Bank of America Corp DE Makes New Investment in Third Coast Bancshares, Inc. $TCBX

Key Points

• Bank of America initiated a position in Third Coast Bancshares by purchasing 87,432 shares worth approximately $3.5 million, representing about 0.53% of the company. Institutional investors and hedge funds collectively own 36.88% of TCBX.
• Third Coast Bancshares exceeded quarterly expectations, reporting $1.08 in earnings per share versus the $0.90 consensus estimate and revenue of $67.99 million compared with expectations of $62.75 million.
• The board authorized a $30 million share-repurchase program, covering up to 4.5% of outstanding shares. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $47.75, above the reported share price of $42.63.

Bank of America Corp DE purchased a new position in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 87,432 shares of the company's stock, valued at approximately $3,532,000. Bank of America Corp DE owned about 0.53% of Third Coast Bancshares as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Legal & General Group Plc bought a new position in Third Coast Bancshares in the second quarter worth about $61,000. Waterway Wealth Management LLC acquired a new position in Third Coast Bancshares in the first quarter valued at approximately $208,000. Hsbc Holdings PLC grew its holdings in shares of Third Coast Bancshares by 6.4% during the first quarter. Hsbc Holdings PLC now owns 7,442 shares of the company's stock valued at $280,000 after purchasing an additional 450 shares during the last quarter. Krilogy Financial LLC grew its holdings in shares of Third Coast Bancshares by 32.6% during the first quarter. Krilogy Financial LLC now owns 8,132 shares of the company's stock valued at $334,000 after purchasing an additional 1,999 shares during the last quarter. Finally, PFG Investments LLC acquired a new stake in shares of Third Coast Bancshares during the 1st quarter worth approximately $346,000. 36.88% of the stock is owned by institutional investors and hedge funds.

Third Coast Bancshares Price Performance

Shares of TCBX stock opened at $42.63 on Wednesday. Third Coast Bancshares, Inc. has a 12-month low of $35.73 and a 12-month high of $46.35. The firm has a market capitalization of $707.30 million, a price-to-earnings ratio of 13.04 and a beta of 0.32. The business has a 50 day simple moving average of $44.36 and a 200 day simple moving average of $40.88.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $1.08 EPS for the quarter, beating analysts' consensus estimates of $0.90 by $0.18. The company had revenue of $67.99 million for the quarter, compared to analyst estimates of $62.75 million. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. On average, equities 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 share repurchase program on Thursday, July 2nd that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the company to purchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Benchmark upgraded Third Coast Bancshares to a "strong-buy" rating in a research report on Thursday, September 24th. Piper Sandler initiated coverage on Third Coast Bancshares in a research report on Thursday, August 27th. They issued an "overweight" rating and a $53.00 target price on the stock. Finally, Keefe, Bruyette & Woods raised their target price on Third Coast Bancshares from $45.00 to $48.00 and gave the company a "market perform" rating in a research note on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.75.

Third Coast Bancshares Profile

Third Coast Bancshares, Inc is the bank holding company for Third Coast Bank SSB, a Texas-based community bank founded in 2008. The bank focuses primarily on serving privately owned businesses, entrepreneurs, professionals and individuals through relationship-based banking.

Third Coast Bank provides commercial and consumer banking products, including business and personal checking and savings accounts, commercial real estate and business loans, residential and consumer lending, treasury management, cash management, online and mobile banking, and other deposit and payment services.

The bank operates a Texas-focused banking franchise serving customers in major markets including the greater Houston, Dallas-Fort Worth and Austin areas.

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.