Third Coast Bancshares (NASDAQ:TCBX) Stock: Insider William Bobbora Acquires 1,000 Shares

Third Coast Bancshares, Inc. (NASDAQ:TCBX) insider William Bobbora bought 1,000 shares of the business’s stock in a transaction that occurred on Monday, October 26th. The stock was purchased at an average price of $40.34 per share, with a total value of $40,340.00. Following the completion of the purchase, the insider directly owned 52,855 shares of the company’s stock, valued at $2,132,170.70. This represents a 1.93% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Third Coast Bancshares Trading Up 1.0%

TCBX stock traded up $0.39 during midday trading on Monday, hitting $40.19. The stock had a trading volume of 126,604 shares, compared to its average volume of 98,006. The firm has a market capitalization of $666.88 million, a price-to-earnings ratio of 12.29 and a beta of 0.33. Third Coast Bancshares, Inc. has a 52 week low of $35.73 and a 52 week high of $46.35. The stock has a 50-day simple moving average of $43.54 and a 200 day simple moving average of $41.37.

Third Coast Bancshares (NASDAQ:TCBX) last posted its quarterly earnings results on Wednesday, October 21st. The company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.06. The firm had revenue of $65.87 million for the quarter, compared to the consensus estimate of $66.83 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. On average, equities analysts forecast that Third Coast Bancshares, Inc. will post 3.10 EPS for the current year.

Third Coast Bancshares declared that its board has approved a share repurchase program on Thursday, July 2nd that allows the company to repurchase $30.00 million in shares. This buyback authorization allows the company to purchase up to 4.5% of its stock through open market purchases. Share buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Keefe, Bruyette & Woods lifted their target price on shares of Third Coast Bancshares from $45.00 to $48.00 and gave the company a “market perform” rating in a research report on Monday, August 3rd. Benchmark raised Third Coast Bancshares to a “strong-buy” rating in a report on Thursday, September 24th. Piper Sandler assumed coverage on Third Coast Bancshares in a research note on Thursday, August 27th. They issued an “overweight” rating and a $53.00 price objective on the stock. Finally, Brean Capital initiated coverage on Third Coast Bancshares in a research note on Wednesday, September 30th. They issued a “neutral” rating and a $47.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.60.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in shares of Third Coast Bancshares in the second quarter valued at about $46,829,000. Bank of New York Mellon Corp acquired a new position in Third Coast Bancshares during the 2nd quarter worth about $13,553,000. Ategra Capital Management LLC bought a new stake in Third Coast Bancshares during the 2nd quarter worth about $10,560,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Third Coast Bancshares during the 2nd quarter worth about $4,951,000. Finally, Sei Investments Co. grew its holdings in Third Coast Bancshares by 172.5% during the 1st quarter. Sei Investments Co. now owns 178,570 shares of the company’s stock worth $6,756,000 after acquiring an additional 113,043 shares during the last quarter. 36.88% of the stock is owned by institutional investors.

Third Coast Bancshares Company Profile

Third Coast Bancshares, Inc is the bank holding company for Third Coast Bank SSB, a Texas-based community bank. The bank provides relationship-focused financial services to businesses, professionals and individuals through a network of banking offices and digital banking channels.

Its products and services include commercial and industrial loans, commercial real estate financing, construction and development loans, residential real estate lending, consumer loans and deposit accounts. The bank also offers treasury management, online and mobile banking, cash-management services and other solutions designed to support business and personal financial needs.

Founded in 2008, Third Coast Bank serves customers in key Texas markets, including the Houston, Dallas-Fort Worth and Austin areas.