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

MetroCity Bankshares, Inc. (NASDAQ:MCBS - Get Free Report) Director Ajit A. Patel sold 5,000 shares of the firm's stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $33.10, for a total value of $165,500.00. Following the sale, the director now owns 645,739 shares of the company's stock, valued at $21,373,960.90. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

MetroCity Bankshares Stock Up 2.7 %

MetroCity Bankshares stock traded up $0.90 during mid-day trading on Friday, reaching $34.03. The company's stock had a trading volume of 48,210 shares, compared to its average volume of 33,253. 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 business's 50 day simple moving average is $30.33 and its 200 day simple moving average is $27.78. The company has a market capitalization of $862.05 million, a price-to-earnings ratio of 14.67 and a beta of 0.60. MetroCity Bankshares, Inc. has a 12 month low of $19.85 and a 12 month high of $34.62.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last issued its earnings results on Friday, October 18th. The company reported $0.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.64 by $0.01. MetroCity Bankshares had a return on equity of 15.09% and a net margin of 25.54%. The company had revenue of $60.45 million for the quarter.

MetroCity Bankshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Wednesday, October 30th will be paid a dividend of $0.23 per share. This is a positive change from MetroCity Bankshares's previous quarterly dividend of $0.20. This represents a $0.92 dividend on an annualized basis and a yield of 2.70%. The ex-dividend date of this dividend is Wednesday, October 30th. MetroCity Bankshares's dividend payout ratio (DPR) is currently 39.66%.

Analyst Upgrades and Downgrades

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.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Empowered Funds LLC raised its position in shares of MetroCity Bankshares by 8.1% in the 1st quarter. Empowered Funds LLC now owns 44,610 shares of the company's stock valued at $1,113,000 after purchasing an additional 3,325 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in shares of MetroCity Bankshares by 3.5% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 14,066 shares of the company's stock valued at $351,000 after buying an additional 472 shares during the last quarter. Inspire Investing LLC acquired a new position in shares of MetroCity Bankshares in the first quarter valued at approximately $361,000. Vanguard Group Inc. increased its holdings in MetroCity Bankshares by 1.5% in the first quarter. Vanguard Group Inc. now owns 981,024 shares of the company's stock valued at $24,486,000 after buying an additional 14,868 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake 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 during the last quarter. Hedge funds and other institutional investors own 25.33% of the company's stock.

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.