Third Coast Bancshares, Inc. $TCBX Shares Acquired 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. lifted its holdings in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 15.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 86,682 shares of the company's stock after buying an additional 11,600 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 0.63% of Third Coast Bancshares worth $2,893,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of TCBX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Third Coast Bancshares by 4.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,502 shares of the company's stock valued at $221,000 after purchasing an additional 304 shares during the last quarter. Algert Global LLC grew its holdings in Third Coast Bancshares by 4.8% during the 1st quarter. Algert Global LLC now owns 8,020 shares of the company's stock worth $268,000 after acquiring an additional 370 shares in the last quarter. PDT Partners LLC boosted its holdings in shares of Third Coast Bancshares by 11.0% in the 1st quarter. PDT Partners LLC now owns 8,251 shares of the company's stock valued at $275,000 after buying an additional 820 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Third Coast Bancshares during the 4th quarter worth $28,000. Finally, Bank of New York Mellon Corp raised its position in Third Coast Bancshares by 2.6% during the 1st quarter. Bank of New York Mellon Corp now owns 36,085 shares of the company's stock worth $1,204,000 after buying an additional 903 shares during the last quarter. 36.88% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods increased their price target on shares of 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 equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $40.00.

Third Coast Bancshares Price Performance

TCBX stock traded up $0.32 during midday trading on Monday, reaching $39.90. 14,691 shares of the company's stock traded hands, compared to its average volume of 68,541. The company has a market capitalization of $553.01 million, a P/E ratio of 12.20 and a beta of 0.41. Third Coast Bancshares, Inc. has a fifty-two week low of $25.00 and a fifty-two week high of $41.25. The business has a 50-day moving average price of $37.84 and a two-hundred day moving average price of $33.60.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $0.96 earnings per share for the quarter, beating analysts' consensus estimates of $0.75 by $0.21. The firm had revenue of $52.02 million for the quarter, compared to analysts' expectations of $47.52 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. As a group, research analysts forecast 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 share repurchase plan on Tuesday, June 17th that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 7.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Third Coast Bancshares news, insider William Bobbora purchased 1,300 shares of Third Coast Bancshares stock in a transaction on Tuesday, July 29th. The shares were purchased at an average cost of $37.56 per share, with a total value of $48,828.00. Following the completion of the transaction, the insider directly owned 11,750 shares in the company, valued at approximately $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 at the SEC website. 10.28% of the stock is currently owned by company insiders.

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.