Insider Selling: MetroCity Bankshares, Inc. (NASDAQ:MCBS) President Sells $26,634.44 in Stock

MetroCity Bankshares, Inc. (NASDAQ:MCBS) President Farid Tan sold 749 shares of the company’s stock in a transaction on 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 sale, the president now directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

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

• On Monday, November 11th, Farid Tan sold 1,868 shares of MetroCity Bankshares stock. The shares were 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 stock was sold at an average price of $33.81, for a total value of $710,010.00.

MetroCity Bankshares Stock Down 0.4 %

MCBS opened at $33.91 on Friday. MetroCity Bankshares, Inc. has a twelve month low of $19.85 and a twelve month high of $35.79. The company has a 50-day moving average price of $30.85 and a 200 day moving average price of $28.25. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.92. The company has a market cap of $858.94 million, a PE ratio of 14.62 and a beta of 0.60.

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 business had revenue of $60.45 million during 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 disclosed a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Wednesday, October 30th were given a dividend of $0.23 per share. This is an increase from MetroCity Bankshares’s previous quarterly dividend of $0.20. The ex-dividend date was Wednesday, October 30th. This represents a $0.92 dividend on an annualized basis and a yield of 2.71%. MetroCity Bankshares’s dividend payout ratio (DPR) is presently 39.66%.

Institutional Trading of MetroCity Bankshares

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted 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 valued at $24,486,000 after acquiring an additional 14,868 shares during the last quarter. State Street Corp grew its stake in shares of MetroCity Bankshares by 2.9% in the 3rd quarter. State Street Corp now owns 429,312 shares of the company’s stock valued at $13,146,000 after buying an additional 11,900 shares during the period. Geode Capital Management LLC grew its stake 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 buying an additional 6,341 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of MetroCity Bankshares by 4.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 364,142 shares of the company’s stock worth $9,612,000 after buying an additional 15,796 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of MetroCity Bankshares by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 147,745 shares of the company’s stock valued at $4,524,000 after buying an additional 2,745 shares during the period. 25.33% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

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.