Inscription Capital LLC Acquires Shares of 50,297 Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Inscription Capital LLC acquired a new position in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 50,297 shares of the company's stock, valued at approximately $1,678,000. Inscription Capital LLC owned 0.36% of Third Coast Bancshares at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of TCBX. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Third Coast Bancshares in the fourth quarter worth about $3,040,000. Millennium Management LLC grew its stake in Third Coast Bancshares by 432.3% during the fourth quarter. Millennium Management LLC now owns 94,312 shares of the company's stock valued at $3,202,000 after acquiring an additional 76,594 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Third Coast Bancshares by 22.8% during the 4th quarter. Alliancebernstein L.P. now owns 408,561 shares of the company's stock worth $13,871,000 after acquiring an additional 75,964 shares during the period. American Century Companies Inc. lifted its stake in Third Coast Bancshares by 82.6% in the 4th quarter. American Century Companies Inc. now owns 141,765 shares of the company's stock worth $4,813,000 after purchasing an additional 64,148 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Third Coast Bancshares by 26.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 294,411 shares of the company's stock worth $9,996,000 after purchasing an additional 62,019 shares in the last quarter. 36.88% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Third Coast Bancshares news, insider William Bobbora purchased 2,400 shares of the stock in a transaction on Monday, April 28th. The stock was acquired at an average cost of $28.51 per share, with a total value of $68,424.00. Following the completion of the purchase, the insider now directly owns 9,250 shares of the company's stock, valued at approximately $263,717.50. This trade represents a 35.04% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 10.28% of the stock is currently owned by corporate insiders.

Third Coast Bancshares Stock Up 2.2%

Shares of NASDAQ TCBX traded up $0.65 during mid-day trading on Friday, reaching $30.69. 49,383 shares of the company were exchanged, compared to its average volume of 64,830. Third Coast Bancshares, Inc. has a 52 week low of $18.82 and a 52 week high of $39.45. The company's 50 day moving average price is $30.36 and its 200 day moving average price is $32.88. The stock has a market capitalization of $424.53 million, a PE ratio of 10.44 and a beta of 0.39.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last posted its quarterly earnings data on Wednesday, April 23rd. The company reported $0.78 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.70 by $0.08. The firm had revenue of $45.90 million during the quarter, compared to analysts' expectations of $46.02 million. Third Coast Bancshares had a return on equity of 11.15% and a net margin of 14.90%. On average, sell-side analysts predict that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current year.

Third Coast Bancshares declared that its board has approved a stock buyback program on Tuesday, June 17th that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 7.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have recently commented on TCBX shares. Raymond James Financial lowered shares of Third Coast Bancshares from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods reduced their target price on Third Coast Bancshares from $39.00 to $36.00 and set a "market perform" rating for the company in a research report on Friday, April 25th. Finally, Stephens lowered their price target 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.

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.