MetroCity Bankshares (NASDAQ:MCBS) Releases Earnings Results, Misses Expectations By $0.08 EPS

MetroCity Bankshares (NASDAQ:MCBS – Get Rating) released its quarterly earnings results on Monday. The company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.08), MarketWatch Earnings reports. MetroCity Bankshares had a net margin of 39.41% and a return on equity of 20.03%. The firm had revenue of $45.74 million during the quarter.

MetroCity Bankshares Stock Down 3.0 %

NASDAQ:MCBS opened at $20.24 on Wednesday. MetroCity Bankshares has a fifty-two week low of $18.61 and a fifty-two week high of $26.99. The stock has a market capitalization of $512.27 million, a P/E ratio of 7.41 and a beta of 0.61. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.23 and a current ratio of 1.23. The company’s 50-day simple moving average is $21.61 and its 200-day simple moving average is $21.12.

MetroCity Bankshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 10th. Stockholders of record on Wednesday, February 1st will be issued a $0.18 dividend. This is a boost from MetroCity Bankshares’s previous quarterly dividend of $0.15. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date of this dividend is Tuesday, January 31st. MetroCity Bankshares’s dividend payout ratio (DPR) is currently 21.98%.

Hedge Funds Weigh In On MetroCity Bankshares

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp raised its position in shares of MetroCity Bankshares by 4.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 164,355 shares of the company’s stock valued at $3,228,000 after purchasing an additional 7,427 shares during the last quarter. Vanguard Group Inc. raised its position in shares of MetroCity Bankshares by 2.3% in the 3rd quarter. Vanguard Group Inc. now owns 920,930 shares of the company’s stock valued at $18,087,000 after purchasing an additional 20,330 shares during the last quarter. Marshall Wace LLP raised its position in shares of MetroCity Bankshares by 78.7% in the 3rd quarter. Marshall Wace LLP now owns 18,658 shares of the company’s stock valued at $366,000 after purchasing an additional 8,216 shares during the last quarter. First Trust Advisors LP raised its position in shares of MetroCity Bankshares by 435.8% in the 3rd quarter. First Trust Advisors LP now owns 57,865 shares of the company’s stock valued at $1,136,000 after purchasing an additional 47,065 shares during the last quarter. Finally, Citadel Advisors LLC purchased a new position in shares of MetroCity Bankshares in the 3rd quarter valued at approximately $366,000. 16.71% of the stock is owned by hedge funds and other institutional investors.

MetroCity Bankshares Company Profile

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MetroCity Bankshares, Inc is a bank holding company, which engages in the provision of commercial bank services. The firm offers customary banking services as consumer and commercial checking accounts, savings accounts, certificates of deposit, commercial and consumer loans, single family residential loans, and money transfers services.