Third Coast Bancshares, Inc. (NASDAQ:TCBX) Insider William Bobbora Acquires 1,300 Shares

Key Points

• William Bobbora, an insider at Third Coast Bancshares, purchased 1,300 shares at an average price of $37.56, increasing their ownership by 12.44%.
• Third Coast Bancshares recently beat earnings expectations with an EPS of $0.96 for the quarter, surpassing the consensus estimate of $0.75.
• The company has announced a $30 million share buyback plan, indicating that the Board believes the stock is undervalued, allowing for the repurchase of up to 7.3% of outstanding shares.

Third Coast Bancshares, Inc. (NASDAQ:TCBX - Get Free Report) insider William Bobbora bought 1,300 shares of Third Coast Bancshares stock in a transaction that occurred on Tuesday, July 29th. The shares were bought at an average cost of $37.56 per share, with a total value of $48,828.00. Following the acquisition, the insider directly owned 11,750 shares in the company, valued at $441,330. This trade represents a 12.44% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Third Coast Bancshares Trading Down 3.5%

TCBX traded down $1.30 during trading on Friday, reaching $36.35. 96,219 shares of the company's stock were exchanged, compared to its average volume of 67,363. Third Coast Bancshares, Inc. has a one year low of $20.66 and a one year high of $39.72. The stock has a market capitalization of $502.72 million, a PE ratio of 11.12 and a beta of 0.40. The firm has a fifty day moving average price of $33.49 and a two-hundred day moving average price of $33.08.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last posted its quarterly earnings data 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. Sell-side analysts expect that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current year.

Third Coast Bancshares declared that its Board of Directors has initiated a stock buyback program on Tuesday, June 17th that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 7.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TCBX. Stephens dropped 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 research note on Friday, April 25th. Keefe, Bruyette & Woods upped their price objective on shares of Third Coast Bancshares from $38.00 to $42.00 and gave the stock a "market perform" rating in a research report on Monday, July 28th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. bought a new position in Third Coast Bancshares during the fourth quarter worth $28,000. Ameritas Advisory Services LLC bought a new position in Third Coast Bancshares during the second quarter worth $33,000. Walleye Capital LLC bought a new position in Third Coast Bancshares during the fourth quarter worth $203,000. Janus Henderson Group PLC bought a new position in Third Coast Bancshares during the fourth quarter worth $215,000. Finally, Brandywine Global Investment Management LLC bought a new position in Third Coast Bancshares during the fourth quarter worth $217,000. 36.88% of the stock is owned by institutional investors.

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.