Insider Selling: MetroCity Bankshares, Inc. (NASDAQ:MCBS) President Sells 21,000 Shares of Stock

MetroCity Bankshares, Inc. (NASDAQ:MCBS) President Farid Tan sold 21,000 shares of the firm’s 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 completion of the transaction, the president now directly owns 923,888 shares in the company, valued at $31,236,653.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

MetroCity Bankshares Trading Down 4.3 %

Shares of MCBS stock traded down $1.48 on Thursday, hitting $33.12. 6,615 shares of the stock traded hands, compared to its average volume of 32,950. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.24 and a current ratio of 1.24. MetroCity Bankshares, Inc. has a twelve month low of $19.85 and a twelve month high of $34.62. The firm’s 50-day moving average price is $30.28 and its two-hundred day moving average price is $27.75. The stock has a market capitalization of $839.00 million, a PE ratio of 14.91 and a beta of 0.60.

MetroCity Bankshares (NASDAQ:MCBS) last posted its earnings results on Friday, October 18th. The company reported $0.65 earnings per share for the quarter, beating the consensus estimate 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 15.09%.

MetroCity Bankshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Investors of record on Wednesday, October 30th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 2.78%. This is a positive change from MetroCity Bankshares’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend is Wednesday, October 30th. MetroCity Bankshares’s dividend payout ratio is presently 39.66%.

Institutional Investors Weigh In On MetroCity Bankshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new stake in shares of MetroCity Bankshares during the third quarter valued at about $212,000. GSA Capital Partners LLP acquired a new stake in MetroCity Bankshares in the 3rd quarter valued at approximately $251,000. Creative Planning acquired a new stake in MetroCity Bankshares in the 3rd quarter valued at approximately $331,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in MetroCity Bankshares by 3.5% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 14,066 shares of the company’s stock valued at $351,000 after purchasing an additional 472 shares during the period. Finally, Inspire Investing LLC acquired a new position in MetroCity Bankshares during the first quarter worth $361,000. Hedge funds and other institutional investors own 25.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods lifted their price objective 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.

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.