Core Capital Management & Research inc. Takes $747,000 Position in Third Coast Bancshares, Inc. $TCBX

Core Capital Management & Research inc. bought a new position in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 18,487 shares of the company’s stock, valued at approximately $747,000. Core Capital Management & Research inc. owned 0.11% of Third Coast Bancshares at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. bought a new position in Third Coast Bancshares in the 2nd quarter valued at $46,829,000. Adage Capital Partners GP L.L.C. increased its holdings in shares of Third Coast Bancshares by 28.2% in the second quarter. Adage Capital Partners GP L.L.C. now owns 511,940 shares of the company’s stock worth $16,725,000 after purchasing an additional 112,605 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Third Coast Bancshares by 6.2% in the first quarter. Dimensional Fund Advisors LP now owns 472,808 shares of the company’s stock worth $17,886,000 after purchasing an additional 27,664 shares during the period. State Street Corp raised its position in shares of Third Coast Bancshares by 4.8% in the fourth quarter. State Street Corp now owns 342,489 shares of the company’s stock worth $13,018,000 after buying an additional 15,835 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Third Coast Bancshares during the second quarter valued at $13,553,000. 36.88% of the stock is currently owned by hedge funds and other institutional investors.

Third Coast Bancshares Trading Down 1.4%

Shares of NASDAQ:TCBX opened at $44.84 on Thursday. The stock’s 50-day moving average price is $43.32 and its 200-day moving average price is $40.45. Third Coast Bancshares, Inc. has a 12-month low of $35.73 and a 12-month high of $46.35. The stock has a market capitalization of $743.90 million, a P/E ratio of 13.71 and a beta of 0.32.

Third Coast Bancshares (NASDAQ:TCBX) last released its earnings results on Wednesday, July 22nd. The company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.18. The company 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%. As a group, research 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 plan on Thursday, July 2nd that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the company to reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

TCBX has been the subject of several recent analyst reports. Piper Sandler assumed coverage on Third Coast Bancshares in a research report on Thursday, August 27th. They set an “overweight” rating and a $53.00 target price for the company. Keefe, Bruyette & Woods lifted their price target on Third Coast Bancshares from $45.00 to $48.00 and gave the company a “market perform” rating in a research report on Monday, August 3rd. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.75.

Third Coast Bancshares 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.