Third Coast Bancshares, Inc. $TCBX Position Increased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 24.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 94,302 shares of the company's stock after purchasing an additional 18,227 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.68% of Third Coast Bancshares worth $3,147,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Third Coast Bancshares by 1.5% in the first quarter. Vanguard Group Inc. now owns 652,898 shares of the company's stock worth $21,787,000 after buying an additional 9,679 shares during the period. 1492 Capital Management LLC grew its holdings in Third Coast Bancshares by 63.0% in the 1st quarter. 1492 Capital Management LLC now owns 58,332 shares of the company's stock worth $1,947,000 after buying an additional 22,553 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in Third Coast Bancshares in the 1st quarter worth approximately $246,000. Bank of New York Mellon Corp grew its holdings in Third Coast Bancshares by 2.6% in the 1st quarter. Bank of New York Mellon Corp now owns 36,085 shares of the company's stock worth $1,204,000 after buying an additional 903 shares in the last quarter. Finally, Inscription Capital LLC bought a new position in Third Coast Bancshares during the 1st quarter valued at $1,678,000. 36.88% of the stock is owned by institutional investors and hedge funds.

Third Coast Bancshares Trading Up 0.3%

TCBX stock traded up $0.13 during trading hours on Monday, hitting $38.65. 15,297 shares of the stock traded hands, compared to its average volume of 69,812. The company has a market cap of $535.69 million, a P/E ratio of 11.82 and a beta of 0.41. The stock has a 50-day simple moving average of $34.77 and a 200 day simple moving average of $33.24. Third Coast Bancshares, Inc. has a one year low of $22.47 and a one year high of $39.72.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $52.02 million during the quarter, compared to the consensus estimate of $47.52 million. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. Analysts forecast that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current year.

Third Coast Bancshares announced that its Board of Directors has initiated a stock buyback 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 usually an indication that the company's management believes its shares are undervalued.

Insider Transactions at Third Coast Bancshares

In other Third Coast Bancshares news, insider William Bobbora acquired 1,300 shares of Third Coast Bancshares stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average cost of $37.56 per share, with a total value of $48,828.00. Following the purchase, the insider owned 11,750 shares in the company, valued at approximately $441,330. The trade was a 12.44% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 10.28% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Keefe, Bruyette & Woods increased their price target 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. Stephens decreased their target price on Third Coast Bancshares from $44.00 to $39.00 and set an "overweight" rating for the company in a research note on Friday, April 25th.

Third Coast Bancshares 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.