State Street Corp Boosts Holdings in MetroCity Bankshares, Inc. (NASDAQ:MCBS)

State Street Corp raised its position in shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) by 2.9% during the third quarter, HoldingsChannel reports. The fund owned 429,312 shares of the company’s stock after acquiring an additional 11,900 shares during the quarter. State Street Corp’s holdings in MetroCity Bankshares were worth $13,146,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. SG Americas Securities LLC purchased a new position in shares of MetroCity Bankshares during the 3rd quarter worth about $212,000. PDT Partners LLC purchased a new position in shares of MetroCity Bankshares during the third quarter valued at approximately $228,000. GSA Capital Partners LLP purchased a new position in shares of MetroCity Bankshares during the third quarter valued at approximately $251,000. Creative Planning purchased a new position in shares of MetroCity Bankshares during the third quarter valued at approximately $331,000. Finally, Sanctuary Advisors LLC bought a new position in shares of MetroCity Bankshares during the second quarter valued at approximately $377,000. Hedge funds and other institutional investors own 25.33% of the company’s stock.

Insider Buying and Selling

In other MetroCity Bankshares news, Director Ajit A. Patel sold 5,000 shares of the stock in a transaction 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 approximately $21,373,960.90. This trade represents a 0.77 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Farid Tan sold 21,000 shares of MetroCity Bankshares stock in a transaction 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 completion of the transaction, the president now owns 923,888 shares in the company, valued at $31,236,653.28. This represents a 2.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,600 shares of company stock valued at $1,181,786 over the last three months. 27.49% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

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 report on Wednesday, December 4th.

MetroCity Bankshares Price Performance

Shares of MCBS stock opened at $32.55 on Thursday. 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 $824.56 million, a P/E ratio of 14.03 and a beta of 0.64. The company’s 50-day simple moving average is $33.02 and its two-hundred day simple moving average is $30.04. MetroCity Bankshares, Inc. has a one year low of $21.89 and a one year high of $36.15.

MetroCity Bankshares (NASDAQ:MCBS) last released 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 for the quarter.

MetroCity Bankshares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Wednesday, October 30th were issued a $0.23 dividend. This is an increase from MetroCity Bankshares’s previous quarterly dividend of $0.20. This represents a $0.92 annualized dividend and a dividend yield of 2.83%. The ex-dividend date was Wednesday, October 30th. MetroCity Bankshares’s payout ratio is presently 39.66%.

MetroCity Bankshares 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.