Goldman Sachs Group Inc. Sells 14,079 Shares of Third Coast Bancshares, Inc. $TCBX

Key Points

• Goldman Sachs Group Inc. has reduced its stake in Third Coast Bancshares, Inc. by 14.5% during the first quarter, now owning 0.60% of the company valued at approximately $2.77 million.
• Keefe, Bruyette & Woods recently raised their price target for Third Coast Bancshares from $38 to $42, indicating a positive outlook on the stock.
• Third Coast Bancshares declared a stock buyback plan worth $30 million, allowing the company to repurchase up to 7.3% of its shares, a sign that the board believes the stock is undervalued.

Goldman Sachs Group Inc. lowered its position in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 14.5% during the first quarter, according to its most recent filing with the SEC. The firm owned 83,109 shares of the company's stock after selling 14,079 shares during the period. Goldman Sachs Group Inc. owned 0.60% of Third Coast Bancshares worth $2,773,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Inspire Investing LLC acquired a new position in shares of Third Coast Bancshares in the 1st quarter worth approximately $760,000. Strs Ohio acquired a new position in shares of Third Coast Bancshares in the 1st quarter worth approximately $521,000. Acadian Asset Management LLC lifted its position in shares of Third Coast Bancshares by 10.2% in the 1st quarter. Acadian Asset Management LLC now owns 111,143 shares of the company's stock worth $3,708,000 after purchasing an additional 10,329 shares during the period. Focus Partners Wealth lifted its position in shares of Third Coast Bancshares by 32,994.4% in the 1st quarter. Focus Partners Wealth now owns 41,699 shares of the company's stock worth $1,391,000 after purchasing an additional 41,573 shares during the period. Finally, Empowered Funds LLC lifted its position in shares of Third Coast Bancshares by 43.6% in the 1st quarter. Empowered Funds LLC now owns 42,604 shares of the company's stock worth $1,422,000 after purchasing an additional 12,945 shares during the period. Institutional investors and hedge funds own 36.88% of the company's stock.

Insider Activity

In other news, insider William Bobbora bought 1,300 shares of Third Coast Bancshares stock in a transaction dated Tuesday, July 29th. The stock was purchased at an average price of $37.56 per share, for a total transaction of $48,828.00. Following the purchase, the insider directly owned 11,750 shares in the company, valued at $441,330. The trade was a 12.44% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 10.28% of the stock is currently owned by insiders.

Third Coast Bancshares Price Performance

Shares of NASDAQ TCBX traded up $0.41 during trading on Tuesday, hitting $40.45. The stock had a trading volume of 4,038 shares, compared to its average volume of 70,886. Third Coast Bancshares, Inc. has a 12 month low of $25.00 and a 12 month high of $41.25. The company has a market capitalization of $560.57 million, a PE ratio of 12.37 and a beta of 0.41. The firm has a fifty day moving average of $38.38 and a two-hundred day moving average of $33.83.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.21. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. The firm had revenue of $52.02 million during the quarter, compared to analyst estimates of $47.52 million. On average, equities analysts expect 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 Tuesday, June 17th that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the company to buy up to 7.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods boosted their price target on shares of Third Coast Bancshares from $38.00 to $42.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Third Coast Bancshares presently has a consensus rating of "Hold" and a consensus target price of $40.00.

Third Coast Bancshares 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.