life Insurance Company now owns 351,904 shares of the company's stock worth $8,263,000 after acquiring an additional 1,090 shares during the last quarter. Institutional investors and hedge funds own 25.33% of the company's stock.

MetroCity Bankshares Company Profile

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.