Empowered Funds LLC Makes New $2.77 Million Investment in Third Coast Bancshares, Inc. $TCBX

Empowered Funds LLC bought a new position in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) during the 2nd quarter, HoldingsChannel reports. The fund bought 68,596 shares of the company’s stock, valued at approximately $2,771,000.

A number of other large investors have also made changes to their positions in TCBX. Quantbot Technologies LP acquired a new stake in shares of Third Coast Bancshares in the second quarter valued at approximately $29,000. Advisory Services Network LLC purchased a new position in Third Coast Bancshares during the third quarter worth approximately $31,000. Legal & General Group Plc acquired a new position in Third Coast Bancshares during the second quarter worth $61,000. Mariner LLC acquired a new position in Third Coast Bancshares during the fourth quarter worth $201,000. Finally, Waterway Wealth Management LLC purchased a new stake in Third Coast Bancshares in the 1st quarter valued at $208,000. 36.88% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TCBX. Piper Sandler started coverage on Third Coast Bancshares in a research note on Thursday, August 27th. They issued an “overweight” rating and a $53.00 target price for the company. Keefe, Bruyette & Woods boosted their price target on shares of 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 investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, Third Coast Bancshares presently has an average rating of “Moderate Buy” and an average target price of $47.75.

Third Coast Bancshares Price Performance

Shares of NASDAQ TCBX opened at $44.87 on Thursday. The company has a market capitalization of $744.43 million, a P/E ratio of 13.72 and a beta of 0.32. The company has a 50 day simple moving average of $42.84 and a 200-day simple moving average of $40.34. Third Coast Bancshares, Inc. has a 1 year low of $35.73 and a 1 year high of $46.35.

Third Coast Bancshares (NASDAQ:TCBX) last released its quarterly earnings data on Wednesday, July 22nd. The company reported $1.08 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.18. The firm had revenue of $67.99 million for the quarter, compared to analysts’ expectations 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 expect that Third Coast Bancshares, Inc. will post 3.1 EPS for the current year.

Third Coast Bancshares declared that its Board of Directors has approved a stock buyback plan on Thursday, July 2nd that allows the company to repurchase $30.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 4.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.

About Third Coast Bancshares

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.