MetroCity Bankshares, Inc. (NASDAQ:MCBS) Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. boosted its position in shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) by 119.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 43,158 shares of the company’s stock after purchasing an additional 23,515 shares during the period. JPMorgan Chase & Co. owned approximately 0.17% of MetroCity Bankshares worth $1,321,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its position in shares of MetroCity Bankshares by 4.5% in the 2nd 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 during the last quarter. Sanctuary Advisors LLC bought a new position in MetroCity Bankshares in the second quarter worth about $377,000. SG Americas Securities LLC acquired a new position in MetroCity Bankshares in the third quarter valued at approximately $212,000. Creative Planning bought a new position in shares of MetroCity Bankshares during the third quarter valued at approximately $331,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of MetroCity Bankshares during the 3rd quarter worth approximately $251,000. Hedge funds and other institutional investors own 25.33% of the company’s stock.

Analyst Ratings Changes

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

Insider Buying and Selling at MetroCity Bankshares

In other MetroCity Bankshares news, Director Ajit A. Patel sold 5,000 shares of the stock in a transaction that occurred on 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 sale, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 completion of the transaction, the president now directly owns 923,888 shares in the company, valued at approximately $31,236,653.28. The trade was a 2.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,600 shares of company stock valued at $1,181,786 in the last three months. 27.49% of the stock is currently owned by company insiders.

MetroCity Bankshares Stock Performance

MCBS opened at $31.27 on Friday. The business has a 50 day moving average price of $32.96 and a two-hundred day moving average price of $30.96. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.24 and a quick ratio of 1.24. The company has a market capitalization of $792.07 million, a price-to-earnings ratio of 12.46 and a beta of 0.64. MetroCity Bankshares, Inc. has a 1-year low of $21.89 and a 1-year high of $36.15.

MetroCity Bankshares (NASDAQ:MCBS) last posted its quarterly earnings results on Tuesday, January 21st. The company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.02. MetroCity Bankshares had a net margin of 27.33% and a return on equity of 15.98%. During the same period last year, the business earned $0.65 EPS.

MetroCity Bankshares Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 7th. Shareholders of record on Wednesday, January 29th will be given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.94%. The ex-dividend date of this dividend is Wednesday, January 29th. MetroCity Bankshares’s payout ratio is 36.65%.

MetroCity Bankshares Company Profile

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.