Third Coast Bancshares, Inc. $TCBX Shares Bought by American Century Companies Inc.

Key Points

• American Century Companies Inc. increased its stake in Third Coast Bancshares by 38.6%, now owning approximately 1.42% of the company, valued at $6.56 million.
• Several hedge funds have also recently augmented their positions in Third Coast Bancshares, showcasing growing institutional interest with 36.88% of the stock now held by institutional investors.
• Third Coast Bancshares has received a new target price of $42.00 from Keefe, Bruyette & Woods, while the stock currently trades around $39.99 with an overall average rating of "Hold."

American Century Companies Inc. raised its stake in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 38.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 196,515 shares of the company's stock after purchasing an additional 54,750 shares during the period. American Century Companies Inc. owned 1.42% of Third Coast Bancshares worth $6,558,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Third Coast Bancshares by 1.5% during the first quarter. Vanguard Group Inc. now owns 652,898 shares of the company's stock worth $21,787,000 after acquiring an additional 9,679 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Third Coast Bancshares by 26.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 294,411 shares of the company's stock worth $9,996,000 after acquiring an additional 62,019 shares during the last quarter. Northern Trust Corp grew its stake in shares of Third Coast Bancshares by 4.6% during the fourth quarter. Northern Trust Corp now owns 104,514 shares of the company's stock worth $3,548,000 after acquiring an additional 4,628 shares during the last quarter. Nuveen LLC purchased a new stake in shares of Third Coast Bancshares during the first quarter worth about $3,168,000. Finally, Millennium Management LLC grew its stake in shares of Third Coast Bancshares by 432.3% during the fourth quarter. Millennium Management LLC now owns 94,312 shares of the company's stock worth $3,202,000 after acquiring an additional 76,594 shares during the last quarter. Hedge funds and other institutional investors own 36.88% of the company's stock.

Insider Transactions at Third Coast Bancshares

In related news, insider William Bobbora purchased 1,300 shares of the firm's stock in a transaction on Tuesday, July 29th. The stock was bought at an average cost of $37.56 per share, with a total value of $48,828.00. Following the completion of the acquisition, the insider owned 11,750 shares of the company's stock, valued at $441,330. The trade was a 12.44% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 10.28% of the company's stock.

Analyst Ratings Changes

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

Third Coast Bancshares Stock Performance

NASDAQ TCBX traded down $0.04 during trading hours on Tuesday, reaching $39.79. The stock had a trading volume of 56,785 shares, compared to its average volume of 61,116. The stock has a fifty day moving average of $36.85 and a 200 day moving average of $33.43. The stock has a market cap of $551.49 million, a P/E ratio of 12.17 and a beta of 0.41. Third Coast Bancshares, Inc. has a 52-week low of $24.87 and a 52-week high of $40.66.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last issued its 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. The firm had revenue of $52.02 million for the quarter, compared to analyst estimates of $47.52 million. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. On average, equities research analysts forecast that Third Coast Bancshares, Inc. will post 3.1 EPS for the current year.

Third Coast Bancshares declared that its Board of Directors has initiated a share buyback plan on Tuesday, June 17th that authorizes the company to repurchase $30.00 million in shares. This repurchase authorization authorizes the company to purchase up to 7.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Third Coast Bancshares Company 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.