In a recent move within the financial industry, MetroCity Bankshares , Inc. (NASDAQ:MCBS) has seen a significant stock transaction by one of its directors. Don Leung, a director of the bank, has sold a substantial number of shares, amounting to over $624,000 in total value.
The transactions, which took place over two consecutive days, involved the sale of 10,511 shares at a price of $31.13 each on July 24, followed by the sale of 9,554 shares at $31.07 each on July 25. The total shares sold by Leung amounted to 20,065, falling within a narrow price range and signaling a notable change in his holdings in the company.
Following these sales, Leung's remaining stake in MetroCity Bankshares consists of 828,185 shares. The reported transactions were carried out in accordance with a pre-arranged trading plan, known as a Rule 10b5-1 Trading Plan, which was adopted by Leung on May 9, 2023. Such plans allow company insiders to sell stocks at predetermined times to avoid any accusations of trading on non-public, material information.
The sales represent a significant divestment by Leung, and they are duly noted in the company's latest filings. Investors and market watchers often scrutinize insider transactions as they can provide insights into the executives' perspective on the company's current valuation and future prospects.
MetroCity Bankshares, headquartered in Doraville, Georgia, operates as a state commercial bank, and these transactions come amidst the bank's ongoing business developments. The sales have been duly reported in compliance with SEC regulations, ensuring transparency for investors and the market at large.
InvestingPro Insights
In light of the recent insider stock transactions at MetroCity Bankshares, Inc., it's beneficial for investors to consider key financial metrics and expert analysis to better understand the company's performance and potential. According to InvestingPro, MetroCity Bankshares has demonstrated a strong track record of dividend growth, having raised its dividend for 3 consecutive years and maintained payments for 9 consecutive years, which could be appealing to income-focused investors.
Despite the insider selling, the bank's stock has shown resilience with a notable price uptick over the last six months, as evidenced by its 27.81% half-year price total return. Moreover, the company's shares are trading near their 52-week high, at 98.79% of this threshold, which could suggest confidence in the bank’s financial stability and growth prospects. Additionally, the company's market capitalization stands at a robust 782.76M USD, underlining its significant presence in the financial sector.
For those looking to delve deeper into MetroCity Bankshares' financial landscape, there are 11 additional InvestingPro Tips available, providing a comprehensive analysis of the company's performance and potential. Interested investors can take advantage of the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking valuable insights that could guide investment decisions.
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