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 company’s stock in a transaction dated 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 $21,373,960.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

MetroCity Bankshares Stock Performance

Shares of MCBS stock traded up $0.48 during mid-day trading on Friday, reaching $33.61. 8,831 shares of the company’s stock traded hands, compared to its average volume of 33,070. 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 firm has a market capitalization of $851.41 million, a PE 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 firm has a 50 day moving average price of $30.28 and a two-hundred day moving average price of $27.75.

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

MetroCity Bankshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 8th. Shareholders of record on Wednesday, October 30th will be given a $0.23 dividend. 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 2.74%. The ex-dividend date of this dividend is Wednesday, October 30th. MetroCity Bankshares’s dividend payout ratio is presently 39.66%.

Wall Street Analyst Weigh In

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

Institutional Trading of MetroCity Bankshares

Several institutional investors and hedge funds have recently modified their holdings of the company. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted 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 acquiring an additional 472 shares in the last quarter. Bank of New York Mellon Corp raised its position 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 buying an additional 2,049 shares during the last quarter. Empowered Funds LLC lifted its holdings 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 buying an additional 3,325 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of MetroCity Bankshares during the third quarter worth $212,000. Finally, GSA Capital Partners LLP purchased a new position in MetroCity Bankshares during the third quarter valued at $251,000. 25.33% of the stock is currently owned by institutional investors.

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.