Nuveen LLC Purchases Shares of 94,937 Third Coast Bancshares, Inc. $TCBX

Key Points

• Nuveen LLC has acquired 94,937 shares of Third Coast Bancshares, Inc. valued at approximately $3.17 million, representing a 0.69% ownership stake in the company.
• Third Coast Bancshares is currently undergoing favorable analyst ratings, with a target price increase from $38.00 to $42.00 by Keefe, Bruyette & Woods.
• The company has initiated a $30 million share repurchase program, indicating confidence in the stock's value amid a robust 2023 performance where it reported earnings per share (EPS) of $0.96, exceeding estimates.

Nuveen LLC bought a new position in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 94,937 shares of the company's stock, valued at approximately $3,168,000. Nuveen LLC owned about 0.69% of Third Coast Bancshares as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Third Coast Bancshares by 4.9% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,502 shares of the company's stock worth $221,000 after acquiring an additional 304 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Third Coast Bancshares in the fourth quarter worth approximately $28,000. Bank of New York Mellon Corp boosted its position in shares of Third Coast Bancshares by 2.6% in the first quarter. Bank of New York Mellon Corp now owns 36,085 shares of the company's stock worth $1,204,000 after acquiring an additional 903 shares during the last quarter. Wells Fargo & Company MN lifted its position in Third Coast Bancshares by 27.9% during the fourth quarter. Wells Fargo & Company MN now owns 6,660 shares of the company's stock valued at $226,000 after buying an additional 1,451 shares in the last quarter. Finally, Barclays PLC lifted its position in Third Coast Bancshares by 16.1% during the fourth quarter. Barclays PLC now owns 18,486 shares of the company's stock valued at $627,000 after buying an additional 2,557 shares in the last quarter. 36.88% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods lifted their price target on shares of Third Coast Bancshares from $38.00 to $42.00 and gave the company 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 assigned a Hold rating to the stock. According to data from MarketBeat.com, Third Coast Bancshares currently has an average rating of "Hold" and an average target price of $40.00.

Insider Activity at Third Coast Bancshares

In other news, insider William Bobbora purchased 1,300 shares of the stock in a transaction dated Tuesday, July 29th. The stock was acquired at an average price of $37.56 per share, for a total transaction of $48,828.00. Following the completion of the transaction, the insider owned 11,750 shares of the company's stock, valued at approximately $441,330. The trade was a 12.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 10.28% of the company's stock.

Third Coast Bancshares Stock Performance

Shares of Third Coast Bancshares stock traded down $0.18 during trading on Friday, hitting $39.83. 47,759 shares of the stock were exchanged, compared to its average volume of 66,029. The stock's fifty day moving average is $36.54 and its 200 day moving average is $33.38. The stock has a market cap of $552.04 million, a PE ratio of 12.18 and a beta of 0.41. Third Coast Bancshares, Inc. has a 12 month low of $24.87 and a 12 month high of $40.66.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.75 by $0.21. The business had revenue of $52.02 million during the quarter, compared to analyst estimates of $47.52 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. Sell-side analysts anticipate that Third Coast Bancshares, Inc. will post 3.1 EPS for the current fiscal year.

Third Coast Bancshares announced that its board has authorized a stock repurchase program on Tuesday, June 17th that authorizes the company to repurchase $30.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 7.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is 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.