Inspire Investing LLC Acquires Shares of 22,788 Third Coast Bancshares, Inc. $TCBX

Key Points

• Inspire Investing LLC acquired 22,788 shares of Third Coast Bancshares, Inc., worth approximately $760,000, giving them about 0.16% ownership in the company.
• Third Coast Bancshares reported $0.96 earnings per share for the last quarter, exceeding analyst expectations of $0.75, along with a revenue of $52.02 million.
• The company has authorized a share repurchase program for up to $30 million, indicating confidence in its stock valuation, and has seen a recent price upgrade from Keefe, Bruyette & Woods from $38.00 to $42.00.

Inspire Investing LLC acquired a new position in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 22,788 shares of the company's stock, valued at approximately $760,000. Inspire Investing LLC owned about 0.16% of Third Coast Bancshares as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in TCBX. Northern Trust Corp increased its holdings in Third Coast Bancshares by 4.6% during the fourth quarter. Northern Trust Corp now owns 104,514 shares of the company's stock worth $3,548,000 after buying an additional 4,628 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in Third Coast Bancshares by 24.8% in the 4th quarter. Ameriprise Financial Inc. now owns 73,271 shares of the company's stock worth $2,488,000 after acquiring an additional 14,560 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in Third Coast Bancshares in the 4th quarter worth about $415,000. Bank of America Corp DE increased its holdings in Third Coast Bancshares by 5.4% in the 4th quarter. Bank of America Corp DE now owns 62,046 shares of the company's stock worth $2,106,000 after acquiring an additional 3,177 shares during the last quarter. Finally, Deutsche Bank AG increased its holdings in Third Coast Bancshares by 123.2% in the 4th quarter. Deutsche Bank AG now owns 12,035 shares of the company's stock worth $409,000 after acquiring an additional 6,643 shares during the last quarter. Hedge funds and other institutional investors own 36.88% of the company's stock.

Analyst Upgrades and Downgrades

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

Insiders Place Their Bets

In other news, insider William Bobbora bought 1,300 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was bought at an average price of $37.56 per share, for a total transaction of $48,828.00. Following the transaction, the insider directly owned 11,750 shares of the company's stock, valued at $441,330. This represents a 12.44% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 10.28% of the stock is owned by insiders.

Third Coast Bancshares Price Performance

TCBX stock traded up $0.56 during mid-day trading on Thursday, reaching $40.56. 28,734 shares of the company traded hands, compared to its average volume of 69,463. The company has a market capitalization of $562.15 million, a P/E ratio of 12.40 and a beta of 0.41. Third Coast Bancshares, Inc. has a 52-week low of $25.00 and a 52-week high of $41.25. The company has a fifty day moving average price of $38.11 and a 200-day moving average price of $33.71.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $0.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.75 by $0.21. The firm had revenue of $52.02 million during the quarter, compared to the consensus estimate of $47.52 million. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. As a group, analysts forecast that Third Coast Bancshares, Inc. will post 3.1 EPS for the current year.

Third Coast Bancshares announced that its board has authorized a share 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 a sign that the company's board of directors believes its stock is undervalued.

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.