MetroCity Bankshares president sells shares worth over $288k
MetroCity Bankshares , Inc. (NASDAQ:) reported a significant transaction by President Tan Farid, who sold 9,001 shares of company stock on July 30, 2024. The shares were sold at a price of $32.00 each, amounting to a total value of $288,032.
This transaction was disclosed in a filing with the Securities and Exchange Commission, which showed that after the sale, Farid still held a substantial number of shares, totaling 944,888. The sale was executed directly, indicating that the shares were owned outright by Farid rather than through a trust or other indirect means.
Investors often track insider transactions as they can provide insights into the executives’ perspective on the company’s current valuation and future prospects. While the reasons for selling can vary and may not necessarily reflect a negative outlook, large transactions such as this one can still be of interest to current and potential shareholders.
MetroCity Bankshares, headquartered in Doraville, Georgia, operates as a state commercial bank, and this latest insider transaction comes as a notable event in the company’s financial calendar. The details of this transaction are now available for public record, providing transparency into the actions of the company’s top executives.
InvestingPro Insights
MetroCity Bankshares, Inc. (NASDAQ:MCBS) has recently caught the attention of investors not only due to insider transactions but also because of its financial performance and market position. According to InvestingPro data, MCBS has a market capitalization of $813.15 million and a Price/Earnings (P/E) ratio of 14.82, which adjusts slightly to 14.96 when looking at the last twelve months as of Q2 2024. The company’s revenue for the same period stands at $126.44 million, despite experiencing a modest revenue decline of -3.1%.
From an investment standpoint, MCBS has demonstrated strong returns, with a 1-month price total return of 21.59% and a 3-month price total return of 39.69%. These figures are particularly noteworthy given that the stock is trading near its 52-week high, at 99.53% of that peak value. The company’s dividend yield as of the last payment date in 2024 is 2.51%, with a dividend growth of 11.11% in the last twelve months, reflecting a commitment to shareholder returns.
Two InvestingPro Tips stand out for MCBS: the stock’s Relative Strength Index (RSI) suggests it is in overbought territory, which could indicate a pullback is on the horizon. Additionally, the company has been profitable over the last twelve months and analysts predict profitability will continue this year. These insights, coupled with a high return over the last year and strong recent price performance, may offer valuable context for investors considering MCBS’s stock.
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