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 stock in a transaction on Wednesday, November 13th. The shares were sold at an average price of $35.56, for a total value of $26,634.44. Following the completion of the sale, the president now owns 920,871 shares in the company, valued at approximately $32,746,172.76. The trade was a 0.08 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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 value 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 value of $710,010.00.

MetroCity Bankshares Stock Performance

NASDAQ:MCBS opened at $33.91 on Friday. MetroCity Bankshares, Inc. has a 12 month low of $19.85 and a 12 month 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 has a market capitalization of $859.01 million, a PE ratio of 14.62 and a beta of 0.60. The business’s fifty day moving average price is $30.85 and its 200 day moving average price is $28.21.

MetroCity Bankshares (NASDAQ:MCBS) last released its quarterly earnings data on Friday, October 18th. The company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.01. The business 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 announced 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 boost from MetroCity Bankshares’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Wednesday, October 30th. This represents a $0.92 annualized dividend and a dividend yield of 2.71%. MetroCity Bankshares’s dividend payout ratio is presently 39.66%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised their target price on shares of MetroCity Bankshares from $32.00 to $34.00 and gave the company a “market perform” rating in a report on Tuesday, October 22nd.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Geode Capital Management LLC boosted its position in shares of MetroCity Bankshares by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 424,739 shares of the company’s stock valued at $13,009,000 after purchasing an additional 6,341 shares during the period. Barclays PLC raised its holdings in shares of MetroCity Bankshares by 345.5% in the third quarter. Barclays PLC now owns 28,341 shares of the company’s stock valued at $868,000 after buying an additional 21,979 shares during the last quarter. Jane Street Group LLC boosted its stake in shares of MetroCity Bankshares by 2.3% during the third quarter. Jane Street Group LLC now owns 16,357 shares of the company’s stock worth $501,000 after buying an additional 370 shares during the period. State Street Corp grew its holdings in shares of MetroCity Bankshares by 2.9% during the third quarter. State Street Corp now owns 429,312 shares of the company’s stock worth $13,146,000 after buying an additional 11,900 shares during the last quarter. Finally, PDT Partners LLC acquired a new position in MetroCity Bankshares in the 3rd quarter valued at about $228,000. 25.33% of the stock is owned by hedge funds and other institutional investors.

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.