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

MetroCity Bankshares, Inc. (NASDAQ:MCBS) President Farid Tan sold 5,983 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $35.64, for a total value of $213,234.12. Following the transaction, the president now directly owns 914,888 shares of the company’s stock, valued at approximately $32,606,608.32. This represents a 0.65 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $35.56, for a total value of $26,634.44.
• 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 value 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 transaction of $710,010.00.

MetroCity Bankshares Trading Up 1.0 %

Shares of MCBS stock traded up $0.34 during mid-day trading on Wednesday, hitting $34.65. The company’s stock had a trading volume of 11,800 shares, compared to its average volume of 33,642. The company has a market cap of $877.68 million, a PE ratio of 14.79 and a beta of 0.60. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.24 and a current ratio of 1.24. The company’s fifty day simple moving average is $31.42 and its 200-day simple moving average is $28.74. MetroCity Bankshares, Inc. has a 52 week low of $19.85 and a 52 week high of $36.15.

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 announced a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Wednesday, October 30th were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Wednesday, October 30th. This is a positive change from MetroCity Bankshares’s previous quarterly dividend of $0.20. This represents a $0.92 annualized dividend and a yield of 2.66%. MetroCity Bankshares’s dividend payout ratio is currently 39.66%.

Institutional Investors Weigh In On MetroCity Bankshares

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Sanctuary Advisors LLC bought a new position in shares of MetroCity Bankshares during the 2nd quarter worth about $377,000. Creative Planning bought a new position in MetroCity Bankshares in the third quarter worth approximately $331,000. SG Americas Securities LLC acquired a new stake in MetroCity Bankshares in the third quarter valued at approximately $212,000. GSA Capital Partners LLP bought a new stake in shares of MetroCity Bankshares during the third quarter valued at approximately $251,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of MetroCity Bankshares by 1.7% during the second 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 in the last quarter. 25.33% of the stock is owned by institutional investors.

Analyst Ratings Changes

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.