MetroCity Bankshares, Inc. (NASDAQ:MCBS) Director Sells $165,500.00 in Stock

MetroCity Bankshares, Inc. (NASDAQ:MCBS) Director Ajit A. Patel sold 5,000 shares of the business’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $33.10, for a total transaction of $165,500.00. Following the transaction, the director now owns 645,739 shares in the company, valued at $21,373,960.90. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

MetroCity Bankshares Price Performance

MetroCity Bankshares stock opened at $34.03 on Friday. The company’s 50 day simple moving average is $30.40 and its 200-day simple moving average is $27.85. The company has a market capitalization of $861.98 million, a price-to-earnings ratio of 14.67 and a beta of 0.60. MetroCity Bankshares, Inc. has a 1 year low of $19.85 and a 1 year high of $34.62. 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 (NASDAQ:MCBS) last released its quarterly earnings results on Friday, October 18th. The company reported $0.65 earnings per share (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 net margin of 25.54% and a return on equity of 15.09%.

MetroCity Bankshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Wednesday, October 30th were paid a dividend of $0.23 per share. 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 dividend payout ratio is presently 39.66%.

Institutional Investors Weigh In On MetroCity Bankshares

Large investors have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC purchased a new stake in MetroCity Bankshares during the 2nd quarter worth approximately $377,000. Creative Planning acquired a new position in MetroCity Bankshares during the 3rd quarter worth approximately $331,000. SG Americas Securities LLC acquired a new position in MetroCity Bankshares during the 3rd quarter worth approximately $212,000. Bank of New York Mellon Corp grew its holdings in MetroCity Bankshares by 1.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 123,188 shares of the company’s stock worth $3,252,000 after acquiring an additional 2,049 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in MetroCity Bankshares by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 981,024 shares of the company’s stock worth $24,486,000 after acquiring an additional 14,868 shares in the last quarter. 25.33% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods boosted 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.

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.