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

MetroCity Bankshares (NASDAQ:MCBS) issued its quarterly earnings results on Friday. The company reported $0.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by ($0.05), FiscalAI reports. MetroCity Bankshares had a net margin of 28.16% and a return on equity of 15.09%. The firm had revenue of $49.80 million for the quarter, compared to the consensus estimate of $52.40 million.

MetroCity Bankshares Price Performance

MCBS stock traded up $0.47 during trading on Friday, hitting $36.57. 90,555 shares of the stock traded hands, compared to its average volume of 88,950. The stock has a market cap of $1.05 billion, a price-to-earnings ratio of 13.20 and a beta of 0.70. The company has a current ratio of 1.21, a quick ratio of 1.20 and a debt-to-equity ratio of 0.77. MetroCity Bankshares has a one year low of $24.53 and a one year high of $37.46. The company has a 50 day simple moving average of $34.47 and a 200 day simple moving average of $31.11.

MetroCity Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Stockholders of record on Wednesday, July 29th will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Wednesday, July 29th. MetroCity Bankshares’s payout ratio is currently 41.88%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MCBS. Keefe, Bruyette & Woods upped their target price on MetroCity Bankshares from $32.00 to $33.00 and gave the company a “market perform” rating in a research note on Thursday, April 9th. Weiss Ratings reissued a “buy (b)” rating on shares of MetroCity Bankshares in a report on Wednesday, July 8th. Finally, Wall Street Zen cut shares of MetroCity Bankshares from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $33.00.

Hedge Funds Weigh In On MetroCity Bankshares

Hedge funds have recently added to or reduced their stakes in the company. HoldCo Asset Management LP acquired a new position in MetroCity Bankshares during the 4th quarter worth approximately $2,671,000. Goldman Sachs Group Inc. increased its stake in MetroCity Bankshares by 122.0% in the 4th quarter. Goldman Sachs Group Inc. now owns 67,996 shares of the company’s stock valued at $1,805,000 after buying an additional 37,372 shares during the last quarter. Jane Street Group LLC bought a new stake in MetroCity Bankshares during the 1st quarter worth about $717,000. CIBC Bancorp USA Inc. acquired a new position in shares of MetroCity Bankshares during the 3rd quarter worth about $612,000. Finally, Dimensional Fund Advisors LP increased its position in shares of MetroCity Bankshares by 3.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 477,079 shares of the company’s stock valued at $12,662,000 after acquiring an additional 16,409 shares during the last quarter. Institutional investors own 25.33% of the company’s stock.

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.