MetroCity Bankshares, Inc. (NASDAQ:MCBS) to Issue Quarterly Dividend of $0.23

MetroCity Bankshares, Inc. (NASDAQ:MCBS) announced a quarterly dividend on Wednesday, January 15th,RTT News reports. Stockholders of record on Wednesday, January 29th will be paid a dividend of 0.23 per share on Friday, February 7th. This represents a $0.92 annualized dividend and a dividend yield of 2.91%. The ex-dividend date is Wednesday, January 29th.

MetroCity Bankshares has increased its dividend payment by an average of 21.7% per year over the last three years. MetroCity Bankshares has a payout ratio of 32.6% indicating that its dividend is sufficiently covered by earnings.

MetroCity Bankshares Trading Down 1.3 %

NASDAQ:MCBS opened at $31.57 on Friday. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.24 and a current ratio of 1.24. The company has a market capitalization of $799.67 million, a P/E ratio of 13.61 and a beta of 0.64. MetroCity Bankshares has a 52 week low of $21.89 and a 52 week high of $36.15. The stock’s 50 day moving average price is $33.27 and its 200 day moving average price is $30.75.

MetroCity Bankshares (NASDAQ:MCBS) last announced its quarterly earnings results on Friday, October 18th. The company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01. MetroCity Bankshares had a return on equity of 14.97% and a net margin of 25.54%. The company had revenue of $60.45 million during the quarter.

Insider Activity

In other MetroCity Bankshares news, President Farid Tan sold 21,000 shares of MetroCity Bankshares stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $33.81, for a total transaction of $710,010.00. Following the sale, the president now directly owns 923,888 shares of the company’s stock, valued at approximately $31,236,653.28. The trade was a 2.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ajit A. Patel sold 5,000 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $33.10, for a total value of $165,500.00. Following the completion of the sale, the director now directly owns 645,739 shares in the company, valued at approximately $21,373,960.90. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,600 shares of company stock worth $1,181,786. Company insiders own 27.49% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised their price target on MetroCity Bankshares from $34.00 to $36.00 and gave the company 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.