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

MetroCity Bankshares, Inc. (NASDAQ:MCBS) Director Ajit A. Patel sold 5,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $33.10, for a total transaction of $165,500.00. Following the transaction, the director now owns 645,739 shares in the company, valued at approximately $21,373,960.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

MetroCity Bankshares Trading Up 2.7 %

NASDAQ MCBS opened at $34.03 on Friday. The company has a fifty day simple moving average of $30.40 and a two-hundred day simple moving average of $27.85. The stock has a market cap of $861.98 million, a P/E 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. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.92.

MetroCity Bankshares (NASDAQ:MCBS) last posted 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. MetroCity Bankshares had a net margin of 25.54% and a return on equity of 15.09%. The business had revenue of $60.45 million during the quarter.

MetroCity Bankshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Wednesday, October 30th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.70%. The ex-dividend date was Wednesday, October 30th. This is a boost from MetroCity Bankshares’s previous quarterly dividend of $0.20. MetroCity Bankshares’s dividend payout ratio (DPR) is 39.66%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. SG Americas Securities LLC purchased a new position in MetroCity Bankshares in the third quarter valued at $212,000. GSA Capital Partners LLP acquired a new stake in shares of MetroCity Bankshares in the third quarter valued at about $251,000. Creative Planning acquired a new stake in shares of MetroCity Bankshares in the third quarter valued at about $331,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its position in shares of MetroCity Bankshares by 3.5% in the first 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 purchasing an additional 472 shares during the period. Finally, Inspire Investing LLC acquired a new stake in shares of MetroCity Bankshares in the first quarter valued at about $361,000. Hedge funds and other institutional investors own 25.33% of the company’s stock.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods raised their target price on shares of MetroCity Bankshares from $32.00 to $34.00 and gave the company a “market perform” rating in a research note on Tuesday, October 22nd.

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.