MetroCity Bankshares, Inc. (NASDAQ:MCBS) Announces $0.23 Quarterly Dividend

MetroCity Bankshares, Inc. (NASDAQ:MCBS) declared a quarterly dividend on Wednesday, January 15th,RTT News reports. Investors of record on Wednesday, January 29th will be given a dividend of 0.23 per share on Friday, February 7th. This represents a $0.92 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date of this dividend is Wednesday, January 29th.

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

MetroCity Bankshares Price Performance

MCBS stock opened at $31.27 on Monday. The company’s 50-day moving average price is $32.91 and its two-hundred day moving average price is $31.03. MetroCity Bankshares has a 12 month low of $21.89 and a 12 month high of $36.15. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.92. The firm has a market cap of $792.07 million, a P/E ratio of 12.46 and a beta of 0.64.

MetroCity Bankshares (NASDAQ:MCBS) last posted its quarterly earnings results on Tuesday, January 21st. The company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.02. MetroCity Bankshares had a return on equity of 15.98% and a net margin of 27.33%. During the same quarter in the previous year, the company posted $0.65 earnings per share.

Insider Buying and Selling

In related news, President Farid Tan sold 749 shares of MetroCity Bankshares stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $35.56, for a total value of $26,634.44. Following the transaction, the president now directly owns 920,871 shares of the company’s stock, valued at $32,746,172.76. The trade was a 0.08 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ajit A. Patel sold 5,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $33.10, for a total value of $165,500.00. Following the sale, the director now owns 645,739 shares of the company’s stock, valued at approximately $21,373,960.90. The trade was a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,600 shares of company stock valued at $1,181,786 over the last 90 days. 27.49% of the stock is owned by insiders.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods lifted their target price on shares of MetroCity Bankshares from $34.00 to $36.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th.

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.