18,105 Shares in Third Coast Bancshares, Inc. $TCBX Acquired by Man Group plc

Man Group plc bought a new position in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 18,105 shares of the company’s stock, valued at approximately $731,000. Man Group plc owned 0.11% of Third Coast Bancshares as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of TCBX. BlackRock Inc. bought a new stake in shares of Third Coast Bancshares during the second quarter worth $46,829,000. Adage Capital Partners GP L.L.C. raised its holdings in shares of Third Coast Bancshares by 28.2% during the second quarter. Adage Capital Partners GP L.L.C. now owns 511,940 shares of the company’s stock worth $16,725,000 after acquiring an additional 112,605 shares during the period. Dimensional Fund Advisors LP lifted its position in Third Coast Bancshares by 6.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 472,808 shares of the company’s stock valued at $17,886,000 after acquiring an additional 27,664 shares in the last quarter. State Street Corp lifted its position in Third Coast Bancshares by 4.8% in the 4th quarter. State Street Corp now owns 342,489 shares of the company’s stock valued at $13,018,000 after acquiring an additional 15,835 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Third Coast Bancshares in the 2nd quarter worth $13,553,000. Institutional investors own 36.88% of the company’s stock.

Third Coast Bancshares Trading Up 0.0%

Shares of TCBX opened at $44.85 on Friday. The stock has a market capitalization of $744.15 million, a price-to-earnings ratio of 13.72 and a beta of 0.32. Third Coast Bancshares, Inc. has a 12 month low of $35.73 and a 12 month high of $46.35. The firm has a fifty day simple moving average of $42.93 and a 200 day simple moving average of $40.36.

Third Coast Bancshares (NASDAQ:TCBX) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.18. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. The firm had revenue of $67.99 million for the quarter, compared to analyst estimates of $62.75 million. As a group, research analysts predict that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current fiscal year.

Third Coast Bancshares declared that its Board of Directors has approved a stock repurchase plan on Thursday, July 2nd that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the company to purchase up to 4.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Keefe, Bruyette & Woods increased their target price on Third Coast Bancshares from $45.00 to $48.00 and gave the stock a “market perform” rating in a report on Monday, August 3rd. Piper Sandler initiated coverage on Third Coast Bancshares in a research report on Thursday, August 27th. They set an “overweight” rating and a $53.00 price objective for the company. Four investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $47.75.

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. It also offers commercial and industrial loans, equipment loans, working capital lines of credit, guaranteed loans, auto finance, letters of credit, commercial and residential real estate, and construction, development, and other loans.