Geode Capital Management LLC Has $13.01 Million Holdings in MetroCity Bankshares, Inc. (NASDAQ:MCBS)

Geode Capital Management LLC raised its holdings in shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) by 1.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 424,739 shares of the company’s stock after purchasing an additional 6,341 shares during the period. Geode Capital Management LLC owned 1.68% of MetroCity Bankshares worth $13,009,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. SG Americas Securities LLC acquired a new position in MetroCity Bankshares during the 3rd quarter valued at about $212,000. PDT Partners LLC acquired a new position in MetroCity Bankshares during the 3rd quarter valued at about $228,000. GSA Capital Partners LLP acquired a new stake in shares of MetroCity Bankshares in the 3rd quarter valued at approximately $251,000. Creative Planning bought a new position in MetroCity Bankshares during the 3rd quarter worth approximately $331,000. Finally, Sanctuary Advisors LLC bought a new position in MetroCity Bankshares during the 2nd quarter worth approximately $377,000. 25.33% of the stock is currently owned by institutional investors and hedge funds.

MetroCity Bankshares Stock Up 0.7 %

MetroCity Bankshares stock opened at $32.26 on Tuesday. The company’s 50 day simple moving average is $33.04 and its 200 day simple moving average is $30.19. MetroCity Bankshares, Inc. has a fifty-two week low of $21.89 and a fifty-two week high of $36.15. The firm has a market capitalization of $817.21 million, a price-to-earnings ratio of 13.91 and a beta of 0.64. 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 (NASDAQ:MCBS) last released its quarterly earnings data on Friday, October 18th. The company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.01. MetroCity Bankshares had a net margin of 25.54% and a return on equity of 14.97%. The business had revenue of $60.45 million for the quarter.

MetroCity Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 8th. Shareholders of record on Wednesday, October 30th were paid a $0.23 dividend. The ex-dividend date of this dividend was Wednesday, October 30th. This represents a $0.92 dividend on an annualized basis and a yield of 2.85%. This is a positive change from MetroCity Bankshares’s previous quarterly dividend of $0.20. MetroCity Bankshares’s payout ratio is presently 39.66%.

Insider Buying and Selling at MetroCity Bankshares

In other MetroCity Bankshares news, President Farid Tan sold 21,000 shares of MetroCity Bankshares stock in a transaction that occurred on Wednesday, November 6th. The shares were 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 of the company’s stock, valued at approximately $31,236,653.28. The trade was a 2.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Ajit A. Patel sold 5,000 shares of MetroCity Bankshares stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $33.10, for a total transaction of $165,500.00. Following the completion of the transaction, the director now directly owns 645,739 shares in the company, valued at approximately $21,373,960.90. The trade was a 0.77 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,600 shares of company stock valued at $1,181,786. 27.49% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

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

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.