MetroCity Bankshares , Inc. (NASDAQ:MCBS) has reported a recent sale of shares by President Tan Farid. According to the latest filing, Farid sold a total of 999 shares of common stock at a price of $32.00 per share. This transaction resulted in a total sale amount of $31,968.
The sales took place in two separate transactions. On July 26, 2024, Farid sold 497 shares, and on July 29, 2024, an additional 502 shares were sold, both at the same price per share. Following these transactions, President Tan Farid still holds a significant amount of MetroCity Bankshares stock, with 953,889 shares remaining in his possession.
Investors and stakeholders often monitor insider transactions as they can provide insights into executives' perspectives on the company's stock value and future performance. While the reasons behind an insider's decision to sell can vary, the disclosed transactions provide transparency to the market and ensure fair trading practices.
MetroCity Bankshares, Inc., headquartered in Doraville, Georgia, operates as a state commercial bank and is known for providing various banking products and services. The transactions by President Tan Farid were conducted in a direct ownership capacity, further detailed in the company's regulatory filings.
InvestingPro Insights
In light of the recent insider transactions at MetroCity Bankshares, Inc. (NASDAQ:MCBS), where President Tan Farid sold shares, investors might be interested in the broader financial health and performance metrics of the company. According to InvestingPro data, MetroCity Bankshares currently has a market capitalization of $793.14 million and a Price/Earnings (P/E) ratio of 14.56, which aligns closely with the adjusted P/E ratio for the last twelve months as of Q2 2024 at 14.6. This valuation metric suggests that investors are paying $14.56 for every dollar of earnings, which can be a useful benchmark when comparing to industry averages or historical performance.
The company has shown a strong return over the last year with a 52.91% price total return, indicating a robust performance in the market. This is complemented by a significant three-month price total return of 36.25%, reflecting positive investor sentiment in the more immediate term. Despite a slight decline in revenue growth of -3.1% over the last twelve months as of Q2 2024, the quarterly revenue growth in Q2 2024 was 21.02%, demonstrating the company's ability to generate increased sales over a shorter period.
Two InvestingPro Tips that stand out for MetroCity Bankshares include the company's consistent dividend payments for 9 consecutive years and the analysts' prediction that the company will be profitable this year. These factors can be particularly appealing to income-focused investors and those looking for stable, long-term growth prospects. For those interested in a deeper dive into the company's financials and future outlook, there are 10 additional InvestingPro Tips available, which can be accessed at Investing.com/pro/MCBS. Remember to use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.