MetroCity Bankshares (NASDAQ:MCBS) Sees Strong Trading Volume After Earnings Beat

MetroCity Bankshares, Inc. (NASDAQ:MCBS) saw an uptick in trading volume on Monday after the company announced better than expected quarterly earnings. 51,293 shares traded hands during mid-day trading, an increase of 90% from the previous session’s volume of 26,950 shares.The stock last traded at $30.40 and had previously closed at $29.66.

The company reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. The business had revenue of $59.67 million for the quarter. MetroCity Bankshares had a return on equity of 13.15% and a net margin of 23.26%.

MetroCity Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Wednesday, July 31st will be paid a dividend of $0.20 per share. The ex-dividend date is Wednesday, July 31st. This represents a $0.80 annualized dividend and a yield of 2.61%. MetroCity Bankshares’s dividend payout ratio is 40.61%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods boosted their price target on MetroCity Bankshares from $27.00 to $28.00 and gave the company a “market perform” rating in a research note on Tuesday, April 23rd.

Insider Activity

In other news, Director Don Leung sold 68,321 shares of the business’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $28.59, for a total value of $1,953,297.39. Following the transaction, the director now directly owns 931,467 shares of the company’s stock, valued at approximately $26,630,641.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other MetroCity Bankshares news, Director Don Leung sold 68,321 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $28.59, for a total value of $1,953,297.39. Following the transaction, the director now directly owns 931,467 shares in the company, valued at approximately $26,630,641.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sam Sang-Koo Shim acquired 1,420 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was purchased at an average price of $24.00 per share, for a total transaction of $34,080.00. Following the completion of the transaction, the director now directly owns 625,016 shares in the company, valued at approximately $15,000,384. The disclosure for this purchase can be found here. In the last ninety days, insiders have purchased 4,015 shares of company stock worth $96,066 and have sold 94,587 shares worth $2,701,878. Corporate insiders own 27.49% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in MCBS. SG Americas Securities LLC raised its stake in shares of MetroCity Bankshares by 19.0% in the 4th quarter. SG Americas Securities LLC now owns 10,302 shares of the company’s stock valued at $247,000 after purchasing an additional 1,647 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in shares of MetroCity Bankshares by 4.1% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 13,594 shares of the company’s stock valued at $327,000 after buying an additional 530 shares during the period. Inspire Investing LLC acquired a new position in MetroCity Bankshares during the first quarter valued at approximately $361,000. Sherrill & Hutchins Financial Advisory Inc acquired a new position in MetroCity Bankshares during the fourth quarter valued at approximately $712,000. Finally, Cahaba Wealth Management Inc. acquired a new position in shares of MetroCity Bankshares during the first quarter worth $998,000. 25.33% of the stock is currently owned by institutional investors.

MetroCity Bankshares Stock Up 3.4 %

The firm’s fifty day moving average price is $25.51 and its 200-day moving average price is $24.46. The company has a market capitalization of $773.19 million, a price-to-earnings ratio of 14.91 and a beta of 0.60. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.22 and a quick ratio of 1.20.

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.