Dimensional Fund Advisors LP Grows Stock Holdings in Third Coast Bancshares, Inc. $TCBX

Key Points

• Dimensional Fund Advisors increased its Third Coast Bancshares stake by 6.2% in the first quarter, adding 27,664 shares to own 472,808 shares valued at approximately $17.9 million.
• Analysts maintain a “Moderate Buy” consensus on TCBX, with a consensus price target of $46.00; recent targets range from $45 to $48.
• Third Coast Bancshares approved a $30 million stock buyback program, allowing repurchases of up to 4.5% of outstanding shares, while the stock recently traded at $44.24 near its 52-week high.

Dimensional Fund Advisors LP raised its position in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 6.2% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 472,808 shares of the company's stock after acquiring an additional 27,664 shares during the period. Dimensional Fund Advisors LP owned approximately 2.85% of Third Coast Bancshares worth $17,886,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quantbot Technologies LP bought a new position in shares of Third Coast Bancshares in the second quarter worth about $29,000. Advisory Services Network LLC bought a new stake in Third Coast Bancshares during the 3rd quarter valued at about $31,000. State of Alaska Department of Revenue boosted its position in Third Coast Bancshares by 257.2% in the 4th quarter. State of Alaska Department of Revenue now owns 1,993 shares of the company's stock valued at $75,000 after buying an additional 1,435 shares during the period. Mariner LLC purchased a new stake in Third Coast Bancshares in the 4th quarter valued at about $201,000. Finally, Waterway Wealth Management LLC bought a new position in Third Coast Bancshares in the 1st quarter worth about $208,000. 36.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Third Coast Bancshares from $45.00 to $48.00 and gave the company a "market perform" rating in a report on Monday, August 3rd. Stephens lowered their price objective on Third Coast Bancshares from $46.00 to $45.00 and set an "overweight" rating for the company in a research report on Friday, April 24th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Third Coast Bancshares has a consensus rating of "Moderate Buy" and a consensus target price of $46.00.

Third Coast Bancshares Stock Up 0.0%

Shares of NASDAQ TCBX opened at $44.24 on Friday. The business's 50 day moving average is $40.73 and its two-hundred day moving average is $39.85. Third Coast Bancshares, Inc. has a 52-week low of $35.60 and a 52-week high of $44.98. The firm has a market cap of $733.96 million, a price-to-earnings ratio of 13.53 and a beta of 0.32.

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

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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