Cubist Systematic Strategies LLC Has $479,000 Position in Third Coast Bancshares, Inc. $TCBX

Cubist Systematic Strategies LLC lessened its stake in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) by 3.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,346 shares of the company’s stock after selling 576 shares during the period. Cubist Systematic Strategies LLC owned 0.10% of Third Coast Bancshares worth $479,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Third Coast Bancshares by 4.9% during 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 in the last quarter. Algert Global LLC boosted its position in shares of Third Coast Bancshares by 4.8% during the 1st quarter. Algert Global LLC now owns 8,020 shares of the company’s stock valued at $268,000 after purchasing an additional 370 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in Third Coast Bancshares in the fourth quarter worth approximately $28,000. Bank of New York Mellon Corp boosted its holdings in Third Coast Bancshares by 2.6% in the first quarter. Bank of New York Mellon Corp now owns 36,085 shares of the company’s stock worth $1,204,000 after acquiring an additional 903 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of Third Coast Bancshares by 5.8% in the first quarter. Russell Investments Group Ltd. now owns 18,567 shares of the company’s stock worth $620,000 after purchasing an additional 1,022 shares during the last quarter. Institutional investors and hedge funds 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 Third Coast Bancshares stock in a transaction that occurred on Tuesday, July 29th. The shares were bought at an average price of $37.56 per share, for a total transaction of $48,828.00. Following the acquisition, the insider directly owned 11,750 shares in the company, valued at approximately $441,330. This trade represents a 12.44% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 10.28% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods increased their price objective on Third Coast Bancshares from $38.00 to $42.00 and gave the stock a “market perform” rating in a research note 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. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $40.00.

Third Coast Bancshares Stock Up 0.5%

Shares of TCBX stock opened at $39.40 on Thursday. The business has a 50-day moving average price of $37.62 and a two-hundred day moving average price of $33.57. Third Coast Bancshares, Inc. has a 12-month low of $24.87 and a 12-month high of $41.25. The firm has a market cap of $546.08 million, a P/E ratio of 12.05 and a beta of 0.41.

Third Coast Bancshares (NASDAQ:TCBX) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.75 by $0.21. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%.The firm had revenue of $52.02 million during the quarter, compared to analyst estimates of $47.52 million. As a group, research analysts expect that Third Coast Bancshares, Inc. will post 3.1 EPS for the current fiscal year.

Third Coast Bancshares declared that its Board of Directors has initiated a share repurchase plan on Tuesday, June 17th that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 7.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

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.