Bank of New York Mellon Corp Makes New $13.55 Million Investment in Third Coast Bancshares, Inc. $TCBX

Key Points

• Bank of New York Mellon acquired 335,465 shares of Third Coast Bancshares, valued at approximately $13.55 million, giving it a 2.02% stake. Institutional investors collectively own 36.88% of TCBX.
• Third Coast Bancshares reported quarterly EPS of $1.08, beating expectations of $0.90, while revenue of $67.99 million also exceeded forecasts. The company’s board authorized a $30 million share-buyback program covering up to 4.5% of outstanding shares.
• Analyst sentiment is positive, with an average “Moderate Buy” rating and a consensus price target of $47.75; Piper Sandler recently initiated coverage with an “overweight” rating and a $53 target.

Bank of New York Mellon Corp acquired a new stake in shares of 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. The firm acquired 335,465 shares of the company's stock, valued at approximately $13,553,000. Bank of New York Mellon Corp owned approximately 2.02% of Third Coast Bancshares at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in TCBX. AQR Capital Management LLC increased its holdings in shares of Third Coast Bancshares by 21.7% in the first quarter. AQR Capital Management LLC now owns 38,431 shares of the company's stock valued at $1,282,000 after buying an additional 6,857 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Third Coast Bancshares by 88.2% in 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 during the last quarter. Empowered Funds LLC grew its holdings in shares of Third Coast Bancshares by 43.6% in 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 during the last quarter. Focus Partners Wealth raised its position in shares of Third Coast Bancshares by 32,994.4% during the first quarter. Focus Partners Wealth now owns 41,699 shares of the company's stock worth $1,391,000 after purchasing an additional 41,573 shares during the period. Finally, Rhumbline Advisers lifted its holdings in shares of Third Coast Bancshares by 16.4% during the second 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. Institutional investors and hedge funds own 36.88% of the company's stock.

Third Coast Bancshares Stock Down 1.7%

TCBX stock opened at $43.85 on Wednesday. The company has a 50 day moving average of $42.75 and a two-hundred day moving average of $40.31. The company has a market cap of $727.56 million, a price-to-earnings ratio of 13.41 and a beta of 0.32. Third Coast Bancshares, Inc. has a 12-month low of $35.73 and a 12-month high of $46.35.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $1.08 EPS for the quarter, beating the consensus estimate of $0.90 by $0.18. The business had revenue of $67.99 million for the quarter, compared to analysts' expectations of $62.75 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. On average, research analysts anticipate that Third Coast Bancshares, Inc. will post 3.1 EPS for the current year.

Third Coast Bancshares announced that its board has initiated a share buyback plan on Thursday, July 2nd that allows the company to repurchase $30.00 million in shares. This repurchase authorization allows the company to purchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on TCBX shares. Piper Sandler assumed coverage on Third Coast Bancshares in a research note on Thursday, August 27th. They issued an "overweight" rating and a $53.00 price target on the stock. Keefe, Bruyette & Woods increased their target price on Third Coast Bancshares from $45.00 to $48.00 and gave the company a "market perform" rating in a report on Monday, August 3rd. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, Third Coast Bancshares presently has an average rating of "Moderate Buy" and a consensus price target of $47.75.

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.

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