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

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

Third Coast Bancshares Price Performance

NASDAQ TCBX opened at $40.21 on Wednesday. Third Coast Bancshares, Inc. has a one year low of $35.73 and a one year high of $46.35. The firm has a market cap of $667.11 million, a P/E ratio of 12.30 and a beta of 0.33. The stock’s 50-day moving average is $43.31 and its 200-day moving average is $40.84.

Third Coast Bancshares (NASDAQ:TCBX) last issued its quarterly earnings data on Wednesday, October 21st. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.06. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. The business had revenue of $65.87 million during the quarter, compared to analyst estimates of $66.83 million. Equities analysts anticipate that Third Coast Bancshares, Inc. will post 3.10 EPS for the current year.

Third Coast Bancshares declared that its Board of Directors has authorized a share buyback plan on Thursday, July 2nd that authorizes the company to buy back $30 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 4.5% of its shares through open market purchases. Share repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Third Coast Bancshares in the 2nd quarter valued at approximately $46,829,000. Dimensional Fund Advisors LP lifted its stake in Third Coast Bancshares by 6.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 472,808 shares of the company’s stock valued at $17,886,000 after acquiring an additional 27,664 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Third Coast Bancshares in the second quarter valued at approximately $13,553,000. Ategra Capital Management LLC acquired a new stake in shares of Third Coast Bancshares in the second quarter valued at approximately $10,560,000. Finally, Sei Investments Co. raised its holdings in shares of Third Coast Bancshares by 172.5% in the first quarter. Sei Investments Co. now owns 178,570 shares of the company’s stock valued at $6,756,000 after purchasing an additional 113,043 shares during the last quarter. 36.88% of the stock is currently owned by institutional investors.

About Third Coast Bancshares

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.