MetroCity Bankshares, Inc. (NASDAQ:MCBS) President Farid Tan Sells 5,983 Shares

MetroCity Bankshares, Inc. (NASDAQ:MCBS) President Farid Tan sold 5,983 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $35.64, for a total transaction of $213,234.12. Following the sale, the president now directly owns 914,888 shares of the company’s stock, valued at $32,606,608.32. The trade was a 0.65 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Farid Tan also recently made the following trade(s):

• On Wednesday, November 13th, Farid Tan sold 749 shares of MetroCity Bankshares stock. The shares were sold at an average price of $35.56, for a total transaction of $26,634.44.
• On Monday, November 11th, Farid Tan sold 1,868 shares of MetroCity Bankshares stock. The stock was 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 shares were sold at an average price of $33.81, for a total transaction of $710,010.00.

MetroCity Bankshares Trading Up 0.3 %

Shares of NASDAQ:MCBS opened at $34.41 on Friday. 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, Inc. has a 12-month low of $19.85 and a 12-month high of $36.15. The company has a market cap of $871.61 million, a PE ratio of 14.83 and a beta of 0.60. The stock has a 50 day moving average of $31.54 and a 200 day moving average of $28.82.

MetroCity Bankshares (NASDAQ:MCBS) last released its earnings results on Friday, October 18th. The company reported $0.65 earnings per share for the quarter, beating 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 business also recently disclosed a quarterly dividend, which was paid on Friday, November 8th. Shareholders of record on Wednesday, October 30th were issued a dividend of $0.23 per share. This is a positive change from MetroCity Bankshares’s previous quarterly dividend of $0.20. This represents a $0.92 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date of this dividend was Wednesday, October 30th. MetroCity Bankshares’s dividend payout ratio (DPR) is 39.66%.

Hedge Funds Weigh In On MetroCity Bankshares

Several hedge funds have recently modified their holdings of MCBS. Sanctuary Advisors LLC purchased a new stake in shares of MetroCity Bankshares in the second quarter worth about $377,000. Creative Planning bought a new stake in MetroCity Bankshares in the 3rd quarter worth approximately $331,000. SG Americas Securities LLC purchased a new stake in shares of MetroCity Bankshares during the 3rd quarter worth approximately $212,000. GSA Capital Partners LLP bought a new position in shares of MetroCity Bankshares during the 3rd quarter valued at approximately $251,000. Finally, Bank of New York Mellon Corp boosted its position in shares of 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 acquiring an additional 2,049 shares during the last quarter. Hedge funds and other institutional investors own 25.33% of the company’s stock.

Analyst Upgrades and Downgrades

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