Globeflex Capital L P Invests $1.19 Million in Third Coast Bancshares, Inc. $TCBX

Globeflex Capital L P bought a new position in Third Coast Bancshares, Inc. (NASDAQ:TCBX) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 29,564 shares of the company’s stock, valued at approximately $1,194,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quantbot Technologies LP acquired a new stake in Third Coast Bancshares during the second quarter worth about $29,000. Advisory Services Network LLC purchased a new position in shares of Third Coast Bancshares in the 3rd quarter worth about $31,000. State of Alaska Department of Revenue lifted its stake in shares of Third Coast Bancshares by 257.2% in the 4th quarter. State of Alaska Department of Revenue now owns 1,993 shares of the company’s stock valued at $75,000 after purchasing an additional 1,435 shares in the last quarter. Mariner LLC acquired a new position in shares of Third Coast Bancshares in the 4th quarter valued at about $201,000. Finally, Waterway Wealth Management LLC purchased a new stake in shares of Third Coast Bancshares during the 1st quarter worth about $208,000. Institutional investors and hedge funds own 36.88% of the company’s stock.

Third Coast Bancshares Trading Down 0.1%

Shares of NASDAQ TCBX opened at $45.47 on Tuesday. The stock has a fifty day moving average price of $42.08 and a 200 day moving average price of $40.24. Third Coast Bancshares, Inc. has a 12-month low of $35.73 and a 12-month high of $46.35. The company has a market cap of $754.36 million, a P/E ratio of 13.90 and a beta of 0.32.

Third Coast Bancshares (NASDAQ:TCBX) last posted its earnings results on Wednesday, July 22nd. The company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.18. The business had revenue of $67.99 million during the quarter, compared to analyst estimates of $62.75 million. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. On average, sell-side analysts forecast that Third Coast Bancshares, Inc. will post 3.1 EPS for the current fiscal year.

Third Coast Bancshares announced that its board has initiated a share repurchase plan on Thursday, July 2nd that permits the company to buyback $30.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 4.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

Separately, 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. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Third Coast Bancshares currently has an average rating of “Moderate Buy” and a consensus target price of $46.00.

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.