The Manufacturers Life Insurance Company Decreases Stock Holdings in MetroCity Bankshares, Inc. (NASDAQ:MCBS)

The Manufacturers Life Insurance Company trimmed its position in shares of MetroCity Bankshares, Inc. (NASDAQ:MCBS) by 4.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 214,704 shares of the company’s stock after selling 9,154 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in MetroCity Bankshares were worth $6,574,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of MCBS. SG Americas Securities LLC purchased a new position in shares of MetroCity Bankshares during the 3rd quarter worth approximately $212,000. GSA Capital Partners LLP purchased a new position in MetroCity Bankshares during the third quarter worth $251,000. Creative Planning purchased a new position in MetroCity Bankshares during the third quarter worth $331,000. Sanctuary Advisors LLC acquired a new position in shares of MetroCity Bankshares in the second quarter worth $377,000. Finally, Bank of New York Mellon Corp lifted its position in shares of MetroCity Bankshares by 1.7% in 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 acquiring an additional 2,049 shares in the last quarter. Institutional investors and hedge funds own 25.33% of the company’s stock.

Analysts Set New Price Targets

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

MetroCity Bankshares Stock Performance

NASDAQ:MCBS opened at $34.65 on Friday. 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 firm has a market cap of $877.75 million, a PE ratio of 14.94 and a beta of 0.64. The firm has a 50 day simple moving average of $31.98 and a 200-day simple moving average of $29.13. MetroCity Bankshares, Inc. has a 1-year low of $21.19 and a 1-year high of $36.15.

MetroCity Bankshares (NASDAQ:MCBS) last released its earnings results 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 net margin of 25.54% and a return on equity of 14.97%. The firm had revenue of $60.45 million during the quarter.

MetroCity Bankshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 8th. Investors of record on Wednesday, October 30th were paid a $0.23 dividend. This is a positive change from MetroCity Bankshares’s previous quarterly dividend of $0.20. This represents a $0.92 annualized dividend and a yield of 2.66%. The ex-dividend date of this dividend was Wednesday, October 30th. MetroCity Bankshares’s dividend payout ratio is presently 39.66%.

Insider Buying and Selling

In other MetroCity Bankshares news, President Farid Tan sold 5,983 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $35.64, for a total transaction of $213,234.12. Following the transaction, the president now owns 914,888 shares of the company’s stock, valued at $32,606,608.32. This trade represents a 0.65 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ajit A. Patel sold 5,000 shares of MetroCity Bankshares 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 transaction, the director now owns 645,739 shares in the company, 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. Over the last ninety days, insiders have sold 34,600 shares of company stock worth $1,181,786. 27.49% of the stock is owned by company insiders.

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.