Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) posted its earnings results on Wednesday. The company reported $0.96 EPS for the quarter, topping analysts' consensus estimates of $0.75 by $0.21, Zacks reports. The company had revenue of $52.02 million for the quarter, compared to the consensus estimate of $47.52 million. Third Coast Bancshares had a return on equity of 12.26% and a net margin of 16.30%.
Third Coast Bancshares Trading Down 1.8%
Shares of TCBX traded down $0.68 during midday trading on Friday, hitting $36.60. 75,382 shares of the company's stock traded hands, compared to its average volume of 68,504. The stock has a market capitalization of $506.18 million, a price-to-earnings ratio of 11.19 and a beta of 0.39. The firm's fifty day moving average is $32.83 and its 200-day moving average is $32.88. Third Coast Bancshares has a 1 year low of $20.66 and a 1 year high of $39.44.
Insider Transactions at Third Coast Bancshares
In other news, insider William Bobbora bought 2,400 shares of Third Coast Bancshares stock in a transaction that occurred on Monday, April 28th. The stock was bought at an average price of $28.51 per share, for a total transaction of $68,424.00. Following the purchase, the insider directly owned 9,250 shares of the company's stock, valued at approximately $263,717.50. The trade was a 35.04% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 10.28% of the stock is owned by company insiders.
Hedge Funds Weigh In On Third Coast Bancshares
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TCBX. AQR Capital Management LLC raised its stake in Third Coast Bancshares by 21.7% in the 1st quarter. AQR Capital Management LLC now owns 38,431 shares of the company's stock worth $1,282,000 after acquiring an additional 6,857 shares during the last quarter. Focus Partners Wealth increased its stake in shares of Third Coast Bancshares by 32,994.4% in the 1st quarter. Focus Partners Wealth now owns 41,699 shares of the company's stock valued at $1,391,000 after purchasing an additional 41,573 shares in the last quarter. Empowered Funds LLC increased its stake in shares of Third Coast Bancshares by 43.6% in the 1st quarter. Empowered Funds LLC now owns 42,604 shares of the company's stock valued at $1,422,000 after purchasing an additional 12,945 shares in the last quarter. Finally, Millennium Management LLC increased its stake in shares of Third Coast Bancshares by 88.2% in the 1st quarter. Millennium Management LLC now owns 177,521 shares of the company's stock valued at $5,924,000 after purchasing an additional 83,209 shares in the last quarter. Hedge funds and other institutional investors own 36.88% of the company's stock.
Analyst Ratings Changes
Several research analysts recently issued reports on TCBX shares. Raymond James Financial cut Third Coast Bancshares from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Stephens lowered their target price on Third Coast Bancshares from $44.00 to $39.00 and set an "overweight" rating for the company in a report on Friday, April 25th. Finally, Keefe, Bruyette & Woods dropped their target price on Third Coast Bancshares from $39.00 to $36.00 and set a "market perform" rating on the stock in a research report on Friday, April 25th.
Read Our Latest Research Report on Third Coast Bancshares
Third Coast Bancshares announced that its Board of Directors has approved a stock repurchase plan on Tuesday, June 17th that allows the company to buyback $30.00 million in shares. This buyback authorization allows the company to buy up to 7.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.
About Third Coast Bancshares
(
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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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