Ajit A. Patel, a director at MetroCity Bankshares , Inc. (NASDAQ:MCBS), recently sold 5,000 shares of the company's common stock. The shares were sold at a price of $33.1 each, totaling $165,500. Following this transaction, Patel holds 645,739 shares directly and 49,088 shares indirectly through his spouse. The stock sale was conducted on November 7, 2024, and filed with the SEC the following day.
"In other recent news, MetroCity Bankshares has been under the spotlight with Keefe, Bruyette & Woods raising its price target to $34, reflecting the bank's robust financial health and strong growth prospects. This upward revision comes in the wake of the bank's consistent profitability, with key performance indicators like return on assets (ROA) forecasted at 1.8% and return on tangible common equity (ROTCE) at 15%, and an anticipated growth from 11% in the third quarter over the next two years. The bank's third quarter of 2024 saw a slight outperformance, exceeding expectations by $0.01 per share.
In other recent developments, MetroCity Bankshares has expanded its Board of Directors with the appointment of Mr. John Paek. Mr. Paek, a seasoned professional with a rich history at Deloitte Tax LLP and Baker McKenzie LLP, is expected to add significant value to the board. However, 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.
These developments underscore the ongoing evolution of MetroCity Bankshares as it navigates its growth trajectory. As always, investors are advised to monitor these developments closely."
InvestingPro Insights
While Ajit A. Patel's recent stock sale might raise eyebrows, MetroCity Bankshares, Inc. (NASDAQ:MCBS) continues to demonstrate strong financial performance. According to InvestingPro data, the company's revenue growth has been impressive, with a 33.58% increase in the most recent quarter. This robust growth is complemented by a healthy operating income margin of 60.93% over the last twelve months, indicating efficient operations.
InvestingPro Tips highlight that MCBS has raised its dividend for 4 consecutive years, showcasing a commitment to shareholder returns. The current dividend yield stands at 2.78%, with a notable dividend growth of 27.78% over the last twelve months. This trend aligns with the company's strong financial position and may appeal to income-focused investors.
The stock's performance has been particularly noteworthy, with a 68.21% total return over the past year. This significant appreciation suggests that the market is recognizing the company's value proposition. Moreover, MCBS is trading at a P/E ratio of 14.22, which is relatively low compared to its near-term earnings growth potential, as pointed out by another InvestingPro Tip.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips on MetroCity Bankshares, providing deeper insights into the company's financial health and market position.
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