Valeo Financial Advisors LLC Has $3.18 Million Position in Third Coast Bancshares, Inc. $TCBX

Valeo Financial Advisors LLC increased its holdings in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) by 21.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,616 shares of the company’s stock after purchasing an additional 13,787 shares during the period. Valeo Financial Advisors LLC’s holdings in Third Coast Bancshares were worth $3,176,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of TCBX. Hsbc Holdings PLC increased its stake in Third Coast Bancshares by 6.4% during the 1st quarter. Hsbc Holdings PLC now owns 7,442 shares of the company’s stock worth $280,000 after purchasing an additional 450 shares in the last quarter. Brandywine Global Investment Management LLC lifted its stake in Third Coast Bancshares by 5.1% in the fourth quarter. Brandywine Global Investment Management LLC now owns 12,390 shares of the company’s stock valued at $471,000 after buying an additional 600 shares in the last quarter. First Trust Advisors LP boosted its holdings in shares of Third Coast Bancshares by 7.5% in the second quarter. First Trust Advisors LP now owns 8,873 shares of the company’s stock valued at $290,000 after buying an additional 616 shares during the period. Quantinno Capital Management LP boosted its holdings in shares of Third Coast Bancshares by 3.7% in the second quarter. Quantinno Capital Management LP now owns 20,057 shares of the company’s stock valued at $655,000 after buying an additional 708 shares during the period. Finally, Advisory Services Network LLC acquired a new position in shares of Third Coast Bancshares in the third quarter valued at approximately $31,000. 36.88% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

TCBX has been the topic of a number of research analyst reports. Stephens dropped their price objective on shares of Third Coast Bancshares from $46.00 to $45.00 and set an “overweight” rating on the stock in a report on Friday, April 24th. Keefe, Bruyette & Woods upped 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 note on Monday, August 3rd. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Third Coast Bancshares presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.00.

Third Coast Bancshares Stock Performance

NASDAQ:TCBX opened at $44.24 on Monday. The company has a market cap of $733.96 million, a PE ratio of 13.53 and a beta of 0.32. Third Coast Bancshares, Inc. has a 52-week low of $35.60 and a 52-week high of $44.98. The stock has a 50-day simple moving average of $40.73 and a 200 day simple moving average of $39.86.

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

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.