Charles Schwab Investment Management Inc. Boosts Position in MetroCity Bankshares, Inc. (NASDAQ:MCBS)

Charles Schwab Investment Management Inc. grew its position in shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) by 1.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 147,745 shares of the company’s stock after purchasing an additional 2,745 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.58% of MetroCity Bankshares worth $4,524,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP grew its position in shares of MetroCity Bankshares by 4.5% during the second quarter. Dimensional Fund Advisors LP now owns 364,142 shares of the company’s stock worth $9,612,000 after buying an additional 15,796 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in MetroCity Bankshares in the second quarter worth $377,000. Creative Planning acquired a new position in MetroCity Bankshares in the third quarter worth $331,000. GSA Capital Partners LLP acquired a new position in MetroCity Bankshares in the third quarter worth $251,000. Finally, SG Americas Securities LLC acquired a new position in MetroCity Bankshares in the third quarter worth $212,000. Hedge funds and other institutional investors own 25.33% of the company’s stock.

Insiders Place Their Bets

In other news, President Farid Tan sold 21,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $33.81, for a total value of $710,010.00. Following the transaction, the president now owns 923,888 shares in the company, valued at $31,236,653.28. This represents a 2.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $165,500.00. Following the completion of the transaction, the director now owns 645,739 shares in the company, valued at $21,373,960.90. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 34,600 shares of company stock worth $1,181,786. Company insiders own 27.49% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised their target price on MetroCity Bankshares from $34.00 to $36.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th.

MetroCity Bankshares Price Performance

Shares of NASDAQ MCBS opened at $33.79 on Friday. MetroCity Bankshares, Inc. has a fifty-two week low of $21.89 and a fifty-two week high of $36.15. The firm’s 50-day simple moving average is $32.56 and its 200 day simple moving average is $29.52. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.92. The stock has a market cap of $855.97 million, a P/E ratio of 14.56 and a beta of 0.64.

MetroCity Bankshares (NASDAQ:MCBS) last issued its quarterly earnings results on Friday, October 18th. The company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.64 by $0.01. The firm had revenue of $60.45 million for the quarter. MetroCity Bankshares had a net margin of 25.54% and a return on equity of 14.97%.

MetroCity Bankshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 8th. Shareholders of record on Wednesday, October 30th were issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.72%. The ex-dividend date was Wednesday, October 30th. This is an increase from MetroCity Bankshares’s previous quarterly dividend of $0.20. MetroCity Bankshares’s payout ratio is presently 39.66%.

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.