Magnetar Financial LLC Invests $401,000 in Third Coast Bancshares, Inc. $TCBX

Key Points

• Magnetar Financial LLC has acquired a new stake in Third Coast Bancshares, purchasing 12,003 shares valued at approximately $401,000, representing about 0.09% of the company.
• Third Coast Bancshares has initiated a $30 million share buyback plan, indicating confidence from the company’s leadership in the stock's valuation.
• Analysts have updated their price target for Third Coast Bancshares, with Keefe, Bruyette & Woods increasing it from $38.00 to $42.00, alongside a "market perform" rating.

Magnetar Financial LLC acquired a new position in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 12,003 shares of the company's stock, valued at approximately $401,000. Magnetar Financial LLC owned 0.09% of Third Coast Bancshares as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC bought a new position in shares of Third Coast Bancshares in the first quarter worth about $407,000. GAMMA Investing LLC raised its stake in shares of Third Coast Bancshares by 3,294.8% in the first quarter. GAMMA Investing LLC now owns 17,619 shares of the company's stock worth $588,000 after buying an additional 17,100 shares during the period. Ameriprise Financial Inc. raised its stake in shares of Third Coast Bancshares by 24.8% in the fourth quarter. Ameriprise Financial Inc. now owns 73,271 shares of the company's stock worth $2,488,000 after buying an additional 14,560 shares during the period. Nuveen Asset Management LLC raised its stake in shares of Third Coast Bancshares by 155.3% in the fourth quarter. Nuveen Asset Management LLC now owns 81,305 shares of the company's stock worth $2,760,000 after buying an additional 49,461 shares during the period. Finally, Inscription Capital LLC bought a new position in shares of Third Coast Bancshares in the first quarter worth about $1,678,000. Institutional investors own 36.88% of the company's stock.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods lifted their target price on Third Coast Bancshares from $38.00 to $42.00 and gave the company a "market perform" rating in a research note 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 company's stock. According to data from MarketBeat, Third Coast Bancshares has an average rating of "Hold" and an average price target of $40.00.

Third Coast Bancshares Trading Down 1.0%

TCBX traded down $0.41 on Friday, hitting $39.98. 56,456 shares of the company's stock traded hands, compared to its average volume of 60,447. The company's 50 day simple moving average is $37.27 and its 200-day simple moving average is $33.51. The firm has a market cap of $554.12 million, a price-to-earnings ratio of 12.23 and a beta of 0.41. Third Coast Bancshares, Inc. has a one year low of $24.87 and a one year high of $41.25.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $0.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $52.02 million for the quarter, compared to the consensus estimate of $47.52 million. As a group, equities analysts anticipate that Third Coast Bancshares, Inc. will post 3.1 EPS for the current fiscal year.

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

Insider Activity at Third Coast Bancshares

In related news, insider William Bobbora bought 1,300 shares of the company's 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 acquisition, the insider owned 11,750 shares in the company, valued at $441,330. This trade represents a 12.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 10.28% of the company's stock.

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.