MetroCity Bankshares , Inc. (NASDAQ:MCBS) CEO Paek Nack Y has recently sold a significant portion of his company stock, transactions that have caught the attention of investors. According to the latest regulatory filings, the CEO disposed of a total of 50,000 shares over two consecutive days.
On July 24, 2024, Nack Y sold 18,287 shares at a price of $30.71 each, followed by a larger transaction on July 25, where he sold 31,713 shares for $30.88 apiece. The total proceeds from these sales amounted to over $1.54 million, with the price per share for the transactions ranging between $30.71 and $30.88.
It's worth noting that despite these sales, Nack Y still retains a substantial stake in the company. Following these transactions, he directly owns 1,286,200 shares of MetroCity Bankshares. Additionally, there are indirect holdings through a spouse and Magna Properties, LLC, amounting to 20,000 and 28,000 shares, respectively.
Investors often keep a close eye on insider transactions as they can provide valuable insights into the perspectives of company executives and their outlook on the company's future performance. The transactions by the CEO of MetroCity Bankshares will likely be interpreted in various ways by market participants.
MetroCity Bankshares, headquartered in Doraville, Georgia, operates as a state commercial bank and has been serving its community with a range of financial services. The recent stock sales by its CEO are a noteworthy event for stakeholders and potential investors, reflecting movements within the company's insider trading activities.
InvestingPro Insights
In light of the CEO's recent stock sales of MetroCity Bankshares, Inc. (NASDAQ:MCBS), investors may be evaluating the company's current financial health and future outlook. Here are some key metrics and insights from InvestingPro that could help in this assessment:
InvestingPro Data indicates that MetroCity Bankshares has a market capitalization of $779.72 million and a P/E ratio of 14.35, suggesting that the stock may be reasonably valued in comparison to its earnings. The company's revenue for the last twelve months as of Q2 2024 stands at $126.44 million, with a notable quarterly revenue growth of 21.02% in Q2 2024. This growth figure may signal a positive trajectory in the company's financial performance.
InvestingPro Tips highlight that MetroCity Bankshares has consistently raised its dividend for the past 9 years, which could be appealing to income-focused investors. Additionally, the stock is currently trading near its 52-week high, reflecting a 97.71% price of the 52-week high, and has experienced a strong return over the last month of 23.02%. These factors combined could indicate a robust short-term performance and potentially signal investor confidence in the company's prospects.
For investors seeking a deeper dive into MetroCity Bankshares' performance and insider trading implications, there are additional InvestingPro Tips available. With the use of coupon code PRONEWS24, readers can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription to access these insights. Currently, there are 11 more valuable InvestingPro Tips for MetroCity Bankshares, which can be found at https://www.investing.com/pro/MCBS, offering comprehensive analysis and expert perspectives on the stock's potential.
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