Penn Capital Management Company LLC Purchases New Shares 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 bought a new position in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) during the first quarter, according to the company in its most recent filing with the SEC. The firm bought 9,372 shares of the company's stock, valued at approximately $313,000. Penn Capital Management Company LLC owned 0.07% of Third Coast Bancshares as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of TCBX. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Third Coast Bancshares during the fourth quarter valued at approximately $28,000. Walleye Capital LLC purchased a new stake in Third Coast Bancshares in the 4th quarter worth $203,000. Janus Henderson Group PLC purchased a new stake in Third Coast Bancshares in the 4th quarter worth $215,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake 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 worth $221,000 after purchasing an additional 304 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its stake in Third Coast Bancshares by 27.9% in the 4th 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 in the last quarter. Hedge funds and other institutional investors own 36.88% of the company's stock.

Wall Street Analysts Forecast Growth

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

Third Coast Bancshares Price Performance

Shares of NASDAQ:TCBX traded up $0.03 during trading hours on Friday, hitting $40.04. The company's stock had a trading volume of 4,882 shares, compared to its average volume of 69,470. The company has a market capitalization of $554.95 million, a price-to-earnings ratio of 12.24 and a beta of 0.41. The firm's fifty day moving average price is $36.35 and its 200 day moving average price is $33.42. Third Coast Bancshares, Inc. has a 52 week low of $24.87 and a 52 week high of $40.66.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.75 by $0.21. The firm had revenue of $52.02 million during the quarter, compared to analyst estimates of $47.52 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. On average, equities research analysts predict that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current fiscal year.

Third Coast Bancshares announced that its board has approved a stock buyback plan on Tuesday, June 17th that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the company to buy up to 7.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Insider Activity at Third Coast Bancshares

In other Third Coast Bancshares news, insider William Bobbora acquired 1,300 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average cost of $37.56 per share, with a total value of $48,828.00. Following the acquisition, the insider directly owned 11,750 shares of the company's stock, valued at approximately $441,330. The trade was a 12.44% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 10.28% of the stock is owned by company insiders.

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.