Sei Investments Co. Boosts Stock Position in Third Coast Bancshares, Inc. $TCBX

Key Points

• Sei Investments increased its Third Coast Bancshares stake by 172.5% in the first quarter, acquiring 113,043 additional shares and bringing its holdings to 178,570 shares valued at approximately $6.76 million.
• Several other institutional investors also raised their positions, with hedge funds and institutions collectively owning 36.88% of TCBX.
• Analysts give the stock a “Moderate Buy” consensus with a $46 average price target. Third Coast Bancshares also authorized a $30 million share-repurchase program, covering up to 4.5% of outstanding shares.

Sei Investments Co. raised its stake in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 172.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 178,570 shares of the company's stock after purchasing an additional 113,043 shares during the quarter. Sei Investments Co. owned 1.08% of Third Coast Bancshares worth $6,756,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. AQR Capital Management LLC raised its position in Third Coast Bancshares by 21.7% during the 1st quarter. AQR Capital Management LLC now owns 38,431 shares of the company's stock worth $1,282,000 after buying an additional 6,857 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Third Coast Bancshares by 88.2% in the first quarter. Millennium Management LLC now owns 177,521 shares of the company's stock valued at $5,924,000 after acquiring an additional 83,209 shares in the last quarter. Empowered Funds LLC increased its stake in shares of Third Coast Bancshares by 43.6% during the first quarter. Empowered Funds LLC now owns 42,604 shares of the company's stock worth $1,422,000 after acquiring an additional 12,945 shares during the period. Focus Partners Wealth increased its stake in shares of Third Coast Bancshares by 32,994.4% during the first quarter. Focus Partners Wealth now owns 41,699 shares of the company's stock worth $1,391,000 after acquiring an additional 41,573 shares during the period. Finally, Rhumbline Advisers raised its holdings in Third Coast Bancshares by 16.4% during the second quarter. Rhumbline Advisers now owns 19,657 shares of the company's stock worth $642,000 after purchasing an additional 2,775 shares in the last quarter. Institutional investors and hedge funds own 36.88% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Raymond James Financial raised Third Coast Bancshares from a "market perform" rating to an "outperform" rating and set a $45.00 price objective on the stock in a report on Tuesday, April 7th. Keefe, Bruyette & Woods raised their price target on Third Coast Bancshares from $45.00 to $48.00 and gave the company a "market perform" rating in a report on Monday. Finally, Stephens decreased their price target on Third Coast Bancshares from $46.00 to $45.00 and set an "overweight" rating on the stock in a research note on Friday, April 24th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $46.00.

Third Coast Bancshares Stock Up 0.5%

Shares of NASDAQ TCBX opened at $44.08 on Tuesday. The stock has a market capitalization of $731.38 million, a price-to-earnings ratio of 13.48 and a beta of 0.33. Third Coast Bancshares, Inc. has a 52 week low of $35.60 and a 52 week high of $44.98. The firm has a 50-day moving average price of $40.26 and a 200 day moving average price of $39.69.

Third Coast Bancshares announced that its board has authorized a share repurchase program on Thursday, July 2nd that permits the company to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 4.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's board of directors 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. It also offers commercial and industrial loans, equipment loans, working capital lines of credit, guaranteed loans, auto finance, letters of credit, commercial and residential real estate, and construction, development, and other loans.

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