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In a recent move within the banking sector, MetroCity Bankshares , Inc. (NASDAQ:MCBS) has reported that director Don Leung has sold a significant number of shares in the company. Over the course of two days, Leung disposed of a total of 83,217 shares at prices ranging from $31.02 to $31.11, culminating in a total transaction value exceeding $2.58 million.
The transactions were executed on July 22 and 23, as per the latest filings with the Securities and Exchange Commission. On the first day, Leung sold 17,014 shares at $31.02 each. The following day saw a larger sell-off, with 66,203 shares being sold at an average price of $31.11 per share.
Following these transactions, Leung's remaining stake in MetroCity Bankshares stands at 848,250 shares. It's worth noting that the sales were conducted in accordance with a pre-arranged Rule 10b5-1 trading plan, which was adopted on May 9, 2023. This trading plan allows company insiders to establish predetermined trading arrangements for selling stocks at a time when they are not in possession of material non-public information.
Investors and market watchers often keep a close eye on insider transactions as they can provide insights into an insider’s view of the company's future prospects. However, such sales do not always indicate a lack of confidence in the company and may be carried out for a variety of personal financial reasons.
MetroCity Bankshares, headquartered in Doraville, GA, operates as a state commercial bank and is known for providing a range of banking products and services. The company's stock trades on the NASDAQ under the ticker symbol MCBS.
InvestingPro Insights
MetroCity Bankshares, Inc. (NASDAQ:MCBS) has been garnering attention not only for insider transactions but also for its performance metrics and market behavior. According to recent data from InvestingPro, MetroCity Bankshares has a market capitalization of $788.46 million and a P/E ratio of 14.48, reflecting a valuation that may be seen as reasonable in the current market context. Additionally, the company has shown a solid dividend yield of 2.57%, which could be appealing to income-focused investors, especially considering the company has maintained its dividend payments for 9 consecutive years.
The stock has experienced notable returns, with a significant 60.65% return over the last year, and it is currently trading near its 52-week high, with the price at 98.83% of this peak. This could indicate strong market confidence or potential overvaluation, depending on the perspective. An InvestingPro Tip points out that the RSI suggests the stock is in overbought territory, which may encourage potential investors to proceed with caution.
Despite some concerns about weak gross profit margins, the company has demonstrated strong returns over various time frames, including the last month, quarter, and six months. For those interested in deeper analysis, there are additional InvestingPro Tips available for MetroCity Bankshares, which can be found at https://www.investing.com/pro/MCBS. To access these insights, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. This code not only offers savings but also provides access to valuable market data and expert analysis to inform your investment decisions.
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