MetroCity Bankshares, Inc. (MCBS) to Issue Quarterly Dividend of $0.29 on May 8th

MetroCity Bankshares, Inc. (NASDAQ:MCBS) declared a quarterly dividend on Wednesday, April 15th. Investors of record on Wednesday, April 29th will be given a dividend of 0.29 per share on Friday, May 8th. This represents a c) dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date is Wednesday, April 29th. This is a 16.0% increase from MetroCity Bankshares’s previous quarterly dividend of $0.25.

MetroCity Bankshares has increased its dividend payment by an average of 0.2%annually over the last three years. MetroCity Bankshares has a dividend payout ratio of 41.1% indicating that its dividend is sufficiently covered by earnings.

MetroCity Bankshares Price Performance

MCBS opened at $31.50 on Monday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.21 and a current ratio of 1.21. MetroCity Bankshares has a fifty-two week low of $24.53 and a fifty-two week high of $33.08. The firm’s fifty day moving average is $29.37 and its 200 day moving average is $27.88. The stock has a market cap of $902.79 million, a price-to-earnings ratio of 11.37 and a beta of 0.68.

MetroCity Bankshares (NASDAQ:MCBS) last announced its quarterly earnings results on Friday, April 24th. The company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.70 by $0.07. The business had revenue of $50.84 million for the quarter, compared to analysts’ expectations of $50.80 million. MetroCity Bankshares had a net margin of 28.16% and a return on equity of 15.72%.

Hedge Funds Weigh In On MetroCity Bankshares

Large investors have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its holdings in shares of MetroCity Bankshares by 13.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,640 shares of the company’s stock valued at $309,000 after purchasing an additional 1,373 shares during the period. Mariner LLC increased its holdings in MetroCity Bankshares by 11.4% during the 4th quarter. Mariner LLC now owns 14,755 shares of the company’s stock worth $392,000 after purchasing an additional 1,511 shares during the period. Barclays PLC increased its holdings in MetroCity Bankshares by 19.0% during the 4th quarter. Barclays PLC now owns 38,710 shares of the company’s stock worth $1,027,000 after purchasing an additional 6,194 shares during the period. CANADA LIFE ASSURANCE Co increased its holdings in MetroCity Bankshares by 716.2% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 6,464 shares of the company’s stock worth $171,000 after purchasing an additional 5,672 shares during the period. Finally, State Street Corp increased its holdings in MetroCity Bankshares by 1.3% during the 4th quarter. State Street Corp now owns 445,316 shares of the company’s stock worth $11,819,000 after purchasing an additional 5,543 shares during the period. Institutional investors own 25.33% of the company’s stock.

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.