Cahaba Wealth Management Inc. Has $792,000 Holdings in MetroCity Bankshares, Inc. (NASDAQ:MCBS)

Cahaba Wealth Management Inc. decreased its holdings in MetroCity Bankshares, Inc. (NASDAQ:MCBS) by 25.0% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 30,000 shares of the company’s stock after selling 10,000 shares during the period. Cahaba Wealth Management Inc.’s holdings in MetroCity Bankshares were worth $792,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake in MetroCity Bankshares by 4.1% during the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 13,594 shares of the company’s stock worth $327,000 after buying an additional 530 shares during the last quarter. Inspire Investing LLC acquired a new stake in MetroCity Bankshares during the 1st quarter worth about $361,000. Empowered Funds LLC grew its holdings in MetroCity Bankshares by 8.1% during the 1st quarter. Empowered Funds LLC now owns 44,610 shares of the company’s stock worth $1,113,000 after acquiring an additional 3,325 shares during the period. Bank of New York Mellon Corp raised its position in shares of MetroCity Bankshares by 1.7% in the 2nd 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. Finally, Vanguard Group Inc. lifted its stake in shares of MetroCity Bankshares by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 981,024 shares of the company’s stock valued at $24,486,000 after purchasing an additional 14,868 shares during the period. 25.33% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Don Leung sold 68,321 shares of MetroCity Bankshares stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $28.59, for a total transaction of $1,953,297.39. Following the sale, the director now directly owns 931,467 shares in the company, valued at approximately $26,630,641.53. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Nack Y. Paek sold 18,287 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $30.71, for a total value of $561,593.77. Following the transaction, the chief executive officer now owns 1,317,913 shares in the company, valued at $40,473,108.23. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Don Leung sold 68,321 shares of the stock in a transaction on Wednesday, July 17th. The shares were sold at an average price of $28.59, for a total value of $1,953,297.39. Following the transaction, the director now directly owns 931,467 shares of the company’s stock, valued at $26,630,641.53. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 218,642 shares of company stock valued at $6,317,697. Insiders own 27.49% of the company’s stock.

MetroCity Bankshares Stock Down 1.6 %

MCBS opened at $29.40 on Friday. MetroCity Bankshares, Inc. has a fifty-two week low of $18.81 and a fifty-two week high of $32.50. The firm has a market capitalization of $741.06 million, a P/E ratio of 14.92 and a beta of 0.60. The company’s 50-day moving average is $28.61 and its 200 day moving average is $25.77. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.24 and a quick ratio of 1.24.

MetroCity Bankshares (NASDAQ:MCBS) last posted its earnings results on Friday, July 19th. The company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.59 by $0.07. MetroCity Bankshares had a net margin of 24.20% and a return on equity of 13.85%. The firm had revenue of $59.67 million for the quarter.

MetroCity Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 9th. Shareholders of record on Wednesday, July 31st were given a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $0.80 annualized dividend and a yield of 2.72%. MetroCity Bankshares’s dividend payout ratio is currently 40.61%.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $32.00 price objective (up previously from $28.00) on shares of MetroCity Bankshares in a research note on Tuesday, July 23rd.

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.