Third Coast Bancshares, Inc. $TCBX Shares Purchased 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 holdings in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 11.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 126,263 shares of the company's stock after purchasing an additional 12,945 shares during the quarter. Bridgeway Capital Management LLC owned approximately 0.91% of Third Coast Bancshares worth $4,213,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Nuveen LLC purchased a new position in shares of Third Coast Bancshares in the first quarter worth about $3,168,000. Invesco Ltd. purchased a new position in Third Coast Bancshares in the 1st quarter worth approximately $2,732,000. Millennium Management LLC lifted its stake in Third Coast Bancshares by 432.3% in 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 in the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in shares of Third Coast Bancshares by 19.1% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 399,335 shares of the company's stock worth $13,326,000 after purchasing an additional 64,047 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew 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 purchasing an additional 62,019 shares in the last quarter. Hedge funds and other institutional investors own 36.88% of the company's stock.

Insider Buying and Selling at Third Coast Bancshares

In other Third Coast Bancshares news, insider William Bobbora acquired 1,300 shares of the business's stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average cost of $37.56 per share, with a total value of $48,828.00. Following the transaction, the insider owned 11,750 shares of the company's stock, valued at $441,330. This trade represents a 12.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 10.28% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods lifted their price objective on Third Coast Bancshares from $38.00 to $42.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $40.00.

Third Coast Bancshares Stock Performance

Shares of NASDAQ TCBX traded down $0.51 during midday trading on Tuesday, reaching $39.22. 27,184 shares of the stock were exchanged, compared to its average volume of 69,123. The stock has a market capitalization of $543.59 million, a P/E ratio of 11.99 and a beta of 0.41. The company has a 50 day simple moving average of $37.41 and a 200 day simple moving average of $33.49. Third Coast Bancshares, Inc. has a twelve month low of $24.87 and a twelve month high of $41.25.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.21. The company had revenue of $52.02 million during the quarter, compared to analyst estimates of $47.52 million. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. On average, research analysts expect that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current year.

Third Coast Bancshares declared that its Board of Directors has authorized a stock buyback program on Tuesday, June 17th that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the company to reacquire up to 7.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

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.