MetroCity Bankshares, Inc. (NASDAQ:MCBS) President Farid Tan Sells 1,868 Shares

MetroCity Bankshares, Inc. (NASDAQ:MCBS) President Farid Tan sold 1,868 shares of the company’s stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $35.55, for a total transaction of $66,407.40. Following the completion of the transaction, the president now owns 922,020 shares in the company, valued at $32,777,811. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

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

• 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 Price Performance

Shares of MCBS stock traded up $0.33 during mid-day trading on Wednesday, hitting $35.14. 12,268 shares of the stock were exchanged, compared to its average volume of 33,396. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.92. MetroCity Bankshares, Inc. has a 52-week low of $19.85 and a 52-week high of $35.79. The firm has a fifty day moving average of $30.59 and a 200 day moving average of $28.06. The company has a market cap of $890.10 million, a PE ratio of 15.19 and a beta of 0.60.

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

MetroCity Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 8th. Stockholders of record on Wednesday, October 30th were issued a $0.23 dividend. This is a positive change from MetroCity Bankshares’s previous quarterly dividend of $0.20. This represents a $0.92 annualized dividend and a dividend yield of 2.62%. The ex-dividend date of this dividend was Wednesday, October 30th. MetroCity Bankshares’s dividend payout ratio is currently 39.66%.

Analyst Upgrades and Downgrades

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

Hedge Funds Weigh In On MetroCity Bankshares

Several hedge funds have recently bought and sold shares of the company. Bank of New York Mellon Corp raised its stake in MetroCity Bankshares by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 123,188 shares of the company’s stock worth $3,252,000 after acquiring an additional 2,049 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of MetroCity Bankshares by 1.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 147,745 shares of the company’s stock worth $4,524,000 after acquiring an additional 2,745 shares during the period. Empowered Funds LLC increased its position in MetroCity Bankshares by 8.1% during 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 during the period. SG Americas Securities LLC acquired a new stake in MetroCity Bankshares in the third quarter valued at $212,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of MetroCity Bankshares in the third quarter valued at about $251,000. Institutional investors and hedge funds 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.