Globeflex Capital L P Takes $1.19 Million Position in Third Coast Bancshares, Inc. $TCBX

Key Points

• Globeflex Capital acquired 29,564 shares of Third Coast Bancshares worth approximately $1.19 million, representing about 0.18% of the company. Institutional investors and hedge funds collectively own 36.88% of TCBX.
• Analysts maintain a “Moderate Buy” consensus, with a $46 average price target; Keefe, Bruyette & Woods raised its target to $48 while keeping a market-perform rating.
• Third Coast Bancshares exceeded quarterly earnings expectations, reporting $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.

Globeflex Capital L P acquired a new position in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 29,564 shares of the company's stock, valued at approximately $1,194,000. Globeflex Capital L P owned approximately 0.18% of Third Coast Bancshares at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. AQR Capital Management LLC increased its position in Third Coast Bancshares by 21.7% during the first quarter. AQR Capital Management LLC now owns 38,431 shares of the company's stock worth $1,282,000 after buying an additional 6,857 shares in the last quarter. Millennium Management LLC raised its holdings 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 acquiring an additional 83,209 shares during the last quarter. Empowered Funds LLC lifted its position in shares of Third Coast Bancshares by 43.6% in the first quarter. Empowered Funds LLC now owns 42,604 shares of the company's stock valued at $1,422,000 after acquiring an additional 12,945 shares in the last quarter. Focus Partners Wealth boosted its stake in shares of Third Coast Bancshares by 32,994.4% during the first quarter. Focus Partners Wealth now owns 41,699 shares of the company's stock valued at $1,391,000 after acquiring an additional 41,573 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of Third Coast Bancshares by 16.4% during the second quarter. Rhumbline Advisers now owns 19,657 shares of the company's stock valued at $642,000 after acquiring an additional 2,775 shares during the last quarter. 36.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods boosted their target price on shares of Third Coast Bancshares from $45.00 to $48.00 and gave the company a "market perform" rating in a research note on Monday, August 3rd. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $46.00.

Third Coast Bancshares Stock Down 0.1%

TCBX stock opened at $45.47 on Tuesday. Third Coast Bancshares, Inc. has a 52-week low of $35.73 and a 52-week high of $46.35. The stock's fifty day simple moving average is $42.08 and its 200-day simple moving average is $40.24. The stock has a market capitalization of $754.36 million, a price-to-earnings ratio of 13.90 and a beta of 0.32.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last released its earnings results 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 analyst estimates of $62.75 million. As a group, analysts anticipate that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current fiscal year.

Third Coast Bancshares announced that its board has initiated a stock buyback program on Thursday, July 2nd that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's board believes its shares are 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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