Acadian Asset Management LLC Buys 10,329 Shares of Third Coast Bancshares, Inc. $TCBX

Key Points

• Acadian Asset Management LLC increased its stake in Third Coast Bancshares by 10.2%, acquiring an additional 10,329 shares during the first quarter, bringing its total holding to 111,143 shares valued at approximately $3.7 million.
• Keefe, Bruyette & Woods raised their target price for Third Coast Bancshares from $38.00 to $42.00, assigning the stock a "market perform" rating.
• Third Coast Bancshares reported strong quarterly earnings, with earnings per share of $0.96, exceeding expectations, and announced a $30 million share repurchase program indicating confidence in its stock valuation.

Acadian Asset Management LLC increased its stake in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 10.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 111,143 shares of the company's stock after purchasing an additional 10,329 shares during the period. Acadian Asset Management LLC owned approximately 0.80% of Third Coast Bancshares worth $3,708,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its position in shares of Third Coast Bancshares by 1.5% in the first quarter. Vanguard Group Inc. now owns 652,898 shares of the company's stock worth $21,787,000 after purchasing an additional 9,679 shares during the period. Adage Capital Partners GP L.L.C. increased its position in shares of Third Coast Bancshares by 19.1% in the first quarter. Adage Capital Partners GP L.L.C. now owns 399,335 shares of the company's stock worth $13,326,000 after purchasing an additional 64,047 shares during the period. American Century Companies Inc. increased its position in shares of Third Coast Bancshares by 38.6% in the first quarter. American Century Companies Inc. now owns 196,515 shares of the company's stock worth $6,558,000 after purchasing an additional 54,750 shares during the period. Millennium Management LLC increased its position in shares of Third Coast Bancshares by 88.2% in the first quarter. Millennium Management LLC now owns 177,521 shares of the company's stock worth $5,924,000 after purchasing an additional 83,209 shares during the period. Finally, Bridgeway Capital Management LLC boosted its stake in Third Coast Bancshares by 11.4% in the first quarter. Bridgeway Capital Management LLC now owns 126,263 shares of the company's stock valued at $4,213,000 after buying an additional 12,945 shares in the last quarter. Institutional investors own 36.88% of the company's stock.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised their price objective on Third Coast Bancshares from $38.00 to $42.00 and gave the company a "market perform" rating in a research note on Monday, July 28th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $40.00.

Insider Activity at Third Coast Bancshares

In related news, insider William Bobbora bought 1,300 shares of Third Coast Bancshares stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average cost of $37.56 per share, for a total transaction of $48,828.00. Following the completion of the acquisition, the insider directly owned 11,750 shares of the company's stock, valued at approximately $441,330. The trade was a 12.44% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 10.28% of the stock is currently owned by corporate insiders.

Third Coast Bancshares Price Performance

NASDAQ:TCBX traded down $0.72 during trading hours on Friday, hitting $40.28. The company's stock had a trading volume of 286,475 shares, compared to its average volume of 70,844. The stock has a fifty day simple moving average of $38.32 and a 200-day simple moving average of $33.79. The company has a market capitalization of $558.28 million, a P/E ratio of 12.32 and a beta of 0.41. Third Coast Bancshares, Inc. has a twelve month low of $25.00 and a twelve month high of $41.25.

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

Third Coast Bancshares announced that its Board of Directors has authorized a share buyback program on Tuesday, June 17th that allows the company to repurchase $30.00 million in shares. This repurchase authorization allows the company to repurchase up to 7.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board 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.