Empowered Funds LLC Sells 35,916 Shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS)

Empowered Funds LLC lessened its holdings in MetroCity Bankshares, Inc. (NASDAQ:MCBS - Free Report) by 74.8% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,114 shares of the company's stock after selling 35,916 shares during the quarter. Empowered Funds LLC's holdings in MetroCity Bankshares were worth $371,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its position in MetroCity Bankshares by 1.5% during the first quarter. Vanguard Group Inc. now owns 981,024 shares of the company's stock worth $24,486,000 after buying an additional 14,868 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of MetroCity Bankshares by 1.7% during the 2nd 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 in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of MetroCity Bankshares by 4.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 364,142 shares of the company's stock worth $9,612,000 after purchasing an additional 15,796 shares in the last quarter. Sanctuary Advisors LLC bought a new position in shares of MetroCity Bankshares in the second quarter worth $377,000. Finally, SG Americas Securities LLC acquired a new position in MetroCity Bankshares in the third quarter valued at about $212,000. 25.33% of the stock is currently owned by institutional investors and hedge funds.

MetroCity Bankshares Price Performance

NASDAQ:MCBS traded down $0.96 during mid-day trading on Tuesday, reaching $34.31. The stock had a trading volume of 33,386 shares, compared to its average volume of 33,753. MetroCity Bankshares, Inc. has a 12 month low of $19.85 and a 12 month high of $36.15. The stock has a market capitalization of $869.07 million, a PE ratio of 14.79 and a beta of 0.60. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.24 and a quick ratio of 1.24. The stock has a 50-day simple moving average of $31.42 and a two-hundred day simple moving average of $28.74.

MetroCity Bankshares (NASDAQ:MCBS - Get Free Report) last posted its quarterly earnings results on Friday, October 18th. The company reported $0.65 EPS for the quarter, topping analysts' consensus estimates of $0.64 by $0.01. The company had revenue of $60.45 million during 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 paid a $0.23 dividend. This is an increase 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 2.68%. The ex-dividend date was Wednesday, October 30th. MetroCity Bankshares's dividend payout ratio (DPR) is presently 39.66%.

Insider Activity at MetroCity Bankshares

In related news, Director Ajit A. Patel sold 5,000 shares of the firm's stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $33.10, for a total transaction 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 trade represents a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Farid Tan sold 1,868 shares of the business's stock in a transaction on Monday, November 11th. The stock was sold at an average price of $35.55, for a total value of $66,407.40. Following the sale, the president now owns 922,020 shares in the company, valued at $32,777,811. This represents a 0.20 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,617 shares of company stock valued at $968,552. 27.49% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods increased their price objective on shares of 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.