EUR/USD likely to find a peak near 1.25: UBS
Tan Farid, President and Director of MetroCity Bankshares , Inc. (NASDAQ:MCBS), recently sold 749 shares of common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at a price of $35.56 each, totaling $26,634. Following this transaction, Farid holds 920,871 shares directly.
In other recent news, MetroCity Bankshares has seen significant developments. Keefe, Bruyette & Woods recently raised the bank's target price to $34, maintaining a Market Perform rating. This decision was guided by MetroCity Bankshares' consistent profitability and robust capital levels. The bank's forward-looking performance indicators are expected to remain strong, with a return on assets (ROA) forecast at 1.8%, return on tangible common equity (ROTCE) at 15%, and an anticipated growth from 11% in the third quarter over the next two years.
Additionally, MetroCity Bankshares slightly outperformed in the third quarter of 2024, exceeding expectations by $0.01 per share. Keefe, Bruyette & Woods' estimates for the bank's future financial performance remain largely unchanged, indicating confidence in the bank's trajectory.
In another development, MetroCity Bankshares has expanded its Board of Directors with the appointment of Mr. John Paek. Despite his impressive qualifications and experience, it's been noted that Mr. Paek does not meet the independence criteria under NASDAQ's listing rules, due to his familial connection to the company's leadership. Regardless, Mr. Paek is set to join the Asset Liability Committee, the Credit Risk Management Committee, and the Directors’ Loan Committee of the Bank, contributing his expertise to these crucial areas.
InvestingPro Insights
As we delve deeper into MetroCity Bankshares' recent insider activity, it's worth considering some key financial metrics and insights from InvestingPro that paint a more comprehensive picture of the company's performance and valuation.
According to InvestingPro data, MetroCity Bankshares boasts a market capitalization of $866.86 million, with a P/E ratio of 14.66. This relatively low P/E ratio, especially when compared to the company's near-term earnings growth potential, suggests that the stock might be undervalued. In fact, one of the InvestingPro Tips highlights that MCBS is "Trading at a low P/E ratio relative to near-term earnings growth."
The company's financial health appears robust, with a revenue of $135.57 million in the last twelve months as of Q3 2023, representing a growth of 11.66%. More impressively, the quarterly revenue growth in Q3 2023 stood at 33.58%, indicating accelerating momentum.
Dividend investors may find MCBS particularly attractive. The stock offers a dividend yield of 2.69%, and an InvestingPro Tip notes that the company "Has raised its dividend for 4 consecutive years." This consistent dividend growth, coupled with a strong dividend maintenance record of 9 consecutive years, underscores the company's commitment to shareholder returns.
MCBS has also demonstrated impressive stock performance, with a one-year price total return of 60.68% and a year-to-date return of 46.83%. These figures align with another InvestingPro Tip stating that the company has shown "High return over the last year."
For investors seeking more comprehensive analysis, InvestingPro offers 11 additional tips for MetroCity Bankshares, providing a deeper understanding of the company's financial position and market performance.
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