MetroCity Bankshares, Inc. (NASDAQ:MCBS) CEO Nack Y. Paek Sells 18,287 Shares

MetroCity Bankshares, Inc. (NASDAQ:MCBS) CEO Nack Y. Paek sold 18,287 shares of the company’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $30.71, for a total transaction of $561,593.77. Following the completion of the sale, the chief executive officer now directly owns 1,317,913 shares in the company, valued at $40,473,108.23. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

MetroCity Bankshares Price Performance

MCBS traded up $0.23 during midday trading on Friday, hitting $31.01. 11,094 shares of the company traded hands, compared to its average volume of 28,962. The company has a current ratio of 1.22, a quick ratio of 1.20 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $781.76 million, a price-to-earnings ratio of 15.62 and a beta of 0.60. MetroCity Bankshares, Inc. has a 52-week low of $18.81 and a 52-week high of $31.50. The business has a 50 day simple moving average of $25.95 and a two-hundred day simple moving average of $24.65.

MetroCity Bankshares (NASDAQ:MCBS) last posted its quarterly earnings data on Friday, July 19th. The company reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.07. The business had revenue of $59.67 million for the quarter. MetroCity Bankshares had a net margin of 24.20% and a return on equity of 14.02%.

MetroCity Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 9th. Stockholders of record on Wednesday, July 31st will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date is Wednesday, July 31st. MetroCity Bankshares’s dividend payout ratio (DPR) is 40.61%.

Institutional Investors Weigh In On MetroCity Bankshares

A number of hedge funds have recently modified their holdings of MCBS. SG Americas Securities LLC increased its position in MetroCity Bankshares by 19.0% during the fourth quarter. SG Americas Securities LLC now owns 10,302 shares of the company’s stock worth $247,000 after purchasing an additional 1,647 shares during the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in shares of MetroCity Bankshares by 4.1% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 13,594 shares of the company’s stock valued at $327,000 after purchasing an additional 530 shares during the period. Inspire Investing LLC purchased a new position in MetroCity Bankshares in the first quarter worth approximately $361,000. Cahaba Wealth Management Inc. purchased a new position in MetroCity Bankshares in the first quarter worth approximately $998,000. Finally, Empowered Funds LLC lifted its stake in 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 acquiring an additional 3,325 shares during the last quarter. 25.33% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $32.00 price target (up from $28.00) on shares of MetroCity Bankshares in a report on Tuesday.

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.