MetroCity Bankshares , Inc. (NASDAQ:MCBS) reported a significant stock transaction involving its director Shim Sam Sang-Koo. According to the latest filings, Shim sold a total of $339,634 worth of company stock, with individual share prices ranging from $30.17 to $30.29.
The transaction, dated August 1, 2024, included two separate sales of MetroCity Bankshares' common stock. In the first sale, Shim disposed of 3,613 shares at a price of $30.29 per share. The second sale saw a disposal of 7,630 shares at a slightly lower price of $30.17 each. Following these transactions, Shim still owns a substantial number of shares, with 621,403 shares remaining in direct ownership.
An interesting detail from the filing is that a portion of the shares sold by Shim was matched under Section 16(b) of the Securities Exchange Act of 1934. This matching relates to the purchase of 4,500 shares of MCBS common stock on three separate occasions earlier in the year. As a result of this matching, Shim has agreed to pay MetroCity Bankshares $28,917, which represents the profit realized from these short-swing transactions, after deducting transaction costs.
Investors often keep a close eye on insider transactions as they can provide insights into the executives' perspective on the company's current valuation and future prospects. While the reasons behind Shim's sale are not detailed in the filing, the disclosed transactions contribute to the ongoing narrative of insider activity that market participants may use to inform their investment decisions.
MetroCity Bankshares, Inc., based in Doraville, Georgia, operates as a state commercial bank and has been serving its community with a range of financial services. As the market processes this new information, shareholders and potential investors will be watching closely to see how these insider transactions might influence the company's stock performance in the near future.
InvestingPro Insights
As MetroCity Bankshares, Inc. (NASDAQ:MCBS) navigates through the financial landscape, recent data from InvestingPro offers insights into the company's performance and investment potential. MetroCity Bankshares has demonstrated a commitment to its shareholders with a notable track record of increasing its dividend for three consecutive years, signaling confidence in its financial stability and future earnings. This aligns with the company's history of maintaining dividend payments for nine consecutive years, highlighting a consistent return to investors.
InvestingPro data further indicates that MetroCity Bankshares has a market capitalization of $727.79 million, with a P/E ratio of 13.36, reflecting its current earnings relative to its share price. Notably, the company's revenue for the last twelve months as of Q2 2024 stands at $126.44 million, despite a slight decline of 3.1% in revenue growth during the same period. However, the quarterly revenue growth shows a more positive trend with a 21.02% increase in Q2 2024, suggesting a potential rebound or seasonal fluctuation in earnings.
Investors may also take note of the company's solid operating income margin of 59.78% for the last twelve months as of Q2 2024, indicating efficient management and profitability. Additionally, the stock has experienced a large price uptick over the last six months, with a 29.13% total return, which may interest investors looking for growth opportunities.
For those seeking further insights, InvestingPro offers additional tips on MetroCity Bankshares, providing a deeper analysis to help investors make informed decisions. There are currently 9 more InvestingPro Tips available, which can be found at InvestingPro MetroCity Bankshares.
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