Russell Investments Group Ltd. Acquires 1,022 Shares of Third Coast Bancshares, Inc. $TCBX

Russell Investments Group Ltd. grew its holdings in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) by 5.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,567 shares of the company’s stock after acquiring an additional 1,022 shares during the quarter. Russell Investments Group Ltd. owned about 0.13% of Third Coast Bancshares worth $620,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of TCBX. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Third Coast Bancshares in the fourth quarter worth approximately $28,000. Janus Henderson Group PLC purchased a new position in Third Coast Bancshares in the 4th quarter worth approximately $215,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Third Coast Bancshares by 4.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,502 shares of the company’s stock worth $221,000 after buying an additional 304 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Third Coast Bancshares by 27.9% during the 4th quarter. Wells Fargo & Company MN now owns 6,660 shares of the company’s stock valued at $226,000 after buying an additional 1,451 shares in the last quarter. Finally, Occudo Quantitative Strategies LP purchased a new stake in shares of Third Coast Bancshares during the 4th quarter valued at $235,000. Hedge funds and other institutional investors own 36.88% of the company’s stock.

Insider Transactions at Third Coast Bancshares

In other Third Coast Bancshares news, insider William Bobbora purchased 1,300 shares of the business’s stock in a transaction on Tuesday, July 29th. The stock was acquired at an average cost of $37.56 per share, for a total transaction of $48,828.00. Following the completion of the transaction, the insider directly owned 11,750 shares in the company, valued at approximately $441,330. This represents a 12.44% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 10.28% of the stock is currently owned by insiders.

Third Coast Bancshares Stock Performance

TCBX stock opened at $39.83 on Friday. The company has a market capitalization of $552.04 million, a PE ratio of 12.18 and a beta of 0.41. Third Coast Bancshares, Inc. has a one year low of $24.87 and a one year high of $40.66. The company’s 50 day moving average price is $36.54 and its two-hundred day moving average price is $33.41.

Third Coast Bancshares (NASDAQ:TCBX) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $0.21. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. The company had revenue of $52.02 million during the quarter, compared to analysts’ expectations of $47.52 million. On average, 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 Tuesday, June 17th that authorizes the company to repurchase $30.00 million in shares. This repurchase authorization authorizes the company to buy up to 7.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods upped their target price on shares of Third Coast Bancshares from $38.00 to $42.00 and gave the stock a “market perform” rating in a research report on Monday, July 28th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Third Coast Bancshares currently has a consensus rating of “Hold” and a consensus target price of $40.00.

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.