Insider Selling: MetroCity Bankshares, Inc. (NASDAQ:MCBS) President Sells 21,000 Shares of Stock

MetroCity Bankshares, Inc. (NASDAQ:MCBS - Get Free Report) President Farid Tan sold 21,000 shares of the company's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $33.81, for a total transaction of $710,010.00. Following the sale, the president now directly owns 923,888 shares in the company, valued at approximately $31,236,653.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

MetroCity Bankshares Price Performance

MCBS traded down $1.47 during trading on Thursday, reaching $33.13. 57,151 shares of the company were exchanged, compared to its average volume of 33,184. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.92. The company has a market cap of $839.25 million, a price-to-earnings ratio of 14.28 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. The company's 50-day moving average is $30.28 and its two-hundred day moving average is $27.75.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last announced its quarterly 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. The firm had revenue of $60.45 million for the quarter. MetroCity Bankshares had a net margin of 25.54% and a return on equity of 15.09%.

MetroCity Bankshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Stockholders of record on Wednesday, October 30th will be given 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 dividend yield of 2.78%. The ex-dividend date of this dividend is Wednesday, October 30th. MetroCity Bankshares's payout ratio is 39.66%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods boosted their target price 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.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Empowered Funds LLC increased its position in shares of MetroCity Bankshares by 8.1% in the first quarter. Empowered Funds LLC now owns 44,610 shares of the company's stock worth $1,113,000 after purchasing an additional 3,325 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its position in shares of MetroCity Bankshares by 3.5% during 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 in the last quarter. Inspire Investing LLC bought a new stake in shares of MetroCity Bankshares during the 1st quarter worth $361,000. Vanguard Group Inc. lifted its holdings in shares of MetroCity Bankshares by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 981,024 shares of the company's stock worth $24,486,000 after acquiring an additional 14,868 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in 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 valued at $3,252,000 after acquiring an additional 2,049 shares during the last quarter. 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.