Connor Clark & Lunn Investment Management Ltd. Takes $4.95 Million Position in Third Coast Bancshares, Inc. $TCBX

Key Points

• Connor Clark & Lunn Investment Management acquired 122,555 shares of Third Coast Bancshares worth approximately $4.95 million, representing about 0.74% of the company. Institutional investors collectively own 36.88% of TCBX.
• Third Coast Bancshares exceeded quarterly expectations, reporting $1.08 in EPS versus the $0.90 consensus and revenue of $67.99 million versus $62.75 million expected.
• The company authorized a $30 million share buyback, while analysts maintain a “Moderate Buy” consensus with an average price target of $47.75; shares recently opened at $45.22.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 122,555 shares of the company's stock, valued at approximately $4,951,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.74% of Third Coast Bancshares at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Third Coast Bancshares during the second quarter valued at $46,829,000. Bank of New York Mellon Corp purchased a new stake in Third Coast Bancshares in the second quarter worth about $13,553,000. Sei Investments Co. increased its position in Third Coast Bancshares by 172.5% in the first quarter. Sei Investments Co. now owns 178,570 shares of the company's stock worth $6,756,000 after buying an additional 113,043 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its stake in shares of Third Coast Bancshares by 28.2% in the second quarter. Adage Capital Partners GP L.L.C. now owns 511,940 shares of the company's stock worth $16,725,000 after buying an additional 112,605 shares during the period. Finally, Millennium Management LLC raised its stake in shares of Third Coast Bancshares by 88.2% in the first quarter. Millennium Management LLC now owns 177,521 shares of the company's stock worth $5,924,000 after buying an additional 83,209 shares during the period. 36.88% of the stock is owned by institutional investors.

Third Coast Bancshares Stock Performance

Shares of TCBX stock opened at $45.22 on Friday. The stock has a fifty day simple moving average of $42.44 and a two-hundred day simple moving average of $40.27. The firm has a market capitalization of $750.22 million, a PE ratio of 13.83 and a beta of 0.32. 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 data 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 the consensus estimate of $62.75 million. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. On average, sell-side analysts forecast that Third Coast Bancshares, Inc. will post 3.1 EPS for the current fiscal year.

Third Coast Bancshares declared that its board has approved a share buyback program on Thursday, July 2nd that allows the company to repurchase $30.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TCBX. Piper Sandler assumed coverage on Third Coast Bancshares in a research note on Thursday. They set an "overweight" rating and a $53.00 price objective for the company. Keefe, Bruyette & Woods raised their target price 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. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Third Coast Bancshares presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.75.

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. 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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