Third Coast Bancshares, Inc. $TCBX Shares Sold by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC reduced its stake in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) by 8.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,217 shares of the company’s stock after selling 991 shares during the period. Wealth Enhancement Advisory Services LLC owned approximately 0.08% of Third Coast Bancshares worth $398,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Y Intercept Hong Kong Ltd purchased a new stake in Third Coast Bancshares during the 1st quarter valued at about $246,000. Algert Global LLC lifted its holdings in shares of Third Coast Bancshares by 4.8% during the first quarter. Algert Global LLC now owns 8,020 shares of the company’s stock worth $268,000 after purchasing an additional 370 shares during the period. PDT Partners LLC boosted its position in Third Coast Bancshares by 11.0% in the first quarter. PDT Partners LLC now owns 8,251 shares of the company’s stock valued at $275,000 after buying an additional 820 shares during the last quarter. Penn Capital Management Company LLC acquired a new position in Third Coast Bancshares in the 1st quarter worth approximately $313,000. Finally, Magnetar Financial LLC purchased a new position in Third Coast Bancshares during the 1st quarter worth approximately $401,000. Institutional investors and hedge funds own 36.88% of the company’s stock.

Insider Buying and Selling at Third Coast Bancshares

In other news, insider William Bobbora purchased 1,300 shares of the stock in a transaction dated Tuesday, July 29th. The shares were purchased at an average cost of $37.56 per share, with a total value of $48,828.00. Following the completion of the purchase, the insider directly owned 11,750 shares of the company’s stock, valued at approximately $441,330. The trade was a 12.44% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. 10.28% of the stock is currently owned by company insiders.

Third Coast Bancshares Stock Up 2.5%

TCBX opened at $38.34 on Tuesday. The firm’s fifty day simple moving average is $38.79 and its two-hundred day simple moving average is $34.22. Third Coast Bancshares, Inc. has a 52-week low of $25.00 and a 52-week high of $41.25. The company has a market cap of $531.43 million, a price-to-earnings ratio of 11.73 and a beta of 0.38.

Third Coast Bancshares (NASDAQ:TCBX) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $0.96 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $52.02 million during the quarter, compared to the consensus estimate of $47.52 million. On average, research analysts forecast that Third Coast Bancshares, Inc. will post 3.1 EPS for the current year.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on TCBX shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Third Coast Bancshares in a research note on Saturday, September 27th. Zacks Research lowered shares of Third Coast Bancshares from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 23rd. Finally, Keefe, Bruyette & Woods increased their price target on 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. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average 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.