MetroCity Bankshares (NASDAQ:MCBS) Posts Earnings Results, Meets Expectations
MetroCity Bankshares (NASDAQ:MCBS) reported quarterly earnings of $0.67 per share, meeting analysts' expectations. The company achieved a return on equity of 15.61% and a net margin of 27.98%. Shares traded up to $26.55, with a market cap of $678.09 million. A quarterly dividend of $0.25 per share will be paid on November 7th. Weiss Ratings downgraded the stock from "buy" to "hold," with an average target price of $34.00. Institutional investors own 25.33% of the company.
MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) posted its quarterly earnings results on Friday. The company reported $0.67 earnings per share for the quarter, hitting the consensus estimate of $0.67, Zacks reports. MetroCity Bankshares had a return on equity of 15.61% and a net margin of 27.98%.
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MetroCity Bankshares Stock Performance
Shares of NASDAQ:MCBS traded up $0.78 on Friday, hitting $26.55. 16,244 shares of the company were exchanged, compared to its average volume of 37,495. The firm has a market capitalization of $678.09 million, a price-to-earnings ratio of 10.37 and a beta of 0.64. MetroCity Bankshares has a one year low of $24.24 and a one year high of $36.15. 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 company's 50 day moving average price is $28.52 and its two-hundred day moving average price is $28.23.
MetroCity Bankshares Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, November 7th. Shareholders of record on Wednesday, October 29th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, October 29th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.8%. MetroCity Bankshares's dividend payout ratio (DPR) is 39.06%.
Institutional Trading of MetroCity Bankshares
A number of hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC boosted its stake in shares of MetroCity Bankshares by 69.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,608 shares of the company's stock valued at $103,000 after purchasing an additional 1,476 shares during the last quarter. BNP Paribas Financial Markets raised its position 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. Qube Research & Technologies Ltd boosted its stake in MetroCity Bankshares by 14.7% in the 2nd quarter. Qube Research & Technologies Ltd now owns 17,387 shares of the company's stock worth $497,000 after purchasing an additional 2,226 shares during the period. First Trust Advisors LP lifted its position in MetroCity Bankshares by 7.8% in the second quarter. First Trust Advisors LP now owns 16,396 shares of the company's stock worth $469,000 after buying an additional 1,189 shares during the last quarter. Finally, Legal & General Group Plc boosted its position in MetroCity Bankshares by 8.0% during the second quarter. Legal & General Group Plc now owns 19,744 shares of the company's stock valued at $564,000 after purchasing an additional 1,460 shares in the last quarter. Institutional investors and hedge funds own 25.33% of the company's stock.
Analysts Set New Price Targets
Separately, Weiss Ratings downgraded MetroCity Bankshares from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, MetroCity Bankshares currently has an average rating of "Hold" and an average target price of $34.00.
Check Out Our Latest Analysis on MCBS
MetroCity Bankshares Company Profile
(Get Free Report)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.
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