Penn Capital Management Company LLC Takes $313,000 Position in Third Coast Bancshares, Inc. $TCBX

Key Points

• Penn Capital Management Company LLC acquired a new position in Third Coast Bancshares, purchasing 9,372 shares valued at approximately $313,000, representing 0.07% of the company's stock.
• Third Coast Bancshares recently reported quarterly earnings of $0.96 per share, surpassing analysts' expectations of $0.75, and had a revenue of $52.02 million compared to forecasts of $47.52 million.
• The company has approved a stock buyback program allowing for the repurchase of up to $30 million in shares, indicating a belief in the stock's undervaluation by management.

Penn Capital Management Company LLC purchased a new stake in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 9,372 shares of the company's stock, valued at approximately $313,000. Penn Capital Management Company LLC owned about 0.07% of Third Coast Bancshares as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TCBX. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Third Coast Bancshares in the 4th quarter valued at $28,000. Walleye Capital LLC acquired a new position in shares of Third Coast Bancshares during the 4th quarter valued at about $203,000. Janus Henderson Group PLC purchased a new stake in shares of Third Coast Bancshares in the fourth quarter valued at about $215,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Third Coast Bancshares by 4.9% in the fourth 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 period. Finally, Wells Fargo & Company MN increased its position in Third Coast Bancshares by 27.9% during the fourth quarter. Wells Fargo & Company MN now owns 6,660 shares of the company's stock worth $226,000 after purchasing an additional 1,451 shares during the last quarter. Institutional investors and hedge funds own 36.88% of the company's stock.

Insiders Place Their Bets

In other news, insider William Bobbora bought 1,300 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were bought at an average price 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 $441,330. This trade represents a 12.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 10.28% of the company's stock.

Third Coast Bancshares Trading Up 3.8%

Shares of TCBX opened at $39.84 on Friday. The company's 50-day moving average price is $35.56 and its 200 day moving average price is $33.34. Third Coast Bancshares, Inc. has a 12-month low of $23.38 and a 12-month high of $40.35. The firm has a market cap of $552.18 million, a P/E ratio of 12.18 and a beta of 0.41.

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 business had revenue of $52.02 million during 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%. Equities research analysts forecast 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 repurchase program on Tuesday, June 17th that permits the company to buyback $30.00 million in shares. This buyback authorization permits the company to purchase up to 7.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods boosted their target price 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 analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Third Coast Bancshares presently has an average rating of "Hold" and an average target price of $40.00.

Third Coast Bancshares Company 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.

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