Third Coast Bancshares, Inc. $TCBX Shares Bought by Bridgeway Capital Management LLC

Key Points

• Bridgeway Capital Management LLC increased its stake in Third Coast Bancshares, Inc. by 11.4%, acquiring 126,263 shares worth approximately $4.21 million.
• Analyst ratings for Third Coast Bancshares have shifted, with Keefe, Bruyette & Woods raising the price target from $38.00 to $42.00, while the average target price now stands at $40.00.
• The company's stock recently saw a quarterly earnings report showing an EPS of $0.96, exceeding expectations of $0.75, alongside revenue of $52.02 million.

Bridgeway Capital Management LLC grew its stake in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 11.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 126,263 shares of the company's stock after buying an additional 12,945 shares during the period. Bridgeway Capital Management LLC owned 0.91% of Third Coast Bancshares worth $4,213,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Nuveen LLC purchased a new stake in Third Coast Bancshares during the 1st quarter worth about $3,168,000. Invesco Ltd. purchased a new position in Third Coast Bancshares in the 1st quarter valued at about $2,732,000. Millennium Management LLC boosted its stake in shares of Third Coast Bancshares by 432.3% during the 4th quarter. Millennium Management LLC now owns 94,312 shares of the company's stock worth $3,202,000 after purchasing an additional 76,594 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its holdings in shares of Third Coast Bancshares by 19.1% during the first quarter. Adage Capital Partners GP L.L.C. now owns 399,335 shares of the company's stock worth $13,326,000 after buying an additional 64,047 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Third Coast Bancshares by 26.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 294,411 shares of the company's stock valued at $9,996,000 after buying an additional 62,019 shares during the last quarter. 36.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Third Coast Bancshares Price Performance

NASDAQ:TCBX traded up $0.45 during mid-day trading on Thursday, reaching $39.85. The company's stock had a trading volume of 82,931 shares, compared to its average volume of 56,770. The stock has a market cap of $552.32 million, a P/E ratio of 12.19 and a beta of 0.41. The company's fifty day simple moving average is $37.73 and its two-hundred day simple moving average is $33.60. Third Coast Bancshares, Inc. has a twelve month low of $25.00 and a twelve month high of $41.25.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $0.96 EPS for the quarter, beating analysts' consensus estimates of $0.75 by $0.21. The company had revenue of $52.02 million during the quarter, compared to the consensus estimate of $47.52 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. Sell-side 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 initiated a stock buyback plan on Tuesday, June 17th that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the company to purchase up to 7.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, insider William Bobbora purchased 1,300 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were bought at an average price of $37.56 per share, with a total value of $48,828.00. Following the completion of the purchase, the insider directly owned 11,750 shares in the company, valued at approximately $441,330. This trade represents a 12.44% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 10.28% of the company's stock.

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.