Ategra Capital Management LLC Makes New $10.56 Million Investment in Third Coast Bancshares, Inc. $TCBX

Key Points

• Ategra Capital Management acquired 261,387 shares of Third Coast Bancshares, valued at approximately $10.56 million, giving it a 1.58% stake and making TCBX its eighth-largest holding.
• Other institutional investors also increased their positions, and hedge funds and institutional investors now own 36.88% of the company’s stock.
• Third Coast Bancshares exceeded quarterly earnings and revenue estimates, while its board authorized a $30 million share repurchase plan. Analysts rate the stock “Moderate Buy,” with an average price target of $46.

Ategra Capital Management LLC purchased a new position in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 261,387 shares of the company's stock, valued at approximately $10,560,000. Third Coast Bancshares makes up about 4.7% of Ategra Capital Management LLC's portfolio, making the stock its 8th largest holding. Ategra Capital Management LLC owned about 1.58% of Third Coast Bancshares as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of the stock. AQR Capital Management LLC increased its stake in shares of Third Coast Bancshares by 21.7% during the first quarter. AQR Capital Management LLC now owns 38,431 shares of the company's stock worth $1,282,000 after buying an additional 6,857 shares during the period. Millennium Management LLC grew its holdings in Third Coast Bancshares by 88.2% during the 1st quarter. Millennium Management LLC now owns 177,521 shares of the company's stock worth $5,924,000 after acquiring an additional 83,209 shares in the last quarter. Empowered Funds LLC grew its holdings in Third Coast Bancshares by 43.6% during the 1st quarter. Empowered Funds LLC now owns 42,604 shares of the company's stock worth $1,422,000 after acquiring an additional 12,945 shares in the last quarter. Focus Partners Wealth increased its position in shares of Third Coast Bancshares by 32,994.4% in the 1st quarter. Focus Partners Wealth now owns 41,699 shares of the company's stock valued at $1,391,000 after purchasing an additional 41,573 shares during the last quarter. Finally, Rhumbline Advisers increased its position in shares of Third Coast Bancshares by 16.4% in the 2nd quarter. Rhumbline Advisers now owns 19,657 shares of the company's stock valued at $642,000 after purchasing an additional 2,775 shares during the last quarter. Hedge funds and other institutional investors own 36.88% of the company's stock.

Third Coast Bancshares Price Performance

Shares of TCBX opened at $45.47 on Tuesday. Third Coast Bancshares, Inc. has a 1-year low of $35.73 and a 1-year high of $46.35. The stock has a market cap of $754.36 million, a PE ratio of 13.90 and a beta of 0.32. The firm has a fifty day moving average price of $42.08 and a 200 day moving average price of $40.24.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.18. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%.The company had revenue of $67.99 million for the quarter, compared to analyst estimates of $62.75 million. As a group, equities analysts expect 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 plan on Thursday, July 2nd that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the company to buy up to 4.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods upped their price objective on Third Coast Bancshares from $45.00 to $48.00 and gave the stock a "market perform" rating in a research report on Monday, August 3rd. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $46.00.

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. It also offers commercial and industrial loans, equipment loans, working capital lines of credit, guaranteed loans, auto finance, letters of credit, commercial and residential real estate, and construction, development, and other loans.

Want to see what other hedge funds are holding TCBX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source