Third Coast Bancshares (NASDAQ:TCBX) Releases Quarterly Earnings Results, Beats Estimates By $0.21 EPS

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) posted its quarterly earnings data on Wednesday. The company reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.75 by $0.21, Zacks reports. The company 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%.

Third Coast Bancshares Stock Performance

Shares of Third Coast Bancshares stock traded down $0.68 during trading hours on Friday, reaching $36.60. The company's stock had a trading volume of 75,382 shares, compared to its average volume of 69,273. Third Coast Bancshares has a one year low of $20.66 and a one year high of $39.44. The company has a market capitalization of $506.18 million, a P/E ratio of 11.19 and a beta of 0.39. The stock's fifty day simple moving average is $32.73 and its two-hundred day simple moving average is $32.85.

Third Coast Bancshares declared that its board has authorized a share repurchase plan on Tuesday, June 17th that allows the company to repurchase $30.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 7.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling at Third Coast Bancshares

In other news, insider William Bobbora purchased 2,400 shares of the company's stock in a transaction that occurred on Monday, April 28th. The shares were bought at an average cost of $28.51 per share, with a total value of $68,424.00. Following the completion of the transaction, the insider directly owned 9,250 shares of the company's stock, valued at approximately $263,717.50. This trade represents a 35.04% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 10.28% of the company's stock.

Institutional Trading of Third Coast Bancshares

A number of large investors have recently added to or reduced their stakes in the stock. Millennium Management LLC increased its holdings in Third Coast Bancshares by 88.2% during the first quarter. Millennium Management LLC now owns 177,521 shares of the company's stock worth $5,924,000 after buying an additional 83,209 shares during the last quarter. Empowered Funds LLC increased its stake in shares of Third Coast Bancshares by 43.6% in the first quarter. Empowered Funds LLC now owns 42,604 shares of the company's stock worth $1,422,000 after purchasing an additional 12,945 shares in the last quarter. Focus Partners Wealth increased its stake in shares of Third Coast Bancshares by 32,994.4% in the first quarter. Focus Partners Wealth now owns 41,699 shares of the company's stock worth $1,391,000 after purchasing an additional 41,573 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in shares of Third Coast Bancshares by 21.7% in the first quarter. AQR Capital Management LLC now owns 38,431 shares of the company's stock worth $1,282,000 after purchasing an additional 6,857 shares in the last quarter. Hedge funds and other institutional investors own 36.88% of the company's stock.

Wall Street Analysts Forecast Growth

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

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.