MetroCity Bankshares, Inc. (NASDAQ:MCBS) Raises Dividend to $0.23 Per Share

MetroCity Bankshares, Inc. (NASDAQ:MCBS) declared a quarterly dividend on Wednesday, October 16th, Zacks reports. Shareholders of record on Wednesday, October 30th will be paid a dividend of 0.23 per share on Friday, November 8th. This represents a $0.92 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Wednesday, October 30th. This is a boost from MetroCity Bankshares’s previous quarterly dividend of $0.20.

MetroCity Bankshares has raised its dividend by an average of 21.6% per year over the last three years. MetroCity Bankshares has a payout ratio of 35.4% meaning its dividend is sufficiently covered by earnings.

MetroCity Bankshares Price Performance

MCBS opened at $29.67 on Monday. The stock has a 50-day moving average price of $30.00 and a 200-day moving average price of $27.34. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.24 and a quick ratio of 1.24. The firm has a market cap of $747.86 million, a PE ratio of 15.06 and a beta of 0.60. MetroCity Bankshares has a 1 year low of $19.45 and a 1 year high of $32.87.

MetroCity Bankshares (NASDAQ:MCBS) last posted its quarterly earnings results on Friday, October 18th. The company reported $0.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.01. The firm had revenue of $60.45 million during the quarter. MetroCity Bankshares had a return on equity of 15.09% and a net margin of 25.54%.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods lifted their price target on MetroCity Bankshares from $32.00 to $34.00 and gave the stock a “market perform” rating in a research report on Tuesday, October 22nd.

Insiders Place Their Bets

In other MetroCity Bankshares news, Director Sam Sang-Koo Shim sold 46,200 shares of the business’s stock in a transaction dated Thursday, August 22nd. The stock was sold at an average price of $27.90, for a total value of $1,288,980.00. Following the completion of the transaction, the director now owns 537,961 shares of the company’s stock, valued at approximately $15,009,111.90. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last 90 days, insiders sold 76,945 shares of company stock valued at $2,158,114. 27.49% of the stock is owned by insiders.

MetroCity Bankshares Company Profile

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.