BlackRock Inc. bought a new position in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 1,159,145 shares of the company's stock, valued at approximately $46,829,000. BlackRock Inc. owned about 6.99% of Third Coast Bancshares at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Advisory Services Network LLC purchased a new stake in Third Coast Bancshares during the third quarter worth $31,000. Quantbot Technologies LP purchased a new stake in shares of Third Coast Bancshares during the second quarter worth $29,000. Mariner LLC purchased a new stake in Third Coast Bancshares during the 4th quarter worth about $201,000. Waterway Wealth Management LLC acquired a new stake in Third Coast Bancshares in the first quarter valued at approximately $208,000. Finally, Man Group plc purchased a new position in Third Coast Bancshares in the fourth quarter valued at $213,000. Hedge funds and other institutional investors own 36.88% of the company's stock.
Third Coast Bancshares Stock Down 1.0%
Shares of NASDAQ TCBX opened at $44.68 on Tuesday. The stock has a market capitalization of $741.33 million, a PE ratio of 13.66 and a beta of 0.32. The firm has a fifty day moving average of $42.67 and a 200-day moving average of $40.30. Third Coast Bancshares, Inc. has a 52-week low of $35.73 and a 52-week high of $46.35.
Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $1.08 EPS for the quarter, topping the consensus estimate of $0.90 by $0.18. The company had revenue of $67.99 million during 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%. Equities research analysts expect 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 buyback plan on Thursday, July 2nd that permits the company to buyback $30.00 million in shares. This buyback authorization permits the company to repurchase up to 4.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's management believes its shares are undervalued.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on the stock. Keefe, Bruyette & Woods increased their price target on shares of Third Coast Bancshares from $45.00 to $48.00 and gave the stock a "market perform" rating in a research note on Monday, August 3rd. Piper Sandler initiated coverage on Third Coast Bancshares in a research report on Thursday. They issued an "overweight" rating and a $53.00 price target on the stock. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $47.75.
Read Our Latest Stock Report on TCBX
About Third Coast Bancshares
(
Free Report)
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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