MetroCity Bankshares, Inc. (NASDAQ:MCBS) Announces Dividend Increase – $0.25 Per Share

MetroCity Bankshares, Inc. (NASDAQ:MCBS) declared a quarterly dividend on Wednesday, July 16th, RTT News reports. Shareholders of record on Wednesday, July 30th will be paid a dividend of 0.25 per share on Friday, August 8th. This represents a $1.00 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend is Wednesday, July 30th. This is a 8.7% increase from MetroCity Bankshares’s previous quarterly dividend of $0.23.

MetroCity Bankshares has a payout ratio of 32.6% indicating that its dividend is sufficiently covered by earnings.

MetroCity Bankshares Trading Down 1.0%

MetroCity Bankshares stock opened at $29.34 on Monday. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.25 and a current ratio of 1.26. MetroCity Bankshares has a fifty-two week low of $24.24 and a fifty-two week high of $36.15. The stock has a market cap of $745.24 million, a P/E ratio of 11.46 and a beta of 0.61. The firm’s fifty day moving average price is $28.55 and its 200-day moving average price is $28.83.

MetroCity Bankshares (NASDAQ:MCBS) last issued its quarterly earnings results on Friday, July 18th. The company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.02. The firm had revenue of $37.91 million during the quarter, compared to the consensus estimate of $36.10 million. MetroCity Bankshares had a return on equity of 15.77% and a net margin of 27.98%.

Hedge Funds Weigh In On MetroCity Bankshares

A hedge fund recently bought a new stake in MetroCity Bankshares stock. Jane Street Group LLC purchased a new stake in shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 26,007 shares of the company’s stock, valued at approximately $717,000. Jane Street Group LLC owned about 0.10% of MetroCity Bankshares as of its most recent SEC filing. 25.33% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods reduced their price objective on MetroCity Bankshares from $36.00 to $34.00 and set a “market perform” rating on the stock in a research report on Tuesday, April 22nd.

About MetroCity Bankshares

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.