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 business’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 completion of the sale, the president now directly owns 914,888 shares of the company’s stock, valued at $32,606,608.32. This represents a 0.65 % decrease in their position. The transaction was disclosed in a document filed 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 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 shares were sold at an average price of $33.81, for a total transaction of $710,010.00.

MetroCity Bankshares Price Performance

Shares of MetroCity Bankshares stock traded up $0.34 on Wednesday, reaching $34.65. 11,800 shares of the stock were exchanged, compared to its average volume of 33,642. The firm’s 50 day moving average is $31.42 and its 200-day moving average is $28.74. MetroCity Bankshares, Inc. has a one year low of $19.85 and a one year high of $36.15. 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 firm has a market cap of $877.68 million, a PE ratio of 14.79 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 for the quarter, topping analysts’ consensus estimates of $0.64 by $0.01. MetroCity Bankshares had a net margin of 25.54% and a return on equity of 14.97%. The company had revenue of $60.45 million during the quarter.

MetroCity Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Wednesday, October 30th were paid a $0.23 dividend. This is an increase from MetroCity Bankshares’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Wednesday, October 30th. This represents a $0.92 annualized dividend and a yield of 2.66%. MetroCity Bankshares’s dividend payout ratio is presently 39.66%.

Hedge Funds Weigh In On MetroCity Bankshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Jane Street Group LLC boosted its holdings in shares of MetroCity Bankshares by 2.3% during the 3rd quarter. Jane Street Group LLC now owns 16,357 shares of the company’s stock valued at $501,000 after acquiring an additional 370 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of MetroCity Bankshares by 15.4% during the third quarter. Franklin Resources Inc. now owns 11,680 shares of the company’s stock valued at $358,000 after purchasing an additional 1,557 shares in the last quarter. Bank of New York Mellon Corp grew 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 worth $3,252,000 after purchasing an additional 2,049 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of MetroCity Bankshares by 1.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 147,745 shares of the company’s stock valued at $4,524,000 after buying an additional 2,745 shares during the period. Finally, Geode Capital Management LLC raised its holdings in MetroCity Bankshares by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 424,739 shares of the company’s stock valued at $13,009,000 after buying an additional 6,341 shares during the last quarter. Institutional investors own 25.33% of the company’s stock.

Wall Street Analyst Weigh In

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