Insider Selling: MetroCity Bankshares, Inc. (NASDAQ:MCBS) President Sells 749 Shares of Stock

MetroCity Bankshares, Inc. (NASDAQ:MCBS) President Farid Tan sold 749 shares of the company’s stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $35.56, for a total transaction of $26,634.44. Following the completion of the transaction, the president now directly owns 920,871 shares in the company, valued at $32,746,172.76. The trade was a 0.08 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Farid Tan also recently made the following trade(s):

• On Monday, November 11th, Farid Tan sold 1,868 shares of MetroCity Bankshares stock. The stock was sold at an average price of $35.55, for a total transaction of $66,407.40.
• On Wednesday, November 6th, Farid Tan sold 21,000 shares of MetroCity Bankshares stock. The shares were sold at an average price of $33.81, for a total transaction of $710,010.00.

MetroCity Bankshares Stock Down 0.4 %

Shares of NASDAQ:MCBS opened at $33.91 on Friday. The firm has a market capitalization of $858.94 million, a PE ratio of 14.62 and a beta of 0.60. MetroCity Bankshares, Inc. has a 1 year low of $19.85 and a 1 year high of $35.79. 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’s 50-day moving average is $30.85 and its two-hundred day moving average is $28.25.

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

MetroCity Bankshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Wednesday, October 30th were issued a $0.23 dividend. The ex-dividend date was Wednesday, October 30th. This is a positive change from MetroCity Bankshares’s previous quarterly dividend of $0.20. This represents a $0.92 dividend on an annualized basis and a yield of 2.71%. MetroCity Bankshares’s dividend payout ratio (DPR) is 39.66%.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised 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.

Institutional Investors Weigh In On MetroCity Bankshares

Large investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC purchased a new stake in shares of MetroCity Bankshares during the second quarter worth approximately $377,000. Creative Planning acquired a new position in MetroCity Bankshares during the 3rd quarter worth approximately $331,000. SG Americas Securities LLC purchased a new stake in shares of MetroCity Bankshares in the 3rd quarter valued at approximately $212,000. Bank of New York Mellon Corp raised its holdings in shares of 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 valued at $3,252,000 after purchasing an additional 2,049 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of MetroCity Bankshares by 1.5% during 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 during the last quarter. Hedge funds and other institutional investors own 25.33% of the company’s stock.

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.