Y Intercept Hong Kong Ltd Acquires Shares of 7,378 Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Y Intercept Hong Kong Ltd acquired a new position in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 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.

Several other hedge funds have also bought and sold shares of TCBX. Bank of New York Mellon Corp raised its holdings in Third Coast Bancshares by 2.6% in the first quarter. Bank of New York Mellon Corp now owns 36,085 shares of the company's stock worth $1,204,000 after buying an additional 903 shares during the last quarter. Inscription Capital LLC purchased a new position in Third Coast Bancshares in the first quarter worth about $1,678,000. Wealth Enhancement Advisory Services LLC purchased a new position in Third Coast Bancshares in the first quarter worth about $407,000. Annex Advisory Services LLC purchased a new position in Third Coast Bancshares in the first quarter worth about $1,752,000. Finally, GAMMA Investing LLC raised 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 during the last quarter. Institutional investors own 36.88% of the company's stock.

Third Coast Bancshares Stock Down 3.5%

TCBX traded down $1.30 during trading on Friday, hitting $36.35. The company's stock had a trading volume of 96,219 shares, compared to its average volume of 67,363. The firm has a market cap of $502.83 million, a PE ratio of 11.12 and a beta of 0.39. Third Coast Bancshares, Inc. has a one year low of $20.66 and a one year high of $39.72. The business's 50 day simple moving average is $33.49 and its 200-day simple moving average is $33.08.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $0.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.75 by $0.21. The firm had revenue of $52.02 million during the quarter, compared to analysts' expectations of $47.52 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.26%. Equities research analysts expect that Third Coast Bancshares, Inc. will post 3.1 EPS for the current fiscal year.

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

Insider Activity

In related news, insider William Bobbora bought 1,300 shares of the company's stock in a transaction that occurred on Tuesday, July 29th. The stock was purchased at an average price of $37.56 per share, for a total transaction of $48,828.00. Following the completion of the transaction, the insider owned 11,750 shares in the company, valued at $441,330. The trade was a 12.44% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 10.28% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on TCBX. Keefe, Bruyette & Woods boosted their price objective on shares of Third Coast Bancshares from $38.00 to $42.00 and gave the company a "market perform" rating in a report on Monday, July 28th. 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.

Third Coast Bancshares Company 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.