GAMMA Investing LLC grew its holdings in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 3,294.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 17,619 shares of the company's stock after purchasing an additional 17,100 shares during the period. GAMMA Investing LLC owned about 0.13% of Third Coast Bancshares worth $588,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Picton Mahoney Asset Management acquired a new position in shares of Third Coast Bancshares during the 4th quarter worth approximately $27,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Third Coast Bancshares during the 4th quarter worth approximately $28,000. US Bancorp DE acquired a new position in shares of Third Coast Bancshares during the 4th quarter worth approximately $73,000. Walleye Capital LLC acquired a new position in shares of Third Coast Bancshares during the 4th quarter worth approximately $203,000. Finally, Janus Henderson Group PLC acquired a new position in shares of Third Coast Bancshares during the 4th quarter worth approximately $215,000. Institutional investors and hedge funds own 36.88% of the company's stock.
Analysts Set New Price Targets
A number of research analysts recently issued reports on TCBX shares. Keefe, Bruyette & Woods decreased their price objective on shares of Third Coast Bancshares from $39.00 to $36.00 and set a "market perform" rating on the stock in a research note on Friday, April 25th. Raymond James Financial downgraded Third Coast Bancshares from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Finally, Stephens reduced their target price on Third Coast Bancshares from $44.00 to $39.00 and set an "overweight" rating on the stock in a report on Friday, April 25th.
View Our Latest Analysis on TCBX
Insider Buying and Selling at Third Coast Bancshares
In other news, insider William Bobbora acquired 2,400 shares of Third Coast Bancshares stock in a transaction that occurred on Monday, April 28th. The shares were acquired at an average price of $28.51 per share, for a total transaction of $68,424.00. Following the transaction, the insider now directly owns 9,250 shares of the company's stock, valued at approximately $263,717.50. The trade was a 35.04% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 10.28% of the company's stock.
Third Coast Bancshares Stock Performance
Shares of TCBX stock opened at $30.04 on Thursday. The stock's fifty day moving average price is $30.31 and its two-hundred day moving average price is $32.92. The company has a market cap of $415.45 million, a PE ratio of 10.22 and a beta of 0.39. Third Coast Bancshares, Inc. has a fifty-two week low of $18.82 and a fifty-two week high of $39.45.
Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last issued its earnings results on Wednesday, April 23rd. The company reported $0.78 earnings per share for the quarter, beating analysts' consensus estimates of $0.70 by $0.08. The firm had revenue of $45.90 million for the quarter, compared to the consensus estimate of $46.02 million. Third Coast Bancshares had a return on equity of 11.15% and a net margin of 14.90%. On average, equities analysts predict 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 authorized a share repurchase program on Tuesday, June 17th that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 7.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.
Third Coast Bancshares Profile
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Free Report)
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.
See Also
Want to see what other hedge funds are holding TCBX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report).
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