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

Third Coast Bancshares logo with Finance background

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.

Get Our Latest Stock Report on Third Coast Bancshares

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

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Third Coast Bancshares (NASDAQ:TCBX)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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