Don Leung Sells 17,014 Shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) Stock

MetroCity Bankshares, Inc. (NASDAQ:MCBS) Director Don Leung sold 17,014 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $31.02, for a total transaction of $527,774.28. Following the transaction, the director now owns 914,453 shares in the company, valued at approximately $28,366,332.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Don Leung also recently made the following trade(s):

• On Wednesday, July 17th, Don Leung sold 68,321 shares of MetroCity Bankshares stock. The stock was sold at an average price of $28.59, for a total transaction of $1,953,297.39.
• On Monday, July 15th, Don Leung sold 26,205 shares of MetroCity Bankshares stock. The stock was sold at an average price of $28.50, for a total transaction of $746,842.50.
• On Friday, July 12th, Don Leung sold 61 shares of MetroCity Bankshares stock. The stock was sold at an average price of $28.50, for a total transaction of $1,738.50.

MetroCity Bankshares Trading Up 1.0 %

MCBS opened at $30.78 on Friday. 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, Inc. has a fifty-two week low of $18.81 and a fifty-two week high of $31.50. The firm has a market capitalization of $775.84 million, a PE ratio of 15.62 and a beta of 0.60. The company’s 50-day moving average is $25.95 and its 200 day moving average is $24.65.

MetroCity Bankshares (NASDAQ:MCBS) last posted its earnings results on Friday, July 19th. The company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. MetroCity Bankshares had a net margin of 24.20% and a return on equity of 14.02%. The company had revenue of $59.67 million for the quarter.

MetroCity Bankshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 9th. Shareholders of record on Wednesday, July 31st will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date is Wednesday, July 31st. MetroCity Bankshares’s payout ratio is 40.61%.

Institutional Investors Weigh In On MetroCity Bankshares

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in MetroCity Bankshares by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 981,024 shares of the company’s stock worth $24,486,000 after purchasing an additional 14,868 shares in the last quarter. Bank of New York Mellon Corp grew its position in MetroCity Bankshares by 1.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 123,188 shares of the company’s stock worth $3,252,000 after purchasing an additional 2,049 shares in the last quarter. Empowered Funds LLC grew its position in MetroCity Bankshares by 8.1% in the 1st quarter. Empowered Funds LLC now owns 44,610 shares of the company’s stock worth $1,113,000 after purchasing an additional 3,325 shares in the last quarter. Cahaba Wealth Management Inc. bought a new stake in MetroCity Bankshares in the 1st quarter worth about $998,000. Finally, Sherrill & Hutchins Financial Advisory Inc bought a new stake in MetroCity Bankshares in the 4th quarter worth about $712,000. 25.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $32.00 target price (up previously from $28.00) on shares of MetroCity Bankshares in a report on Tuesday.

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.