Man Group plc Buys New Shares in Third Coast Bancshares, Inc. $TCBX

Man Group plc bought a new position in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) during the second quarter, HoldingsChannel.com reports. The institutional investor bought 18,105 shares of the company’s stock, valued at approximately $731,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Third Coast Bancshares in the second quarter valued at $46,829,000. Bank of New York Mellon Corp bought a new stake in shares of Third Coast Bancshares in the 2nd quarter valued at about $13,553,000. Ategra Capital Management LLC bought a new stake in shares of Third Coast Bancshares in the 2nd quarter valued at about $10,560,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Third Coast Bancshares in the 2nd quarter valued at about $4,951,000. Finally, Sei Investments Co. grew its holdings in Third Coast Bancshares by 172.5% during the first quarter. Sei Investments Co. now owns 178,570 shares of the company’s stock worth $6,756,000 after purchasing an additional 113,043 shares during the period. 36.88% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Keefe, Bruyette & Woods boosted their price target on 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 started coverage on Third Coast Bancshares in a research note on Thursday, August 27th. They set an “overweight” rating and a $53.00 target price for the company. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.75.

Third Coast Bancshares Price Performance

Shares of TCBX opened at $44.85 on Friday. The company’s 50-day moving average is $42.93 and its 200-day moving average is $40.36. The firm has a market capitalization of $744.15 million, a PE ratio of 13.72 and a beta of 0.32. Third Coast Bancshares, Inc. has a fifty-two week low of $35.73 and a fifty-two week high of $46.35.

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

Third Coast Bancshares declared that its board has approved a stock repurchase plan on Thursday, July 2nd that permits the company to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 4.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

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.