Third Coast Bancshares (NASDAQ:TCBX) Stock: Insider William Bobbora Purchases 1,000 Shares

Third Coast Bancshares, Inc. (NASDAQ:TCBX) insider William Bobbora bought 1,000 shares of the stock in a transaction that occurred on Monday, October 26th. The stock was purchased at an average price of $40.34 per share, for a total transaction of $40,340.00. Following the completion of the purchase, the insider directly owned 52,855 shares in the company, valued at $2,132,170.70. The trade was a 1.93% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Third Coast Bancshares Trading Up 1.0%

TCBX traded up $0.39 during trading on Monday, hitting $40.19. The stock had a trading volume of 126,604 shares, compared to its average volume of 98,006. The firm has a market cap of $666.88 million, a PE ratio of 12.29 and a beta of 0.33. Third Coast Bancshares, Inc. has a 12 month low of $35.73 and a 12 month high of $46.35. The company has a 50 day simple moving average of $43.54 and a 200-day simple moving average of $41.37.

Third Coast Bancshares (NASDAQ:TCBX) last released its quarterly earnings results on Wednesday, October 21st. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.06. The company had revenue of $65.87 million during the quarter, compared to analysts’ expectations of $66.83 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. As a group, sell-side 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 authorized a stock repurchase program on Thursday, July 2nd that allows the company to repurchase $30.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 4.5% of its stock through open market purchases. Share buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Ameritas Advisory Services LLC bought a new stake in shares of Third Coast Bancshares in the second quarter valued at about $40,000. Legal & General Group Plc bought a new position in Third Coast Bancshares during the second quarter valued at about $61,000. IFP Advisors Inc increased its stake in Third Coast Bancshares by 20,909.1% during the second quarter. IFP Advisors Inc now owns 4,622 shares of the company’s stock valued at $187,000 after acquiring an additional 4,600 shares during the period. Hsbc Holdings PLC raised its holdings in Third Coast Bancshares by 6.4% in the 1st quarter. Hsbc Holdings PLC now owns 7,442 shares of the company’s stock valued at $280,000 after acquiring an additional 450 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in Third Coast Bancshares in the 2nd quarter valued at approximately $286,000. Institutional investors own 36.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Keefe, Bruyette & Woods raised their target price on Third Coast Bancshares from $45.00 to $48.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. Piper Sandler started coverage on Third Coast Bancshares in a report on Thursday, August 27th. They set an “overweight” rating and a $53.00 price target for the company. Benchmark upgraded Third Coast Bancshares to a “strong-buy” rating in a report on Thursday, September 24th. Finally, Brean Capital assumed coverage on Third Coast Bancshares in a research report on Wednesday, September 30th. They issued a “neutral” rating and a $47.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Third Coast Bancshares currently has a consensus rating of “Moderate Buy” and a consensus price target 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.