28,957 Third Coast Bancshares, Inc. $TCBX Shares Bought by Annex Advisory Services LLC

Key Points

• Annex Advisory Services increased its Third Coast Bancshares stake by 66.9% in the third quarter, acquiring 28,957 shares and bringing its holdings to 72,230 shares, valued at approximately $3.06 million.
• Third Coast Bancshares reported quarterly EPS of $1.08, beating estimates of $0.90, while revenue of $67.99 million also exceeded expectations. The company has a $30 million share-repurchase authorization covering up to 4.5% of outstanding shares.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $47.60, compared with the stock’s reported price of $41.53.

Annex Advisory Services LLC lifted its position in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 66.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 72,230 shares of the company's stock after acquiring an additional 28,957 shares during the period. Annex Advisory Services LLC owned 0.44% of Third Coast Bancshares worth $3,062,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Ameritas Advisory Services LLC bought a new stake in shares of Third Coast Bancshares during the second quarter valued at approximately $40,000. Legal & General Group Plc acquired a new position in shares of Third Coast Bancshares during the second quarter worth approximately $61,000. IFP Advisors Inc boosted its position in shares of Third Coast Bancshares by 20,909.1% during the second quarter. IFP Advisors Inc now owns 4,622 shares of the company's stock worth $187,000 after buying an additional 4,600 shares during the period. Waterway Wealth Management LLC bought a new position in Third Coast Bancshares in the 1st quarter worth approximately $208,000. Finally, Hsbc Holdings PLC grew its holdings in Third Coast Bancshares by 6.4% in the 1st quarter. Hsbc Holdings PLC now owns 7,442 shares of the company's stock worth $280,000 after buying an additional 450 shares in the last quarter. Institutional investors and hedge funds own 36.88% of the company's stock.

Third Coast Bancshares Price Performance

NASDAQ TCBX opened at $41.53 on Friday. The company's 50 day simple moving average is $44.01 and its 200 day simple moving average is $41.28. Third Coast Bancshares, Inc. has a 12 month low of $35.73 and a 12 month high of $46.35. The company has a market capitalization of $689.07 million, a P/E ratio of 12.70 and a beta of 0.33.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last released its earnings results on Wednesday, July 22nd. The company reported $1.08 EPS for the quarter, beating the consensus estimate of $0.90 by $0.18. The business had revenue of $67.99 million during the quarter, compared to analyst estimates of $62.75 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. On average, analysts anticipate that Third Coast Bancshares, Inc. will post 3.10 earnings per share for the current year.

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

Analysts Set New Price Targets

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

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 company provides relationship-focused banking services to businesses, professionals and individuals through its banking operations in Texas.

Third Coast Bank offers commercial and consumer deposit products, including checking, savings and money market accounts, certificates of deposit and cash-management services. Its lending activities include commercial and industrial loans, commercial real estate financing, residential and other real estate loans, construction lending, and consumer loans.

Founded in 2008, Third Coast Bank serves communities in the Houston, Dallas-Fort Worth and other Texas markets through branch locations and digital banking channels.

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