MetroCity Bankshares director sells shares worth over $39k
MetroCity Bankshares , Inc. (NASDAQ:) director Don Leung has recently sold shares of the company, according to the latest SEC filings. The transaction, which took place on July 29, 2024, involved the sale of 1,256 shares at a price of $31.47 per share, totaling over $39,526.
Investors tracking insider transactions may note that this sale by Leung reflects a change in his direct ownership in the bank holding company, known for its state commercial banking operations. Following the sale, Leung’s holdings in MetroCity Bankshares have decreased, yet he still retains a significant number of shares, with 815,736 shares remaining under his direct ownership.
The reported sale was conducted under a pre-established trading plan, known as a Rule 10b5-1 Trading Plan, which Leung had adopted on May 9, 2023. Such plans allow company insiders to sell a predetermined number of shares at a predetermined time, providing an affirmative defense against accusations of trading on nonpublic information.
The financial details disclosed in the SEC filing are a part of the routine disclosures that directors and other insiders of public companies are required to make when trading their own stock. These transactions are closely watched by the market as they can provide insights into insiders’ perspectives on the company’s current valuation and future prospects.
MetroCity Bankshares, headquartered in Doraville, Georgia, continues to be a subject of interest for investors who follow the banking sector, especially those who consider insider trading patterns as part of their investment strategy.
InvestingPro Insights
Amidst the news of insider trading at MetroCity Bankshares, Inc. (NASDAQ:MCBS), investors may find additional context in recent performance metrics and expert analysis. According to InvestingPro data, MetroCity Bankshares boasts an adjusted market capitalization of $813.15 million, with a Price/Earnings (P/E) ratio of 14.82 as of the last twelve months ending in Q2 2024. The company’s revenue for the same period stands at $126.44 million, indicating a quarterly revenue growth of 21.02% for Q2 2024, which suggests a positive short-term financial trajectory.
As for InvestingPro Tips, it’s noteworthy that MetroCity Bankshares has raised its dividend for three consecutive years, showcasing a commitment to shareholder returns. Additionally, the stock’s recent performance has been strong, with a 54.87% total return over the past year and a price that is currently trading near its 52-week high, at 99.53% of the peak. However, an InvestingPro tip indicates that the stock’s Relative Strength Index (RSI) suggests it is in overbought territory, which could be of interest to potential investors considering the timing of their investments.
For those looking to delve deeper into the financial health and future prospects of MetroCity Bankshares, InvestingPro offers additional tips. There are 12 more tips available, which could provide further insights into the company’s performance and investment potential. To explore these tips and take advantage of the insights provided, readers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
Understanding the nuances of insider transactions and the company’s financial health can be pivotal for investors. The recent sale by director Don Leung, coupled with the company’s solid dividend track record and strong returns, paints a complex picture for those looking to invest in MetroCity Bankshares.
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