Empowered Funds LLC Invests $2.77 Million in Third Coast Bancshares, Inc. $TCBX

Key Points

• Empowered Funds LLC initiated a $2.77 million position in Third Coast Bancshares, purchasing 68,596 shares, while institutional investors collectively own 36.88% of the company.
• Analysts maintain a favorable outlook, with four Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $47.75.
• Third Coast Bancshares exceeded quarterly expectations with $1.08 in EPS and $67.99 million in revenue, and authorized a $30 million share buyback covering up to 4.5% of outstanding shares.

Empowered Funds LLC bought a new position in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 68,596 shares of the company's stock, valued at approximately $2,771,000. Empowered Funds LLC owned approximately 0.41% of Third Coast Bancshares as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of TCBX. Ategra Capital Management LLC purchased a new position in Third Coast Bancshares during the second quarter worth approximately $10,560,000. Dimensional Fund Advisors LP raised its stake in shares of Third Coast Bancshares by 6.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 472,808 shares of the company's stock worth $17,886,000 after buying an additional 27,664 shares during the period. 1492 Capital Management LLC raised its stake in shares of Third Coast Bancshares by 63.6% during the 1st quarter. 1492 Capital Management LLC now owns 132,762 shares of the company's stock worth $5,022,000 after buying an additional 51,636 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Third Coast Bancshares during the 2nd quarter valued at approximately $13,553,000. Finally, Nottingham Advisors Inc. purchased a new position in shares of Third Coast Bancshares during the 1st quarter valued at approximately $1,416,000. Hedge funds and other institutional investors own 36.88% of the company's stock.

Analysts Set New Price Targets

TCBX has been the subject of several recent analyst reports. Piper Sandler started coverage on shares of Third Coast Bancshares in a report on Thursday, August 27th. They issued an "overweight" rating and a $53.00 price target for the company. Keefe, Bruyette & Woods increased their price objective 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. Four analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $47.75.

Third Coast Bancshares Trading Up 2.2%

NASDAQ:TCBX opened at $44.87 on Thursday. The stock has a 50 day moving average of $42.84 and a two-hundred day moving average of $40.34. Third Coast Bancshares, Inc. has a 12 month low of $35.73 and a 12 month high of $46.35. The firm has a market cap of $744.43 million, a P/E ratio of 13.72 and a beta of 0.32.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last posted 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. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%.The firm had revenue of $67.99 million during the quarter, compared to the consensus estimate of $62.75 million. On average, research analysts forecast that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current year.

Third Coast Bancshares declared that its board has authorized a stock 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 usually an indication that the company's management 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. 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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