Y Intercept Hong Kong Ltd purchased a new stake in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 7,378 shares of the company's stock, valued at approximately $246,000. Y Intercept Hong Kong Ltd owned approximately 0.05% of Third Coast Bancshares at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. bought a new stake in Third Coast Bancshares in the 4th quarter worth approximately $28,000. Walleye Capital LLC bought a new stake in Third Coast Bancshares in the 4th quarter worth approximately $203,000. Janus Henderson Group PLC bought a new stake in Third Coast Bancshares in the 4th quarter worth approximately $215,000. Brandywine Global Investment Management LLC bought a new stake in Third Coast Bancshares in the 4th quarter worth approximately $217,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Third Coast Bancshares by 4.9% in the 4th 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. 36.88% of the stock is owned by institutional investors.
Insider Transactions at Third Coast Bancshares
In other news, insider William Bobbora bought 1,300 shares of the stock in a transaction on Tuesday, July 29th. The stock was acquired at an average cost of $37.56 per share, for a total transaction of $48,828.00. Following the acquisition, the insider owned 11,750 shares of the company's stock, valued at $441,330. This represents a 12.44% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 10.28% of the stock is currently owned by insiders.
Analysts Set New Price Targets
TCBX has been the topic of several analyst reports. Keefe, Bruyette & Woods boosted their target price on Third Coast Bancshares from $38.00 to $42.00 and gave the company a "market perform" rating in a research report on Monday, July 28th. Stephens cut their target price on Third Coast Bancshares from $44.00 to $39.00 and set an "overweight" rating on the stock in a research report on Friday, April 25th.
Check Out Our Latest Analysis on Third Coast Bancshares
Third Coast Bancshares Stock Down 3.5%
TCBX traded down $1.30 during trading hours on Friday, reaching $36.35. 96,219 shares of the company's stock traded hands, compared to its average volume of 67,363. The firm has a 50-day moving average price of $33.49 and a 200 day moving average price of $33.08. Third Coast Bancshares, Inc. has a 52-week low of $20.66 and a 52-week high of $39.72. The firm has a market capitalization of $502.72 million, a PE ratio of 11.12 and a beta of 0.40.
Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The company reported $0.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.75 by $0.21. Third Coast Bancshares had a return on equity of 12.26% and a net margin of 16.30%. The company had revenue of $52.02 million during the quarter, compared to analysts' expectations of $47.52 million. Equities analysts predict that Third Coast Bancshares, Inc. will post 3.1 EPS for the current fiscal year.
Third Coast Bancshares announced that its Board of Directors has authorized a stock buyback program on Tuesday, June 17th that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the company to purchase up to 7.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.
Third Coast Bancshares Company Profile
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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.
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