MetroCity Bankshares, Inc. (NASDAQ:MCBS) Shares Sold by Empowered Funds LLC

Empowered Funds LLC reduced its position in MetroCity Bankshares, Inc. (NASDAQ:MCBS) by 74.8% in the 3rd quarter, HoldingsChannel.com reports. The fund 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 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp increased its position in shares of MetroCity Bankshares by 1.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 123,188 shares of the company’s stock valued at $3,252,000 after purchasing an additional 2,049 shares during the last quarter. SG Americas Securities LLC purchased a new stake in MetroCity Bankshares during the 3rd quarter worth about $212,000. GSA Capital Partners LLP acquired a new position in shares of MetroCity Bankshares during the 3rd quarter worth about $251,000. Creative Planning purchased a new position in shares of MetroCity Bankshares in the 3rd quarter valued at about $331,000. Finally, Vanguard Group Inc. lifted its stake 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 purchasing an additional 14,868 shares during the last quarter. 25.33% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at MetroCity Bankshares

In other MetroCity Bankshares news, Director Ajit A. Patel sold 5,000 shares of the business’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $33.10, for a total value of $165,500.00. Following the transaction, the director now directly owns 645,739 shares of the company’s stock, valued at approximately $21,373,960.90. The trade was a 0.77 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Farid Tan sold 21,000 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $33.81, for a total transaction of $710,010.00. Following the completion of the sale, the president now owns 923,888 shares of the company’s stock, valued at $31,236,653.28. This trade represents a 2.22 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,617 shares of company stock worth $968,552. 27.49% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

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

MetroCity Bankshares Stock Performance

NASDAQ MCBS opened at $35.27 on Tuesday. The company has a market capitalization of $893.39 million, a PE ratio of 15.20 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. MetroCity Bankshares, Inc. has a 1 year low of $19.85 and a 1 year high of $36.15. The company has a fifty day moving average of $31.36 and a two-hundred day moving average of $28.67.

MetroCity Bankshares (NASDAQ:MCBS) last issued its quarterly earnings data on Friday, October 18th. The company reported $0.65 earnings per share for the quarter, beating 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, November 8th. Shareholders of record on Wednesday, October 30th were given a dividend of $0.23 per share. This is an increase from MetroCity Bankshares’s previous quarterly dividend of $0.20. This represents a $0.92 annualized dividend and a yield of 2.61%. The ex-dividend date was Wednesday, October 30th. MetroCity Bankshares’s dividend payout ratio (DPR) is presently 39.66%.

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.