Connor Clark & Lunn Investment Management Ltd. Raises Stock Holdings in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Connor Clark & Lunn Investment Management Ltd. lifted its position in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 24.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,302 shares of the company's stock after buying 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 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of TCBX. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Third Coast Bancshares in the fourth quarter worth approximately $28,000. Walleye Capital LLC bought a new stake in Third Coast Bancshares in the fourth quarter valued at $203,000. Janus Henderson Group PLC bought a new stake in Third Coast Bancshares in the fourth quarter valued at $215,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in 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 acquiring an additional 304 shares in the last quarter. Finally, Wells Fargo & Company MN boosted its holdings in shares of Third Coast Bancshares by 27.9% during the 4th quarter. Wells Fargo & Company MN now owns 6,660 shares of the company's stock valued at $226,000 after buying an additional 1,451 shares in the last quarter. 36.88% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider William Bobbora purchased 1,300 shares of the stock in a transaction dated Tuesday, July 29th. The stock was purchased at an average price of $37.56 per share, with a total value of $48,828.00. Following 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 can be accessed through this link. 10.28% of the stock is currently owned by corporate insiders.

Third Coast Bancshares Stock Performance

Shares of TCBX traded down $0.59 during trading hours on Friday, hitting $38.52. The company had a trading volume of 101,018 shares, compared to its average volume of 73,583. The firm has a fifty day moving average price of $34.77 and a 200-day moving average price of $33.26. The stock has a market capitalization of $533.93 million, a price-to-earnings ratio of 11.78 and a beta of 0.41. Third Coast Bancshares, Inc. has a 52-week low of $22.47 and a 52-week high of $39.72.

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. The firm had revenue of $52.02 million during the quarter, compared to analyst estimates of $47.52 million. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. 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 has initiated a stock repurchase program on Tuesday, June 17th that authorizes the company to repurchase $30.00 million in shares. This repurchase authorization authorizes the company to buy up to 7.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board of directors believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on TCBX. Stephens dropped their target price on shares of Third Coast Bancshares from $44.00 to $39.00 and set an "overweight" rating on the stock in a report on Friday, April 25th. 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.

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.