Wealth Enhancement Advisory Services LLC Takes Position in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 12,208 shares of the company's stock, valued at approximately $407,000. Wealth Enhancement Advisory Services LLC owned approximately 0.09% of Third Coast Bancshares at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Annex Advisory Services LLC bought a new position in shares of Third Coast Bancshares during the first quarter valued at $1,752,000. GAMMA Investing LLC lifted its holdings in shares of Third Coast Bancshares by 3,294.8% during the first quarter. GAMMA Investing LLC now owns 17,619 shares of the company's stock valued at $588,000 after purchasing an additional 17,100 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Third Coast Bancshares during the fourth quarter valued at $792,000. Public Employees Retirement System of Ohio lifted its holdings in shares of Third Coast Bancshares by 120.6% during the fourth quarter. Public Employees Retirement System of Ohio now owns 9,002 shares of the company's stock valued at $306,000 after purchasing an additional 4,921 shares in the last quarter. Finally, Squarepoint Ops LLC bought a new position in shares of Third Coast Bancshares during the fourth quarter valued at $658,000. 36.88% of the stock is owned by institutional investors.

Third Coast Bancshares Stock Performance

TCBX stock opened at $34.34 on Monday. Third Coast Bancshares, Inc. has a fifty-two week low of $20.11 and a fifty-two week high of $39.45. The business's 50-day moving average is $31.26 and its two-hundred day moving average is $32.64. The company has a market cap of $474.85 million, a price-to-earnings ratio of 11.68 and a beta of 0.39.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.78 EPS for the quarter, topping analysts' consensus estimates of $0.70 by $0.08. The business had revenue of $45.90 million during the quarter, compared to analysts' expectations of $46.02 million. Third Coast Bancshares had a return on equity of 11.15% and a net margin of 14.90%. Equities analysts predict that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current year.

Third Coast Bancshares announced that its Board of Directors has approved a share 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 stock through open market purchases. Stock repurchase programs are usually an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TCBX. Raymond James Financial downgraded Third Coast Bancshares from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Keefe, Bruyette & Woods lowered their target price on Third Coast Bancshares from $39.00 to $36.00 and set a "market perform" rating on the stock in a report on Friday, April 25th. Finally, Stephens lowered their target price on Third Coast Bancshares from $44.00 to $39.00 and set an "overweight" rating on the stock in a report on Friday, April 25th.

Insider Buying and Selling

In related news, insider William Bobbora purchased 2,400 shares of Third Coast Bancshares stock in a transaction on Monday, April 28th. The stock was acquired at an average price of $28.51 per share, for a total transaction of $68,424.00. Following the completion of the transaction, the insider directly owned 9,250 shares in the company, valued at $263,717.50. This represents a 35.04% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 10.28% of the stock is currently owned by insiders.

About Third Coast Bancshares

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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