Acadian Asset Management LLC Purchases 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 raised its stake in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 10.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 111,143 shares of the company's stock after acquiring an additional 10,329 shares during the period. Acadian Asset Management LLC owned about 0.80% of Third Coast Bancshares worth $3,708,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. bought a new stake 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 valued at $215,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake 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 valued at $221,000 after acquiring an additional 304 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in shares of Third Coast Bancshares during the first quarter valued at $246,000. Finally, Algert Global LLC lifted its stake in shares of Third Coast Bancshares by 4.8% during the first quarter. Algert Global LLC now owns 8,020 shares of the company's stock valued at $268,000 after acquiring an additional 370 shares during the period. 36.88% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods increased their target price 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 investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $40.00.

Insider Activity

In other Third Coast Bancshares news, insider William Bobbora purchased 1,300 shares of the firm's stock in a transaction dated Tuesday, July 29th. The shares were bought at an average price of $37.56 per share, for a total transaction of $48,828.00. Following the purchase, the insider owned 11,750 shares in the company, valued at approximately $441,330. This trade represents a 12.44% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 10.28% of the company's stock.

Third Coast Bancshares Stock Down 0.7%

TCBX opened at $39.58 on Monday. The stock has a market cap of $548.58 million, a price-to-earnings ratio of 12.10 and a beta of 0.41. The business has a 50 day moving average of $37.84 and a 200-day moving average of $33.60. Third Coast Bancshares, Inc. has a 12-month low of $25.00 and a 12-month high of $41.25.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $0.96 earnings per share 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 analysts' expectations of $47.52 million. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. As a group, analysts expect that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current year.

Third Coast Bancshares announced that its Board of Directors has authorized a share repurchase program on Tuesday, June 17th that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 7.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Third Coast Bancshares Profile

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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