Nuveen LLC bought a new position in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 94,937 shares of the company's stock, valued at approximately $3,168,000. Nuveen LLC owned approximately 0.69% of Third Coast Bancshares at the end of the most recent quarter.
Other institutional investors have also made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Third Coast Bancshares during the fourth quarter worth $28,000. Janus Henderson Group PLC acquired a new position in shares of Third Coast Bancshares during the fourth quarter worth $215,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Third Coast Bancshares by 4.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,502 shares of the company's stock worth $221,000 after purchasing an additional 304 shares in the last quarter. Wells Fargo & Company MN lifted its position in shares of Third Coast Bancshares by 27.9% during the fourth quarter. Wells Fargo & Company MN now owns 6,660 shares of the company's stock worth $226,000 after purchasing an additional 1,451 shares in the last quarter. Finally, Occudo Quantitative Strategies LP acquired a new position in shares of Third Coast Bancshares during the fourth quarter worth $235,000. 36.88% of the stock is owned by institutional investors and hedge funds.
Third Coast Bancshares Price Performance
TCBX traded down $0.39 during trading on Wednesday, hitting $39.40. The company had a trading volume of 57,787 shares, compared to its average volume of 61,116. The company has a market cap of $546.08 million, a PE ratio of 12.05 and a beta of 0.41. The business has a 50-day moving average of $36.99 and a 200-day moving average of $33.47. Third Coast Bancshares, Inc. has a 1-year low of $24.87 and a 1-year high of $40.66.
Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.75 by $0.21. The firm had revenue of $52.02 million for the quarter, compared to analysts' expectations of $47.52 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. Research analysts forecast that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current year.
Third Coast Bancshares announced that its board has authorized a stock repurchase plan on Tuesday, June 17th that allows the company to buyback $30.00 million in shares. This buyback authorization allows the company to reacquire up to 7.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.
Insiders Place Their Bets
In other Third Coast Bancshares news, insider William Bobbora bought 1,300 shares of the stock in a transaction on Tuesday, July 29th. The stock was purchased at an average price of $37.56 per share, for a total transaction of $48,828.00. Following the completion of the purchase, the insider directly owned 11,750 shares in the company, valued at approximately $441,330. This trade represents a 12.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 10.28% of the stock is currently owned by insiders.
Analysts Set New Price Targets
Separately, Keefe, Bruyette & Woods boosted their target price on shares of Third Coast Bancshares from $38.00 to $42.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $40.00.
Read Our Latest Stock Report on Third Coast Bancshares
About Third Coast Bancshares
(
Free Report)
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.
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