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 stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $35.64, for a total transaction of $213,234.12. Following the sale, the president now owns 914,888 shares in the company, valued at $32,606,608.32. This represents a 0.65 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed 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 value of $26,634.44.
• On Monday, November 11th, Farid Tan sold 1,868 shares of MetroCity Bankshares stock. The stock was 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 shares were sold at an average price of $33.81, for a total value of $710,010.00.

MetroCity Bankshares Stock Performance

Shares of MCBS stock opened at $34.41 on Friday. The firm has a market capitalization of $871.61 million, a price-to-earnings ratio of 14.83 and a beta of 0.60. The stock has a fifty day moving average of $31.54 and a 200 day moving average of $28.82. MetroCity Bankshares, Inc. has a 52 week low of $19.85 and a 52 week high of $36.15. 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 released its quarterly earnings results on Friday, October 18th. The company reported $0.65 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.01. The company 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. Stockholders of record on Wednesday, October 30th were issued a dividend of $0.23 per share. The ex-dividend date of this dividend was Wednesday, October 30th. This is an increase from MetroCity Bankshares’s previous quarterly dividend of $0.20. This represents a $0.92 annualized dividend and a dividend yield of 2.67%. MetroCity Bankshares’s dividend payout ratio (DPR) is presently 39.66%.

Institutional Trading of MetroCity Bankshares

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

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods lifted their price target on MetroCity Bankshares from $32.00 to $34.00 and gave the stock a “market perform” rating in a research note 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.