MetroCity Bankshares , Inc. (NASDAQ:MCBS) President Tan Farid has sold a significant portion of the company's common stock, according to a recent SEC filing. On November 6, Farid sold a total of 21,000 shares, with transaction prices ranging from $33.33 to $34.55 per share. The total value of these transactions amounted to $710,050. Following these sales, Farid's direct ownership stands at 923,888 shares.
In other recent news, MetroCity Bankshares has been the focus of several notable developments. Firstly, Keefe, Bruyette & Woods has adjusted the price target for MetroCity Bankshares, raising it to $34 from the previous $32. This adjustment reflects the bank's consistent profitability, robust capital levels, and anticipated growth. MetroCity Bankshares' return on assets (ROA) is forecasted at 1.8%, return on tangible common equity (ROTCE) at 15%, and growth from 11% in the third quarter over the next two years.
Another noteworthy development is the appointment of Mr. John Paek to the Board of Directors of MetroCity Bankshares. Mr. Paek, a seasoned professional with experience at Deloitte Tax LLP and Baker McKenzie LLP, is expected to bring a wealth of knowledge to the board. However, it is important to note that Mr. Paek does not meet the independence criteria under NASDAQ's listing rules due to familial ties to the company's leadership.
These recent developments underline MetroCity Bankshares' ongoing efforts to bolster its financial performance and governance structure.
InvestingPro Insights
MetroCity Bankshares, Inc. (NASDAQ:MCBS) has been showing strong performance indicators, which adds context to President Tan Farid's recent stock sale. According to InvestingPro data, MCBS is trading near its 52-week high, with a remarkable 69.01% price total return over the past year. This robust performance aligns with the company's solid financial metrics.
The bank's P/E ratio stands at 14.44, suggesting a relatively attractive valuation compared to its earnings. This is further supported by an InvestingPro Tip indicating that MCBS is trading at a low P/E ratio relative to its near-term earnings growth, with a PEG ratio of 0.72 for the last twelve months as of Q3 2024.
Investors may also find comfort in MCBS's dividend profile. The company boasts a dividend yield of 2.66% and has raised its dividend for four consecutive years, as highlighted by another InvestingPro Tip. This commitment to shareholder returns is particularly noteworthy in the banking sector.
For those interested in a deeper analysis, InvestingPro offers 13 additional tips on MetroCity Bankshares, providing a comprehensive view of the company's financial health and market position.
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