MetroCity Bankshares, Inc. (NASDAQ:MCBS) President Farid Tan Sells 749 Shares of Stock

MetroCity Bankshares, Inc. (NASDAQ:MCBS) President Farid Tan sold 749 shares of the 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 transaction, the president now directly owns 920,871 shares in the company, valued at approximately $32,746,172.76. This represents a 0.08 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

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 transaction 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 Trading Down 1.1 %

Shares of MetroCity Bankshares stock traded down $0.39 on Friday, hitting $33.67. The stock had a trading volume of 7,493 shares, compared to its average volume of 33,452. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.92. MetroCity Bankshares, Inc. has a one year low of $19.85 and a one year high of $35.79. The stock’s 50-day simple moving average is $30.76 and its two-hundred day simple moving average is $28.14. The stock has a market cap of $852.93 million, a price-to-earnings ratio of 14.67 and a beta of 0.60.

MetroCity Bankshares (NASDAQ:MCBS) last announced its quarterly 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 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 declared a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Wednesday, October 30th were issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.73%. 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. MetroCity Bankshares’s payout ratio is currently 39.66%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sanctuary Advisors LLC bought a new stake in shares of MetroCity Bankshares in the 2nd quarter worth approximately $377,000. Creative Planning bought a new stake in MetroCity Bankshares in the third quarter valued at $331,000. SG Americas Securities LLC bought a new stake in MetroCity Bankshares in the third quarter valued at $212,000. Bank of New York Mellon Corp increased 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 valued at $3,252,000 after purchasing an additional 2,049 shares during the period. Finally, Vanguard Group Inc. raised its holdings in MetroCity Bankshares by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 981,024 shares of the company’s stock worth $24,486,000 after purchasing an additional 14,868 shares in the last quarter. Institutional investors own 25.33% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods increased their target price on MetroCity Bankshares from $32.00 to $34.00 and gave the company a “market perform” rating in a 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.