MetroCity Bankshares, Inc. (NASDAQ:MCBS) Director Ajit A. Patel Sells 5,000 Shares

MetroCity Bankshares, Inc. (NASDAQ:MCBS) Director Ajit A. Patel sold 5,000 shares of the 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 sale, the director now owns 645,739 shares of the company’s stock, valued at approximately $21,373,960.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

MetroCity Bankshares Trading Up 1.4 %

Shares of MCBS traded up $0.48 during trading hours on Friday, reaching $33.61. 8,831 shares of the company traded hands, compared to its average volume of 33,070. MetroCity Bankshares, Inc. has a 12 month low of $19.85 and a 12 month high of $34.62. The company has a market capitalization of $851.41 million, a price-to-earnings ratio of 14.28 and a beta of 0.60. The company’s fifty day moving average price is $30.28 and its two-hundred day moving average price is $27.75. 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 (NASDAQ:MCBS) last posted 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 firm had revenue of $60.45 million for the quarter. MetroCity Bankshares had a return on equity of 15.09% and a net margin of 25.54%.

MetroCity Bankshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Wednesday, October 30th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.74%. This is a positive change from MetroCity Bankshares’s previous quarterly dividend of $0.20. The ex-dividend date is Wednesday, October 30th. MetroCity Bankshares’s dividend payout ratio (DPR) is presently 39.66%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC bought a new position in shares of MetroCity Bankshares during the second quarter valued at $377,000. SG Americas Securities LLC bought a new stake in MetroCity Bankshares during the 3rd quarter valued at about $212,000. Bank of New York Mellon Corp raised 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 buying an additional 2,049 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of MetroCity Bankshares by 1.5% in the first quarter. Vanguard Group Inc. now owns 981,024 shares of the company’s stock worth $24,486,000 after buying an additional 14,868 shares in the last quarter. Finally, Empowered Funds LLC lifted its stake in shares of MetroCity Bankshares by 8.1% in the first quarter. Empowered Funds LLC now owns 44,610 shares of the company’s stock worth $1,113,000 after buying an additional 3,325 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 price objective on MetroCity Bankshares from $32.00 to $34.00 and gave the stock 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.