Insider Selling: MetroCity Bankshares, Inc. (NASDAQ:MCBS) CEO Sells $561,593.77 in Stock

MetroCity Bankshares, Inc. (NASDAQ:MCBS) CEO Nack Y. Paek sold 18,287 shares of MetroCity Bankshares stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $30.71, for a total value of $561,593.77. Following the sale, the chief executive officer now directly owns 1,317,913 shares of the company’s stock, valued at approximately $40,473,108.23. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

MetroCity Bankshares Stock Up 3.9 %

MCBS opened at $31.97 on Monday. MetroCity Bankshares, Inc. has a fifty-two week low of $18.81 and a fifty-two week high of $32.00. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.20 and a current ratio of 1.22. The company has a market capitalization of $805.96 million, a P/E ratio of 16.23 and a beta of 0.60. The stock has a fifty day moving average of $26.07 and a 200-day moving average of $24.73.

MetroCity Bankshares (NASDAQ:MCBS) last posted its earnings results on Friday, July 19th. The company reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. MetroCity Bankshares had a return on equity of 14.02% and a net margin of 24.20%. The company had revenue of $59.67 million during the quarter.

MetroCity Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Wednesday, July 31st will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date is Wednesday, July 31st. MetroCity Bankshares’s payout ratio is currently 40.61%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Empirical Financial Services LLC d.b.a. Empirical Wealth Management increased its position in shares of MetroCity Bankshares by 4.1% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 13,594 shares of the company’s stock worth $327,000 after purchasing an additional 530 shares during the period. SG Americas Securities LLC increased its position in shares of MetroCity Bankshares by 19.0% in the fourth quarter. SG Americas Securities LLC now owns 10,302 shares of the company’s stock worth $247,000 after purchasing an additional 1,647 shares during the period. Empowered Funds LLC increased its position in shares of MetroCity Bankshares by 8.1% in the first 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. Inspire Investing LLC bought a new position in shares of MetroCity Bankshares in the first quarter worth $361,000. Finally, Bank of New York Mellon Corp increased its position in shares of MetroCity Bankshares by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 123,188 shares of the company’s stock worth $3,252,000 after purchasing an additional 2,049 shares during the period. Institutional investors own 25.33% of the company’s stock.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $32.00 target price (up previously from $28.00) on shares of MetroCity Bankshares in a report on Tuesday, July 23rd.

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.