Third Coast Bancshares (NASDAQ:TCBX) Hits New 52-Week High After Insider Buying Activity

Key Points

• Third Coast Bancshares reached a new 52-week high of $39.72 during trading, closing at $39.26, with a trading volume of 10,588 shares.
• Analysts from Raymond James downgraded the stock to "market perform," while Keefe, Bruyette & Woods raised its price target from $38 to $42, indicating mixed sentiment about the company's outlook.
• The company has authorized a share buyback plan worth $30 million, signaling confidence in its stock value amidst a 16.30% net margin and a 12.26% return on equity.

Third Coast Bancshares, Inc. (NASDAQ:TCBX - Get Free Report) shares hit a new 52-week high on Wednesday after an insider bought additional shares in the company. The company traded as high as $39.72 and last traded at $39.26, with a volume of 10588 shares trading hands. The stock had previously closed at $39.00.

Specifically, insider William Bobbora bought 1,300 shares of the firm's stock in a transaction on Tuesday, July 29th. The stock was bought at an average cost of $37.56 per share, for a total transaction of $48,828.00. Following the completion of the acquisition, the insider directly owned 11,750 shares in the company, valued at $441,330. This represents a 12.44% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink.

Analysts Set New Price Targets

Several research firms recently commented on TCBX. Stephens decreased their price target 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. Keefe, Bruyette & Woods raised their price target on shares of Third Coast Bancshares from $38.00 to $42.00 and gave the stock a "market perform" rating in a report on Monday, July 28th.

Third Coast Bancshares Stock Down 3.5%

The stock has a market cap of $502.72 million, a P/E ratio of 11.12 and a beta of 0.40. The firm's 50-day moving average is $33.49 and its two-hundred day moving average is $33.08.

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

Third Coast Bancshares announced that its Board of Directors has approved a stock buyback plan on Tuesday, June 17th that permits the company to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 7.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Institutional Investors Weigh In On Third Coast Bancshares

Several large investors have recently made changes to their positions in TCBX. Nuveen LLC bought a new stake in shares of Third Coast Bancshares in the 1st quarter worth about $3,168,000. Arrowstreet Capital Limited Partnership bought a new stake in shares of Third Coast Bancshares in the 4th quarter worth about $3,040,000. Millennium Management LLC lifted its position in Third Coast Bancshares by 88.2% during the 1st 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 in the last quarter. Invesco Ltd. acquired a new position in Third Coast Bancshares during the 1st quarter worth about $2,732,000. Finally, Alliancebernstein L.P. lifted its position in Third Coast Bancshares by 22.8% during the 4th quarter. Alliancebernstein L.P. now owns 408,561 shares of the company's stock worth $13,871,000 after buying an additional 75,964 shares in the last quarter. Institutional investors own 36.88% of the company's stock.

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.