Insider Buying: Third Coast Bancshares (NASDAQ:TCBX) Insider Acquires $40,340.00 in Stock

Third Coast Bancshares, Inc. (NASDAQ:TCBX) insider William Bobbora purchased 1,000 shares of the company’s stock in a transaction that occurred on Monday, October 26th. The shares were purchased at an average cost of $40.34 per share, with a total value of $40,340.00. Following the completion of the acquisition, the insider owned 52,855 shares in the company, valued at $2,132,170.70. The trade was a 1.93% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link.

Third Coast Bancshares Price Performance

TCBX opened at $40.24 on Thursday. The business has a fifty day simple moving average of $43.20 and a 200 day simple moving average of $40.84. The company has a market capitalization of $667.66 million, a PE ratio of 12.31 and a beta of 0.33. Third Coast Bancshares, Inc. has a 1 year low of $35.73 and a 1 year high of $46.35.

Third Coast Bancshares (NASDAQ:TCBX) last issued its quarterly earnings data on Wednesday, October 21st. The company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.06. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. The firm had revenue of $65.87 million for the quarter, compared to analyst estimates of $66.83 million. Equities analysts anticipate that Third Coast Bancshares, Inc. will post 3.10 earnings per share for the current fiscal year.

Third Coast Bancshares declared that its board has approved a stock buyback plan on Thursday, July 2nd that allows the company to buy back $30 million in shares. This repurchase authorization allows the company to repurchase up to 4.5% of its shares through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp bought a new stake in shares of Third Coast Bancshares during the second quarter worth $13,553,000. Ategra Capital Management LLC bought a new position in shares of Third Coast Bancshares in the 2nd quarter valued at $10,560,000. Bank of America Corp DE bought a new position in shares of Third Coast Bancshares in the 2nd quarter valued at $3,532,000. Dimensional Fund Advisors LP lifted its stake in shares of 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 during the last quarter. Finally, Empowered Funds LLC acquired a new stake in shares of Third Coast Bancshares during the 2nd quarter valued at $2,771,000. Institutional investors own 36.88% of the company’s stock.

Analyst Ratings Changes

TCBX has been the subject of several analyst reports. Benchmark upgraded shares of Third Coast Bancshares to a “strong-buy” rating in a research note on Thursday, September 24th. Keefe, Bruyette & Woods increased their target price on shares of Third Coast Bancshares from $45.00 to $48.00 and gave the stock a “market perform” rating in a research report on Monday, August 3rd. Piper Sandler assumed coverage on shares of Third Coast Bancshares in a research report on Thursday, August 27th. They set an “overweight” rating and a $53.00 target price on the stock. Finally, Brean Capital started coverage on shares of Third Coast Bancshares in a report on Wednesday, September 30th. They set a “neutral” rating and a $47.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.60.

About Third Coast Bancshares

Third Coast Bancshares, Inc is the bank holding company for Third Coast Bank SSB, a Texas-based community bank. The bank provides relationship-focused financial services to businesses, professionals and individuals through a network of banking offices and digital banking channels.

Its products and services include commercial and industrial loans, commercial real estate financing, construction and development loans, residential real estate lending, consumer loans and deposit accounts. The bank also offers treasury management, online and mobile banking, cash-management services and other solutions designed to support business and personal financial needs.

Founded in 2008, Third Coast Bank serves customers in key Texas markets, including the Houston, Dallas-Fort Worth and Austin areas.