Farid Tan Sells 1,868 Shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) Stock

MetroCity Bankshares, Inc. (NASDAQ:MCBS) President Farid Tan sold 1,868 shares of the company’s stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $35.55, for a total value of $66,407.40. Following the completion of the sale, the president now owns 922,020 shares in the company, valued at $32,777,811. This trade represents a 0.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

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

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

MetroCity Bankshares Stock Down 0.5 %

Shares of NASDAQ:MCBS opened at $34.06 on Friday. MetroCity Bankshares, Inc. has a 1 year low of $19.85 and a 1 year high of $35.79. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.24 and a quick ratio of 1.24. The business’s 50-day moving average is $30.67 and its 200-day moving average is $28.10. The company has a market capitalization of $862.81 million, a price-to-earnings ratio of 14.68 and a beta of 0.60.

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

MetroCity Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 8th. Shareholders of record on Wednesday, October 30th were issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a yield of 2.70%. This is a boost from MetroCity Bankshares’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Wednesday, October 30th. MetroCity Bankshares’s dividend payout ratio (DPR) is presently 39.66%.

Institutional Investors Weigh In On MetroCity Bankshares

Several hedge funds and other institutional investors have recently bought and sold shares of MCBS. Bank of New York Mellon Corp boosted its holdings in MetroCity Bankshares by 1.7% in the second 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. Charles Schwab Investment Management Inc. lifted its holdings in shares of MetroCity Bankshares by 1.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 147,745 shares of the company’s stock worth $4,524,000 after purchasing an additional 2,745 shares in the last quarter. Empowered Funds LLC grew its position in MetroCity Bankshares by 8.1% in the 1st quarter. Empowered Funds LLC now owns 44,610 shares of the company’s stock valued at $1,113,000 after purchasing an additional 3,325 shares during the period. SG Americas Securities LLC bought a new stake in MetroCity Bankshares during the 3rd quarter valued at $212,000. Finally, PDT Partners LLC acquired a new position in MetroCity Bankshares during the third quarter worth $228,000. 25.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods increased their price objective on shares of MetroCity Bankshares from $32.00 to $34.00 and gave the stock 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.