Third Coast Bancshares, Inc. $TCBX Stake Boosted by Jacobs Levy Equity Management Inc.

Key Points

• Jacobs Levy Equity Management Inc. increased its stake in Third Coast Bancshares by 15.4%, owning 86,682 shares worth approximately $2.89 million as of the end of the first quarter.
• Several other institutional investors also raised their holdings, with AQR Capital Management LLC boosting its stake by 21.7% during the same period.
• Third Coast Bancshares announced a $30 million share repurchase plan, indicating that the board perceives the shares as undervalued.

Jacobs Levy Equity Management Inc. raised its holdings in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 15.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 86,682 shares of the company's stock after purchasing an additional 11,600 shares during the period. Jacobs Levy Equity Management Inc. owned about 0.63% of Third Coast Bancshares worth $2,893,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Northern Trust Corp increased its holdings in shares of Third Coast Bancshares by 4.6% in the 4th quarter. Northern Trust Corp now owns 104,514 shares of the company's stock valued at $3,548,000 after acquiring an additional 4,628 shares during the last quarter. Algert Global LLC bought a new stake in shares of Third Coast Bancshares in the 4th quarter valued at approximately $260,000. Ameriprise Financial Inc. increased its holdings in shares of Third Coast Bancshares by 24.8% in the 4th quarter. Ameriprise Financial Inc. now owns 73,271 shares of the company's stock valued at $2,488,000 after acquiring an additional 14,560 shares during the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Third Coast Bancshares in the 4th quarter valued at approximately $415,000. Finally, Bank of America Corp DE increased its holdings in shares of 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 valued at $2,106,000 after acquiring an additional 3,177 shares during the last quarter. 36.88% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider William Bobbora bought 1,300 shares of the firm's stock in a transaction that occurred on Tuesday, July 29th. The stock was acquired at an average price of $37.56 per share, with a total value of $48,828.00. Following the completion of the purchase, 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 filing with the SEC, which is available through the SEC website. 10.28% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

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

Third Coast Bancshares Stock Performance

Shares of NASDAQ:TCBX traded down $0.27 on Friday, hitting $39.58. The company's stock had a trading volume of 52,334 shares, compared to its average volume of 58,191. 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 $548.58 million, a price-to-earnings ratio of 12.10 and a beta of 0.41. The stock's 50-day moving average is $37.84 and its two-hundred day moving average is $33.61.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last released its quarterly 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 return on equity of 12.05% and a net margin of 16.30%.The company had revenue of $52.02 million during the quarter, compared to analysts' expectations of $47.52 million. Equities analysts expect that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current fiscal year.

Third Coast Bancshares declared that its Board of Directors has authorized a stock buyback plan on Tuesday, June 17th that permits the company to buyback $30.00 million in shares. This buyback authorization permits the company to reacquire up to 7.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's leadership believes its stock is 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.