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 MetroCity Bankshares stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $33.81, for a total value of $710,010.00. Following the completion of the sale, the president now directly owns 923,888 shares of the company’s stock, valued at $31,236,653.28. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

MetroCity Bankshares Price Performance

Shares of NASDAQ:MCBS opened at $34.03 on Friday. MetroCity Bankshares, Inc. has a 12 month low of $19.85 and a 12 month high of $34.62. The company has a 50 day moving average of $30.40 and a 200 day moving average of $27.85. The stock has a market cap of $861.98 million, a P/E ratio of 14.67 and a beta of 0.60. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.92.

MetroCity Bankshares (NASDAQ:MCBS) last announced its earnings results on Friday, October 18th. The company reported $0.65 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01. MetroCity Bankshares had a net margin of 25.54% and a return on equity of 15.09%. The business had revenue of $60.45 million during the quarter.

MetroCity Bankshares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 8th. Shareholders of record on Wednesday, October 30th were given a $0.23 dividend. This is an increase from MetroCity Bankshares’s previous quarterly dividend of $0.20. This represents a $0.92 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend was Wednesday, October 30th. MetroCity Bankshares’s payout ratio is currently 39.66%.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods upped their price target 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 Investors Weigh In On MetroCity Bankshares

Several institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in MetroCity Bankshares during the third quarter worth $212,000. GSA Capital Partners LLP acquired a new stake in shares of MetroCity Bankshares in the third quarter valued at about $251,000. Creative Planning acquired a new stake in MetroCity Bankshares during the 3rd quarter valued at approximately $331,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in MetroCity Bankshares by 3.5% during the 1st 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 acquiring an additional 472 shares in the last quarter. Finally, Inspire Investing LLC bought a new position in shares of MetroCity Bankshares in the first quarter worth about $361,000. Hedge funds and other institutional investors own 25.33% of the company’s stock.

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.