MetroCity Bankshares (NASDAQ:MCBS) Sets New 12-Month High – Here’s What Happened

MetroCity Bankshares, Inc. (NASDAQ:MCBS) shares hit a new 52-week high on Monday . The stock traded as high as $35.83 and last traded at $35.59, with a volume of 19816 shares. The stock had previously closed at $35.25.

Wall Street Analysts Forecast Growth

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

MetroCity Bankshares Price Performance

The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.92. The company’s 50-day moving average price is $31.27 and its two-hundred day moving average price is $28.60. The company has a market cap of $901.75 million, a P/E ratio of 15.19 and a beta of 0.60.

MetroCity Bankshares (NASDAQ:MCBS) last issued its earnings results on Friday, October 18th. The company reported $0.65 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01. The company had revenue of $60.45 million for the quarter. MetroCity Bankshares had a net margin of 25.54% and a return on equity of 14.97%.

MetroCity Bankshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 8th. Stockholders of record on Wednesday, October 30th were given a dividend of $0.23 per share. The ex-dividend date of this dividend was Wednesday, October 30th. This is an increase from MetroCity Bankshares’s previous quarterly dividend of $0.20. This represents a $0.92 annualized dividend and a dividend yield of 2.58%. MetroCity Bankshares’s payout ratio is currently 39.66%.

Insider Buying and Selling at MetroCity Bankshares

In related news, Director Ajit A. Patel sold 5,000 shares of the firm’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 completion of the transaction, the director now owns 645,739 shares of the company’s stock, valued at $21,373,960.90. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Farid Tan sold 21,000 shares of MetroCity Bankshares stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $33.81, for a total transaction of $710,010.00. Following the completion of the transaction, the president now owns 923,888 shares in the company, valued at approximately $31,236,653.28. This trade represents a 2.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,617 shares of company stock valued at $968,552 in the last quarter. Corporate insiders own 27.49% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Jane Street Group LLC grew its stake in shares of MetroCity Bankshares by 2.3% in the 3rd quarter. Jane Street Group LLC now owns 16,357 shares of the company’s stock valued at $501,000 after buying an additional 370 shares in the last quarter. Bank of New York Mellon Corp lifted its position 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 during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of MetroCity Bankshares by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 147,745 shares of the company’s stock valued at $4,524,000 after purchasing an additional 2,745 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of MetroCity Bankshares by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 424,739 shares of the company’s stock worth $13,009,000 after purchasing an additional 6,341 shares during the last quarter. Finally, SG Americas Securities LLC bought a new stake in MetroCity Bankshares during the 3rd quarter valued at approximately $212,000. 25.33% of the stock is owned by institutional investors and hedge funds.

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.