Wealth Enhancement Advisory Services LLC Invests $407,000 in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Wealth Enhancement Advisory Services LLC purchased a new position in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 12,208 shares of the company's stock, valued at approximately $407,000. Wealth Enhancement Advisory Services LLC owned about 0.09% of Third Coast Bancshares as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Third Coast Bancshares by 4.9% during the 4th 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 during the period. Picton Mahoney Asset Management purchased a new position in Third Coast Bancshares in the fourth quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in Third Coast Bancshares in the fourth quarter worth about $28,000. Charles Schwab Investment Management Inc. raised its holdings in Third Coast Bancshares by 2.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 34,098 shares of the company's stock worth $1,158,000 after buying an additional 942 shares during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of Third Coast Bancshares by 27.9% during the fourth 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 last quarter. Institutional investors own 36.88% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Stephens decreased their price objective on shares of Third Coast Bancshares from $44.00 to $39.00 and set an "overweight" rating for the company in a report on Friday, April 25th. Raymond James Financial cut shares of Third Coast Bancshares from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of Third Coast Bancshares from $39.00 to $36.00 and set a "market perform" rating for the company in a report on Friday, April 25th.

Insider Transactions at Third Coast Bancshares

In other Third Coast Bancshares news, insider William Bobbora bought 2,400 shares of the business's stock in a transaction that occurred on Monday, April 28th. The stock was bought at an average cost of $28.51 per share, for a total transaction of $68,424.00. Following the completion of the transaction, the insider owned 9,250 shares of the company's stock, valued at $263,717.50. This represents a 35.04% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 10.28% of the company's stock.

Third Coast Bancshares Trading Up 0.4%

NASDAQ TCBX traded up $0.15 during trading hours on Thursday, hitting $35.33. 22,872 shares of the company's stock traded hands, compared to its average volume of 66,930. The business's fifty day moving average price is $31.70 and its two-hundred day moving average price is $32.69. The firm has a market capitalization of $488.72 million, a P/E ratio of 12.02 and a beta of 0.39. Third Coast Bancshares, Inc. has a 52 week low of $20.15 and a 52 week high of $39.45.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last announced its earnings results on Wednesday, April 23rd. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.08. The company had revenue of $45.90 million during the quarter, compared to analyst estimates of $46.02 million. Third Coast Bancshares had a net margin of 14.90% and a return on equity of 11.15%. On average, sell-side analysts expect that Third Coast Bancshares, Inc. will post 3.1 EPS for the current fiscal year.

Third Coast Bancshares declared that its board has authorized a share buyback program on Tuesday, June 17th that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the company to repurchase up to 7.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board of directors believes its stock is 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.