Trexquant Investment LP Has $1.68 Million Stake in Third Coast Bancshares, Inc. $TCBX

Key Points

• Trexquant Investment LP increased its holdings in Third Coast Bancshares, Inc. by 38.4%, owning 50,306 shares valued at approximately $1.68 million as reported in its recent SEC filing.
• Several institutional investors significantly altered their positions in Third Coast Bancshares, including GAMMA Investing LLC, which boosted its stake by 3,294.8%.
• Keefe, Bruyette & Woods raised the price target for Third Coast Bancshares from $38.00 to $42.00, suggesting a strong outlook for the company, with a consensus rating of "Hold."

Trexquant Investment LP increased its holdings in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 38.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,306 shares of the company's stock after purchasing an additional 13,963 shares during the quarter. Trexquant Investment LP owned approximately 0.36% of Third Coast Bancshares worth $1,679,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Third Coast Bancshares in the fourth quarter valued at about $28,000. Janus Henderson Group PLC bought a new position in Third Coast Bancshares in the 4th quarter valued at about $215,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Third Coast Bancshares by 4.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,502 shares of the company's stock worth $221,000 after acquiring an additional 304 shares during the last quarter. Wells Fargo & Company MN lifted its position in Third Coast Bancshares by 27.9% during the fourth quarter. Wells Fargo & Company MN now owns 6,660 shares of the company's stock worth $226,000 after acquiring an additional 1,451 shares during the last quarter. Finally, Occudo Quantitative Strategies LP bought a new stake in shares of Third Coast Bancshares during the fourth quarter worth approximately $235,000. Institutional investors and hedge funds own 36.88% of the company's stock.

Third Coast Bancshares Stock Down 1.0%

Shares of TCBX traded down $0.41 during mid-day trading on Friday, hitting $39.98. 56,456 shares of the company's stock were exchanged, compared to its average volume of 60,447. Third Coast Bancshares, Inc. has a 52 week low of $24.87 and a 52 week high of $41.25. The stock's 50-day simple moving average is $37.27 and its 200-day simple moving average is $33.46. The firm has a market cap of $554.12 million, a price-to-earnings ratio of 12.23 and a beta of 0.41.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last announced 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. The company had revenue of $52.02 million for the quarter, compared to analysts' expectations of $47.52 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. 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 repurchase program on Tuesday, June 17th that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 7.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Third Coast Bancshares

In related news, insider William Bobbora purchased 1,300 shares of Third Coast Bancshares stock in a transaction dated Tuesday, July 29th. The shares were bought at an average cost of $37.56 per share, for a total transaction of $48,828.00. Following the purchase, the insider owned 11,750 shares in the company, valued at approximately $441,330. This trade represents a 12.44% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 10.28% of the company's stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods increased their target price on 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 research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Third Coast Bancshares presently has an average rating of "Hold" and an average price target of $40.00.

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.