Core Capital Management & Research inc. Purchases Shares of 18,487 Third Coast Bancshares, Inc. $TCBX

Core Capital Management & Research inc. purchased a new position in Third Coast Bancshares, Inc. (NASDAQ:TCBX) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 18,487 shares of the company’s stock, valued at approximately $747,000.

A number of other hedge funds have also recently modified their holdings of the company. Quantbot Technologies LP bought a new position in shares of Third Coast Bancshares during the second quarter valued at about $29,000. Advisory Services Network LLC bought a new stake in shares of Third Coast Bancshares in the third quarter worth about $31,000. Ameritas Advisory Services LLC bought a new stake in shares of Third Coast Bancshares in the second quarter worth about $40,000. Legal & General Group Plc purchased a new position in Third Coast Bancshares during the 2nd quarter valued at about $61,000. Finally, IFP Advisors Inc increased its holdings in Third Coast Bancshares by 20,909.1% during the 2nd quarter. IFP Advisors Inc now owns 4,622 shares of the company’s stock valued at $187,000 after purchasing an additional 4,600 shares during the period. Hedge funds and other institutional investors own 36.88% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Piper Sandler initiated coverage on Third Coast Bancshares in a report on Thursday, August 27th. They issued an “overweight” rating and a $53.00 price objective for the company. Keefe, Bruyette & Woods boosted their target price on Third Coast Bancshares from $45.00 to $48.00 and gave the company a “market perform” rating in a research note on Monday, August 3rd. Four investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Third Coast Bancshares currently has an average rating of “Moderate Buy” and an average price target of $47.75.

Third Coast Bancshares Trading Down 1.4%

Shares of Third Coast Bancshares stock opened at $44.84 on Thursday. The firm has a market capitalization of $743.90 million, a P/E ratio of 13.71 and a beta of 0.32. The business has a fifty day simple moving average of $43.32 and a two-hundred day simple moving average of $40.45. Third Coast Bancshares, Inc. has a 12 month low of $35.73 and a 12 month high of $46.35.

Third Coast Bancshares (NASDAQ:TCBX) last released its earnings results on Wednesday, July 22nd. The company reported $1.08 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.18. The firm had revenue of $67.99 million for the quarter, compared to the consensus estimate of $62.75 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. Analysts predict that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current year.

Third Coast Bancshares announced that its Board of Directors has authorized a share buyback program on Thursday, July 2nd that allows the company to repurchase $30.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 4.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.

About Third Coast Bancshares

Third Coast Bancshares, Inc operates as a bank holding company for Third Coast Bank, SSB that provides various commercial banking solutions to small and medium-sized businesses, and professionals. The company's deposit products include checking, savings, individual retirement, and money market accounts, as well as certificates of deposit. It also offers commercial and industrial loans, equipment loans, working capital lines of credit, guaranteed loans, auto finance, letters of credit, commercial and residential real estate, and construction, development, and other loans.