Metrocity Bankshares president sells shares worth $710,050 by Investing.com
MetroCity Bankshares shares Inc. (NASDAQ:) President Tan Farid 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 purchase prices ranging from $33.33 to $34.55 per share. The total value of these works reached $710,050. After this sale, Farid’s direct ownership stood at 923,888 shares.
In other recent news, MetroCity Bankshares has been focusing on several notable developments. First, Keefe, Bruyette & Woods adjusted their price target on MetroCity Bankshares, raising it to $34 from $32 previously. This adjustment reflects the bank’s consistent profitability, strong capital levels, and expected growth. MetroCity Bankshares’ return on assets (ROA) is forecast 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 notable 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 experience to the board. However, it is important to note that Mr. Paek does not meet the independence criteria under the NASDAQ listing rules due to his family ties to the company’s leadership.
These recent developments underscore MetroCity Bankshares’ ongoing efforts to strengthen its financial performance and governance structure.
InvestingPro Insights
MetroCity Bankshares, Inc. (NASDAQ:MCBS) has been showing strong performance indicators, adding context to President Tan Farid’s recent stock selloff. According to InvestingPro data, MCBS is trading near its 52-week high, with a total price return of 69.01% over the past year. This strong performance is consistent with the company’s strong financial metrics.
The bank’s P/E ratio stands at 14.44, suggesting an attractive price-to-earnings ratio. This is also supported by InvestingPro Tip which shows 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 trailing twelve months from Q3 2024.
Investors may also find comfort in MCBS’s dividend profile. The company paid a dividend of 2.66%. This commitment to shareholder return is particularly important in the banking sector.
For those interested in in-depth analysis, InvestingPro offers 13 additional tips on MetroCity Bankshares, providing a comprehensive overview of the company’s financial health and market conditions.
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