Strs Ohio Takes $521,000 Position in Third Coast Bancshares, Inc. $TCBX

Key Points

• Strs Ohio has acquired a new stake in Third Coast Bancshares, Inc. by purchasing 15,600 shares worth approximately $521,000, bringing its ownership to 0.11% as reported in their latest SEC filing.
• Multiple institutional investors have also increased their holdings in Third Coast Bancshares, with 36.88% of shares now owned by institutions.
• Analysts have increased the price target for Third Coast Bancshares from $38.00 to $42.00, with one analyst rating the stock as a Buy and two others as Hold.

Strs Ohio bought a new stake in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 15,600 shares of the company's stock, valued at approximately $521,000. Strs Ohio owned approximately 0.11% of Third Coast Bancshares at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Acadian Asset Management LLC boosted its holdings in shares of Third Coast Bancshares by 10.2% during the 1st quarter. Acadian Asset Management LLC now owns 111,143 shares of the company's stock valued at $3,708,000 after buying an additional 10,329 shares in the last quarter. Focus Partners Wealth boosted its holdings in shares of Third Coast Bancshares by 32,994.4% during the 1st quarter. Focus Partners Wealth now owns 41,699 shares of the company's stock valued at $1,391,000 after buying an additional 41,573 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Third Coast Bancshares by 43.6% during the 1st quarter. Empowered Funds LLC now owns 42,604 shares of the company's stock valued at $1,422,000 after buying an additional 12,945 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Third Coast Bancshares by 88.2% during the 1st quarter. Millennium Management LLC now owns 177,521 shares of the company's stock valued at $5,924,000 after buying an additional 83,209 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. boosted its holdings in shares of Third Coast Bancshares by 15.4% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 86,682 shares of the company's stock valued at $2,893,000 after buying an additional 11,600 shares in the last quarter. Institutional investors own 36.88% of the company's stock.

Insiders Place Their Bets

In other Third Coast Bancshares news, insider William Bobbora bought 1,300 shares of the firm's stock in a transaction on Tuesday, July 29th. The stock was acquired at an average price of $37.56 per share, with a total value of $48,828.00. Following the transaction, the insider owned 11,750 shares in the company, valued at $441,330. This represents a 12.44% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 10.28% of the company's stock.

Analysts Set New Price Targets

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 equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $40.00.

Third Coast Bancshares Stock Performance

Shares of TCBX traded down $0.24 during trading hours on Monday, hitting $40.04. The company had a trading volume of 69,553 shares, compared to its average volume of 78,788. The firm has a fifty day moving average price of $38.38 and a 200-day moving average price of $33.83. The stock has a market capitalization of $554.95 million, a price-to-earnings ratio of 12.32 and a beta of 0.41. Third Coast Bancshares, Inc. has a 52-week low of $25.00 and a 52-week high of $41.25.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $52.02 million during the quarter, compared to analyst estimates of $47.52 million. Research analysts anticipate 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 buyback program on Tuesday, June 17th that allows the company to repurchase $30.00 million in shares. This repurchase authorization allows the company to reacquire up to 7.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board believes its shares are 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.