Los Angeles Capital Management LLC Cuts Position in MetroCity Bankshares, Inc. (NASDAQ:MCBS)

Los Angeles Capital Management LLC lessened its holdings in MetroCity Bankshares, Inc. (NASDAQ:MCBS) by 10.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,651 shares of the company’s stock after selling 1,300 shares during the period. Los Angeles Capital Management LLC’s holdings in MetroCity Bankshares were worth $357,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in MetroCity Bankshares by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 981,024 shares of the company’s stock worth $24,486,000 after buying an additional 14,868 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in MetroCity Bankshares by 1.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 123,188 shares of the company’s stock worth $3,252,000 after buying an additional 2,049 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in 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 acquired a new stake in MetroCity Bankshares in the 2nd quarter worth about $377,000. Finally, SG Americas Securities LLC acquired a new stake in MetroCity Bankshares in the 3rd quarter worth about $212,000. Hedge funds and other institutional investors own 25.33% of the company’s stock.

Insider Transactions at MetroCity Bankshares

In other news, President Farid Tan sold 749 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $35.56, for a total transaction of $26,634.44. Following the transaction, the president now directly owns 920,871 shares in the company, valued at $32,746,172.76. The trade was a 0.08 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Sam Sang-Koo Shim sold 46,200 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $27.90, for a total value of $1,288,980.00. Following the completion of the transaction, the director now owns 537,961 shares in the company, valued at $15,009,111.90. This represents a 7.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 74,817 shares of company stock worth $2,257,532 in the last ninety days. Insiders own 27.49% of the company’s stock.

Analyst Upgrades and Downgrades

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

MetroCity Bankshares Trading Down 0.4 %

MCBS stock opened at $33.91 on Monday. The company has a current ratio of 1.24, a quick ratio of 1.24 and a debt-to-equity ratio of 0.92. MetroCity Bankshares, Inc. has a 12-month low of $19.85 and a 12-month high of $35.79. The stock has a market cap of $858.94 million, a price-to-earnings ratio of 14.62 and a beta of 0.60. The business’s 50-day moving average is $30.85 and its 200 day moving average is $28.28.

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

MetroCity Bankshares Increases Dividend

The business 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 boost from MetroCity Bankshares’s previous quarterly dividend of $0.20. This represents a $0.92 annualized dividend and a dividend yield of 2.71%. The ex-dividend date of this dividend was Wednesday, October 30th. MetroCity Bankshares’s payout ratio is currently 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.