Key Points
- Director W. Donald Brunson sold 1,500 shares of Third Coast Bancshares on Dec. 1 at an average price of $38.55 for $57,825, trimming his stake by 3.87% to 37,268 shares (about $1.44M); the sale was disclosed in an SEC filing.
- Company fundamentals and analyst sentiment: Third Coast (market cap $529.5M) reported $1.03 EPS and $54.48M revenue in the last quarter, carries a P/E of 11.65, and has a "Moderate Buy" consensus with an average target of $42.67 and projected ~3.1 EPS for the year.
Third Coast Bancshares, Inc. (NASDAQ:TCBX - Get Free Report) Director W. Donald Brunson sold 1,500 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $38.55, for a total value of $57,825.00. Following the transaction, the director directly owned 37,268 shares of the company's stock, valued at approximately $1,436,681.40. The trade was a 3.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
Third Coast Bancshares Price Performance
NASDAQ:TCBX opened at $38.11 on Wednesday. The stock's 50 day simple moving average is $37.77 and its two-hundred day simple moving average is $36.36. Third Coast Bancshares, Inc. has a 1 year low of $25.17 and a 1 year high of $41.25. The company has a market cap of $529.50 million, a price-to-earnings ratio of 11.65 and a beta of 0.37.
Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last released its quarterly earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share (EPS) for the quarter. The company had revenue of $54.48 million for the quarter. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. As a group, analysts anticipate that Third Coast Bancshares, Inc. will post 3.1 EPS for the current year.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on TCBX shares. Stephens upped their price target on shares of Third Coast Bancshares from $45.00 to $46.00 and gave the stock an "overweight" rating in a report on Tuesday, October 28th. Keefe, Bruyette & Woods raised their price objective on Third Coast Bancshares from $42.00 to $43.00 and gave the stock a "market perform" rating in a report on Thursday, October 30th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Third Coast Bancshares in a research report on Saturday, September 27th. Finally, Zacks Research raised Third Coast Bancshares from a "hold" rating to a "strong-buy" rating in a research report on Friday, October 24th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $42.67.
Check Out Our Latest Report on Third Coast Bancshares
Hedge Funds Weigh In On Third Coast Bancshares
Several institutional investors and hedge funds have recently bought and sold shares of TCBX. Acadian Asset Management LLC lifted its holdings in shares of Third Coast Bancshares by 10.2% during the 1st quarter. Acadian Asset Management LLC now owns 111,143 shares of the company's stock valued at $3,708,000 after purchasing an additional 10,329 shares during the last quarter. Vanguard Group Inc. boosted its stake in Third Coast Bancshares by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 652,898 shares of the company's stock worth $21,787,000 after purchasing an additional 9,679 shares in the last quarter. Invesco Ltd. purchased a new stake in Third Coast Bancshares during the 1st quarter worth approximately $2,732,000. Adage Capital Partners GP L.L.C. increased its stake in Third Coast Bancshares by 19.1% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 399,335 shares of the company's stock valued at $13,326,000 after purchasing an additional 64,047 shares in the last quarter. Finally, Inspire Investing LLC purchased a new position in shares of Third Coast Bancshares in the first quarter worth $760,000. 36.88% of the stock is owned by hedge funds and other institutional investors.
About Third Coast Bancshares
(
Get Free Report)
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.
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