Vanguard Group Inc. Acquires 9,679 Shares of Third Coast Bancshares, Inc. $TCBX

Key Points

• Vanguard Group Inc. increased its position in Third Coast Bancshares by 1.5%, owning 652,898 shares worth approximately $21.79 million at the end of the last quarter.
• Third Coast Bancshares reported earnings of $0.96 EPS and revenue of $52.02 million for the last quarter, exceeding analyst estimates.
• The company has initiated a $30 million share repurchase program signifying the board's belief that the stock is undervalued.

Vanguard Group Inc. grew its holdings in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 1.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 652,898 shares of the company's stock after purchasing an additional 9,679 shares during the quarter. Vanguard Group Inc. owned about 4.72% of Third Coast Bancshares worth $21,787,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in TCBX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of 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 buying an additional 304 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Third Coast Bancshares during the 4th quarter worth $28,000. Bank of New York Mellon Corp raised its position in shares of Third Coast Bancshares by 2.6% during the 1st quarter. Bank of New York Mellon Corp now owns 36,085 shares of the company's stock valued at $1,204,000 after acquiring an additional 903 shares during the last quarter. Wells Fargo & Company MN lifted its stake in shares of Third Coast Bancshares by 27.9% in the 4th quarter. Wells Fargo & Company MN now owns 6,660 shares of the company's stock valued at $226,000 after purchasing an additional 1,451 shares during the period. Finally, Barclays PLC boosted its position in shares of Third Coast Bancshares by 16.1% in the 4th quarter. Barclays PLC now owns 18,486 shares of the company's stock worth $627,000 after purchasing an additional 2,557 shares during the last quarter. 36.88% of the stock is owned by institutional investors and hedge funds.

Third Coast Bancshares Trading Up 2.5%

Shares of Third Coast Bancshares stock traded up $0.99 on Thursday, reaching $40.39. 57,345 shares of the company were exchanged, compared to its average volume of 60,000. The company has a market capitalization of $559.81 million, a price-to-earnings ratio of 12.35 and a beta of 0.41. Third Coast Bancshares, Inc. has a one year low of $24.87 and a one year high of $40.66. The company has a 50-day moving average of $37.14 and a 200 day moving average of $33.49.

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 for the quarter, compared to analyst estimates of $47.52 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. Analysts predict that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current year.

Third Coast Bancshares declared that its board has authorized a stock buyback plan on Tuesday, June 17th that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 7.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods increased their target price on shares of Third Coast Bancshares from $38.00 to $42.00 and gave the stock a "market perform" rating in a report on Monday, July 28th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $40.00.

Insider Activity at Third Coast Bancshares

In related news, insider William Bobbora acquired 1,300 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were bought at an average cost of $37.56 per share, with a total value of $48,828.00. Following the completion of the transaction, the insider directly owned 11,750 shares of the company's stock, valued at $441,330. This trade 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 the SEC website. 10.28% of the stock is currently owned by corporate insiders.

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.