Barclays PLC Increases Stake in MetroCity Bankshares, Inc. (NASDAQ:MCBS)

Barclays PLC increased its holdings in shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) by 345.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 28,341 shares of the company’s stock after buying an additional 21,979 shares during the period. Barclays PLC owned about 0.11% of MetroCity Bankshares worth $868,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. State Street Corp grew its holdings in MetroCity Bankshares by 2.9% during the 3rd quarter. State Street Corp now owns 429,312 shares of the company’s stock worth $13,146,000 after acquiring an additional 11,900 shares in the last quarter. Geode Capital Management LLC grew its holdings in MetroCity Bankshares by 1.5% during the 3rd quarter. Geode Capital Management LLC now owns 424,739 shares of the company’s stock worth $13,009,000 after acquiring an additional 6,341 shares in the last quarter. Sanctuary Advisors LLC acquired a new position in MetroCity Bankshares during the 2nd quarter worth approximately $377,000. Creative Planning acquired a new position in MetroCity Bankshares during the 3rd quarter worth approximately $331,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in MetroCity Bankshares by 1.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 147,745 shares of the company’s stock worth $4,524,000 after acquiring an additional 2,745 shares in the last quarter. 25.33% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, President Farid Tan sold 1,868 shares of the company’s stock in a transaction on Monday, November 11th. The shares were sold at an average price of $35.55, for a total value of $66,407.40. Following the completion of the sale, the president now owns 922,020 shares in the company, valued at $32,777,811. This represents a 0.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ajit A. Patel sold 5,000 shares of the company’s stock in a transaction 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 sale, the director now owns 645,739 shares of the company’s stock, valued at approximately $21,373,960.90. This trade represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,600 shares of company stock worth $1,181,786. Corporate insiders own 27.49% of the company’s stock.

Analyst Ratings Changes

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

MetroCity Bankshares Trading Up 2.4 %

Shares of MetroCity Bankshares stock opened at $31.98 on Thursday. The company has a fifty day simple moving average of $33.32 and a 200-day simple moving average of $30.74. MetroCity Bankshares, Inc. has a 12-month low of $21.89 and a 12-month high of $36.15. 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 cap of $810.12 million, a price-to-earnings ratio of 13.78 and a beta of 0.64.

MetroCity Bankshares (NASDAQ:MCBS) last issued its earnings results on Friday, October 18th. The company reported $0.65 earnings per share (EPS) for the quarter, beating 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 during the quarter.

MetroCity Bankshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 7th. Stockholders of record on Wednesday, January 29th will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.88%. MetroCity Bankshares’s payout ratio is 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.