MetroCity Bankshares (NASDAQ:MCBS) Sees Strong Trading Volume – Time to Buy?

MetroCity Bankshares, Inc. (NASDAQ:MCBS) saw unusually-high trading volume on Friday . Approximately 22,344 shares changed hands during trading, a decline of 35% from the previous session’s volume of 34,128 shares.The stock last traded at $32.05 and had previously closed at $32.46.

Wall Street Analyst Weigh In

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

MetroCity Bankshares Trading Up 1.2 %

The firm’s 50 day moving average is $32.95 and its 200 day moving average is $29.86. 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 $821.77 million, a PE ratio of 13.98 and a beta of 0.64.

MetroCity Bankshares (NASDAQ:MCBS) last released its quarterly earnings data on Friday, October 18th. The company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, November 8th. Shareholders of record on Wednesday, October 30th were issued a $0.23 dividend. The ex-dividend date of this dividend was Wednesday, October 30th. This represents a $0.92 annualized dividend and a yield of 2.84%. This is a boost from MetroCity Bankshares’s previous quarterly dividend of $0.20. MetroCity Bankshares’s dividend payout ratio (DPR) is 39.66%.

Insider Transactions at MetroCity Bankshares

In related news, President Farid Tan sold 749 shares of the stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $35.56, for a total value of $26,634.44. Following the completion of the transaction, the president now directly owns 920,871 shares of the company’s stock, valued at $32,746,172.76. This represents a 0.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 value of $165,500.00. Following the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,600 shares of company stock worth $1,181,786. 27.49% of the stock is currently owned by insiders.

Hedge Funds Weigh In On MetroCity Bankshares

Institutional investors have recently added to or reduced their stakes in the company. State Street Corp grew its position in shares of MetroCity Bankshares by 2.9% in the 3rd quarter. State Street Corp now owns 429,312 shares of the company’s stock worth $13,146,000 after buying an additional 11,900 shares during the period. Geode Capital Management LLC grew its holdings in MetroCity Bankshares by 1.5% in the third quarter. Geode Capital Management LLC now owns 424,739 shares of the company’s stock worth $13,009,000 after purchasing an additional 6,341 shares during the period. Dimensional Fund Advisors LP increased its stake 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 valued at $9,612,000 after purchasing an additional 15,796 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of MetroCity Bankshares by 1.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 147,745 shares of the company’s stock valued at $4,524,000 after purchasing an additional 2,745 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of 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 purchasing an additional 2,049 shares during the last quarter. Institutional investors own 25.33% of the company’s stock.

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.