Canada Pension Plan Investment Board Takes Position in Third Coast Bancshares, Inc. $TCBX

Canada Pension Plan Investment Board bought a new stake in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) in the second quarter, HoldingsChannel.com reports. The institutional investor bought 11,600 shares of the company’s stock, valued at approximately $469,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in Third Coast Bancshares in the second quarter worth $46,829,000. Adage Capital Partners GP L.L.C. increased its position in Third Coast Bancshares by 28.2% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 511,940 shares of the company’s stock valued at $16,725,000 after purchasing an additional 112,605 shares during the period. Dimensional Fund Advisors LP increased its position in Third Coast Bancshares by 6.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 472,808 shares of the company’s stock valued at $17,886,000 after purchasing an additional 27,664 shares during the period. State Street Corp raised its holdings in Third Coast Bancshares by 4.8% in the 4th quarter. State Street Corp now owns 342,489 shares of the company’s stock worth $13,018,000 after purchasing an additional 15,835 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Third Coast Bancshares in the 2nd quarter worth $13,553,000. Hedge funds and other institutional investors own 36.88% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on TCBX shares. Keefe, Bruyette & Woods raised their price objective on shares of Third Coast Bancshares from $45.00 to $48.00 and gave the stock a “market perform” rating in a report on Monday, August 3rd. Piper Sandler began 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. Four research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.75.

Third Coast Bancshares Stock Performance

Shares of TCBX opened at $44.87 on Thursday. The stock has a market cap of $744.43 million, a PE ratio of 13.72 and a beta of 0.32. Third Coast Bancshares, Inc. has a fifty-two week low of $35.73 and a fifty-two week high of $46.35. The firm’s 50-day simple moving average is $42.84 and its two-hundred day simple moving average is $40.34.

Third Coast Bancshares (NASDAQ:TCBX) last released its earnings results on Wednesday, July 22nd. The company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.18. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. The firm had revenue of $67.99 million during the quarter, compared to analyst estimates of $62.75 million. Equities research analysts predict that Third Coast Bancshares, Inc. will post 3.1 EPS for the current year.

Third Coast Bancshares declared that its Board of Directors has initiated a share buyback plan on Thursday, July 2nd that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the company to reacquire up to 4.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management 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. 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.