MetroCity Bankshares (NASDAQ:MCBS) Sees Large Volume Increase

Shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) saw strong trading volume on Friday . 42,652 shares traded hands during mid-day trading, an increase of 33% from the previous session’s volume of 32,020 shares.The stock last traded at $31.32 and had previously closed at $31.81.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $32.00 price target (up previously from $28.00) on shares of MetroCity Bankshares in a research note on Tuesday, July 23rd.

MetroCity Bankshares Trading Down 1.1 %

The company has a fifty day moving average of $29.38 and a two-hundred day moving average of $26.17. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.92. The stock has a market capitalization of $793.23 million, a price-to-earnings ratio of 16.15 and a beta of 0.60.

MetroCity Bankshares (NASDAQ:MCBS) last posted its earnings results on Friday, July 19th. The company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.07. MetroCity Bankshares had a return on equity of 13.85% and a net margin of 24.20%. The firm had revenue of $59.67 million during the quarter.

MetroCity Bankshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 9th. Investors of record on Wednesday, July 31st were issued a $0.20 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $0.80 annualized dividend and a yield of 2.54%. MetroCity Bankshares’s dividend payout ratio (DPR) is currently 40.61%.

Insider Buying and Selling

In other news, Director Sam Sang-Koo Shim sold 46,200 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $27.90, for a total transaction of $1,288,980.00. Following the completion of the transaction, the director now directly owns 537,961 shares in the company, valued at $15,009,111.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, Director Sam Sang-Koo Shim sold 46,200 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $27.90, for a total transaction of $1,288,980.00. Following the completion of the transaction, the director now directly owns 537,961 shares in the company, valued at $15,009,111.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Nack Y. Paek sold 18,287 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $30.71, for a total value of $561,593.77. Following the transaction, the chief executive officer now owns 1,317,913 shares of the company’s stock, valued at $40,473,108.23. The disclosure for this sale can be found here. In the last ninety days, insiders sold 218,642 shares of company stock worth $6,317,697. 27.49% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MCBS. Empirical Financial Services LLC d.b.a. Empirical Wealth Management raised its stake 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 in the last quarter. Inspire Investing LLC acquired a new position in shares of MetroCity Bankshares in the first quarter valued at $361,000. Sanctuary Advisors LLC acquired a new position in shares of MetroCity Bankshares in the second quarter valued at $377,000. Empowered Funds LLC raised its stake 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 valued at $1,113,000 after purchasing an additional 3,325 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of MetroCity Bankshares by 1.7% in 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 purchasing an additional 2,049 shares in the last quarter. 25.33% of the stock is currently owned by institutional investors and hedge funds.

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.