MetroCity Bankshares (NASDAQ:MCBS) Announces Earnings Results, Misses Expectations By $0.05 EPS

MetroCity Bankshares (NASDAQ:MCBS) posted its earnings results on Friday. The company reported $0.68 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.05), Zacks reports. MetroCity Bankshares had a return on equity of 15.39% and a net margin of 28.25%.The business had revenue of $43.74 million for the quarter, compared to analyst estimates of $44.50 million.

MetroCity Bankshares Price Performance

Shares of MCBS stock opened at $28.17 on Friday. The company has a market capitalization of $717.77 million, a PE ratio of 10.92 and a beta of 0.72. The firm has a fifty day simple moving average of $27.28 and a 200-day simple moving average of $27.64. The company has a current ratio of 1.27, a quick ratio of 1.18 and a debt-to-equity ratio of 0.95. MetroCity Bankshares has a twelve month low of $24.24 and a twelve month high of $32.37.

MetroCity Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Wednesday, February 4th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Wednesday, February 4th. MetroCity Bankshares’s payout ratio is presently 38.76%.

Hedge Funds Weigh In On MetroCity Bankshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MCBS. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased 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 acquiring an additional 468 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in MetroCity Bankshares by 21.5% in the second quarter. BNP Paribas Financial Markets now owns 3,057 shares of the company’s stock valued at $87,000 after purchasing an additional 540 shares during the last quarter. First Trust Advisors LP grew its stake in MetroCity Bankshares by 7.8% during the 2nd quarter. First Trust Advisors LP now owns 16,396 shares of the company’s stock valued at $469,000 after purchasing an additional 1,189 shares in the last quarter. Legal & General Group Plc increased its holdings in MetroCity Bankshares by 8.0% during the 2nd quarter. Legal & General Group Plc now owns 19,744 shares of the company’s stock worth $564,000 after purchasing an additional 1,460 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in MetroCity Bankshares by 69.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 3,608 shares of the company’s stock worth $103,000 after purchasing an additional 1,476 shares during the last quarter. 25.33% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Keefe, Bruyette & Woods decreased their price objective on shares of MetroCity Bankshares from $33.00 to $31.00 and set a “market perform” rating for the company in a research note on Tuesday, October 21st. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MetroCity Bankshares in a research report on Friday, January 9th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, MetroCity Bankshares has an average rating of “Hold” and an average target price of $31.00.

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.