Third Coast Bancshares, Inc. $TCBX Shares Acquired by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. has increased its stake in Third Coast Bancshares, Inc. by 19.1%, now owning 2.89% of the company with a valuation of $13.3 million.
• Insider William Bobbora bought 1,300 shares of Third Coast Bancshares at $37.56 each, raising his ownership by 12.44%.
• Keefe, Bruyette & Woods raised their price target on shares of Third Coast Bancshares from $38.00 to $42.00, maintaining a "market perform" rating.

Adage Capital Partners GP L.L.C. grew its stake in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 19.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 399,335 shares of the company's stock after buying an additional 64,047 shares during the period. Adage Capital Partners GP L.L.C. owned 2.89% of Third Coast Bancshares worth $13,326,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of TCBX. Wealth Enhancement Advisory Services LLC acquired a new stake in Third Coast Bancshares during the 1st quarter worth $407,000. GAMMA Investing LLC boosted its stake in Third Coast Bancshares by 3,294.8% during the 1st quarter. GAMMA Investing LLC now owns 17,619 shares of the company's stock worth $588,000 after purchasing an additional 17,100 shares during the period. Ameriprise Financial Inc. boosted its stake in Third Coast Bancshares by 24.8% during the 4th quarter. Ameriprise Financial Inc. now owns 73,271 shares of the company's stock worth $2,488,000 after purchasing an additional 14,560 shares during the period. Nuveen Asset Management LLC boosted its stake in Third Coast Bancshares by 155.3% during the 4th quarter. Nuveen Asset Management LLC now owns 81,305 shares of the company's stock worth $2,760,000 after purchasing an additional 49,461 shares during the period. Finally, Inscription Capital LLC acquired a new stake in Third Coast Bancshares during the 1st quarter worth $1,678,000. Institutional investors and hedge funds own 36.88% of the company's stock.

Insider Activity at Third Coast Bancshares

In other news, insider William Bobbora bought 1,300 shares of Third Coast Bancshares stock in a transaction dated Tuesday, July 29th. The stock was bought at an average price of $37.56 per share, for a total transaction of $48,828.00. Following the purchase, the insider 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 the SEC website. Company insiders own 10.28% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods increased their price target 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. According to data from MarketBeat.com, Third Coast Bancshares presently has a consensus rating of "Hold" and an average target price of $40.00.

Third Coast Bancshares Stock Performance

TCBX stock opened at $39.98 on Friday. Third Coast Bancshares, Inc. has a one year low of $24.87 and a one year high of $41.25. The stock has a market capitalization of $554.12 million, a PE ratio of 12.23 and a beta of 0.41. The company has a fifty day moving average of $37.27 and a 200-day moving average of $33.51.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last released its earnings results on Wednesday, July 23rd. The company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.75 by $0.21. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. The company had revenue of $52.02 million during the quarter, compared to analysts' expectations of $47.52 million. Equities analysts forecast 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 program on Tuesday, June 17th that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the company to buy up to 7.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board believes its shares are undervalued.

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.

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