Rhumbline Advisers Sells 724 Shares of Third Coast Bancshares, Inc. $TCBX

Rhumbline Advisers trimmed its position in Third Coast Bancshares, Inc. (NASDAQ:TCBX) by 4.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,882 shares of the company’s stock after selling 724 shares during the period. Rhumbline Advisers owned approximately 0.12% of Third Coast Bancshares worth $563,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TCBX. Janus Henderson Group PLC bought a new stake in Third Coast Bancshares during the 4th quarter worth approximately $215,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in 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 purchasing an additional 304 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new stake in Third Coast Bancshares during the 1st quarter worth approximately $246,000. Algert Global LLC increased its holdings in Third Coast Bancshares by 4.8% during the 1st quarter. Algert Global LLC now owns 8,020 shares of the company’s stock worth $268,000 after purchasing an additional 370 shares in the last quarter. Finally, PDT Partners LLC increased its holdings in Third Coast Bancshares by 11.0% during the 1st quarter. PDT Partners LLC now owns 8,251 shares of the company’s stock worth $275,000 after purchasing an additional 820 shares in the last quarter. 36.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods boosted their price objective on Third Coast Bancshares from $38.00 to $42.00 and gave the stock a “market perform” rating in a report on Monday, July 28th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $40.00.

Insider Activity

In related news, insider William Bobbora bought 1,300 shares of the company’s stock in a transaction on Tuesday, July 29th. The shares were purchased at an average price 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. The trade was a 12.44% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 10.28% of the stock is currently owned by corporate insiders.

Third Coast Bancshares Price Performance

NASDAQ:TCBX opened at $40.04 on Tuesday. The company has a market cap of $554.95 million, a P/E ratio of 12.24 and a beta of 0.41. The stock’s fifty day moving average price is $38.38 and its two-hundred day moving average price is $33.83. Third Coast Bancshares, Inc. has a 1 year low of $25.00 and a 1 year high of $41.25.

Third Coast Bancshares (NASDAQ:TCBX) last posted its 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. The firm had revenue of $52.02 million for the quarter, compared to the consensus estimate of $47.52 million. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. On average, analysts expect that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current fiscal year.

Third Coast Bancshares announced that its board has initiated a stock repurchase program on Tuesday, June 17th that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.