Connor Clark & Lunn Investment Management Ltd. Invests $4.95 Million in Third Coast Bancshares, Inc. $TCBX

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) in the second quarter, HoldingsChannel reports. The firm bought 122,555 shares of the company’s stock, valued at approximately $4,951,000.

Several other institutional investors also recently bought and sold shares of the stock. Advisory Services Network LLC purchased a new position in Third Coast Bancshares during the third quarter valued at $31,000. Quantbot Technologies LP purchased a new stake in Third Coast Bancshares in the 2nd quarter worth $29,000. Mariner LLC bought a new position in shares of Third Coast Bancshares during the 4th quarter valued at about $201,000. Waterway Wealth Management LLC bought a new position in shares of Third Coast Bancshares during the 1st quarter valued at about $208,000. Finally, Man Group plc bought a new position in shares of Third Coast Bancshares during the 4th quarter valued at about $213,000. 36.88% of the stock is owned by hedge funds and other institutional investors.

Third Coast Bancshares Stock Performance

TCBX stock opened at $45.22 on Friday. The firm has a fifty day moving average price of $42.44 and a 200 day moving average price of $40.27. Third Coast Bancshares, Inc. has a fifty-two week low of $35.73 and a fifty-two week high of $46.35. The firm has a market cap of $750.22 million, a PE ratio of 13.83 and a beta of 0.32.

Third Coast Bancshares (NASDAQ:TCBX) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.18. The company had revenue of $67.99 million for the quarter, compared to analysts’ expectations of $62.75 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. On average, equities analysts predict that Third Coast Bancshares, Inc. will post 3.1 EPS for the current year.

Third Coast Bancshares announced that its board has authorized a share repurchase program on Thursday, July 2nd that allows the company to repurchase $30.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Piper Sandler began coverage on Third Coast Bancshares in a report on Thursday. They issued an “overweight” rating and a $53.00 target price on the stock. Keefe, Bruyette & Woods increased their price target on Third Coast Bancshares from $45.00 to $48.00 and gave the company a “market perform” rating in a research note on Monday, August 3rd. 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.com, Third Coast Bancshares currently has an average rating of “Moderate Buy” and an average price target of $47.75.

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. 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.