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

Empowered Funds LLC lowered its position in shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) by 74.8% in the third quarter, according to the company in its most recent filing with the SEC. The firm 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 reporting period.

Several other large investors have also added to or reduced their stakes in the company. Sanctuary Advisors LLC acquired a new position in MetroCity Bankshares during the second quarter valued at $377,000. Creative Planning acquired a new position in shares of MetroCity Bankshares in the 3rd quarter valued at about $331,000. SG Americas Securities LLC purchased a new stake in shares of MetroCity Bankshares in the third quarter worth about $212,000. GSA Capital Partners LLP acquired a new stake in MetroCity Bankshares during the third quarter worth about $251,000. Finally, Bank of New York Mellon Corp raised its position in 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 acquiring an additional 2,049 shares in the last quarter. Hedge funds and other institutional investors own 25.33% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Insider Activity

In related news, President Farid Tan sold 21,000 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $33.81, for a total value of $710,010.00. Following the completion of the sale, the president now owns 923,888 shares of the company’s stock, valued at approximately $31,236,653.28. This represents a 2.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Ajit A. Patel sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $33.10, for a total transaction of $165,500.00. Following the sale, the director now owns 645,739 shares of the company’s stock, valued at $21,373,960.90. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,617 shares of company stock worth $968,552 over the last three months. Insiders own 27.49% of the company’s stock.

MetroCity Bankshares Stock Performance

MCBS opened at $35.27 on Tuesday. The company has a market cap of $893.39 million, a price-to-earnings ratio of 15.20 and a beta of 0.60. The firm’s fifty day simple moving average is $31.36 and its two-hundred day simple moving average is $28.67. The company has a quick ratio of 1.24, a current ratio of 1.24 and a debt-to-equity ratio of 0.92. MetroCity Bankshares, Inc. has a 52-week low of $19.85 and a 52-week high of $36.15.

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

MetroCity Bankshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 8th. Stockholders of record on Wednesday, October 30th were issued a dividend of $0.23 per share. This is a positive change from MetroCity Bankshares’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Wednesday, October 30th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.61%. MetroCity Bankshares’s dividend 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.