MetroCity Bankshares (NASDAQ:MCBS) Sets New 12-Month High After Dividend Announcement

MetroCity Bankshares, Inc. (NASDAQ:MCBS)’s stock price hit a new 52-week high on Thursday following a dividend announcement from the company. The company traded as high as $32.00 and last traded at $31.85, with a volume of 20890 shares changing hands. The stock had previously closed at $31.17.

The newly announced dividend which will be paid on Friday, May 8th. Stockholders of record on Wednesday, April 29th will be given a dividend of $0.29 per share. This is a positive change from MetroCity Bankshares’s previous quarterly dividend of $0.25. This represents a $1.16 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend is Wednesday, April 29th. MetroCity Bankshares’s payout ratio is currently 38.02%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on MCBS shares. Wall Street Zen downgraded shares of MetroCity Bankshares from a “buy” rating to a “hold” rating in a research report on Saturday, April 11th. Weiss Ratings raised shares of MetroCity Bankshares from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, February 18th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of MetroCity Bankshares from $32.00 to $33.00 and gave the stock a “market perform” rating in a research report on Thursday, April 9th. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, MetroCity Bankshares presently has a consensus rating of “Moderate Buy” and an average target price of $33.00.

MetroCity Bankshares Price Performance

The company’s fifty day moving average is $29.07 and its 200 day moving average is $27.69. The firm has a market cap of $907.93 million, a price-to-earnings ratio of 12.01 and a beta of 0.68. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 0.94.

MetroCity Bankshares (NASDAQ:MCBS) last announced its earnings results on Friday, January 30th. The company reported $0.68 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.05). MetroCity Bankshares had a return on equity of 14.82% and a net margin of 27.93%.The business had revenue of $43.74 million for the quarter, compared to analyst estimates of $44.50 million.

Institutional Trading of MetroCity Bankshares

A number of large investors have recently added to or reduced their stakes in MCBS. CWM LLC lifted its stake in MetroCity Bankshares by 78.8% in the third quarter. CWM LLC now owns 955 shares of the company’s stock valued at $26,000 after acquiring an additional 421 shares during the last quarter. State of Alaska Department of Revenue acquired a new stake in MetroCity Bankshares in the third quarter valued at $28,000. Russell Investments Group Ltd. acquired a new stake in MetroCity Bankshares in the third quarter valued at $45,000. BNP Paribas Financial Markets lifted its stake in MetroCity Bankshares by 21.5% in the second quarter. BNP Paribas Financial Markets now owns 3,057 shares of the company’s stock valued at $87,000 after acquiring an additional 540 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in MetroCity Bankshares in the fourth quarter valued at $99,000. Institutional investors and hedge funds own 25.33% of the company’s stock.

About MetroCity Bankshares

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.