Sei Investments Co. Increases Stock Holdings in Third Coast Bancshares, Inc. $TCBX

Sei Investments Co. lifted its position in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) by 172.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 178,570 shares of the company’s stock after buying an additional 113,043 shares during the quarter. Sei Investments Co.’s holdings in Third Coast Bancshares were worth $6,756,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Quantbot Technologies LP acquired a new position in Third Coast Bancshares during the second quarter worth about $29,000. Advisory Services Network LLC acquired a new position in shares of Third Coast Bancshares during the 3rd quarter worth approximately $31,000. State of Alaska Department of Revenue lifted its stake in Third Coast Bancshares by 257.2% in the 4th quarter. State of Alaska Department of Revenue now owns 1,993 shares of the company’s stock valued at $75,000 after buying an additional 1,435 shares in the last quarter. Mariner LLC purchased a new stake in Third Coast Bancshares in the 4th quarter valued at approximately $201,000. Finally, Waterway Wealth Management LLC acquired a new stake in Third Coast Bancshares during the 1st quarter valued at $208,000. 36.88% of the stock is owned by institutional investors and hedge funds.

Third Coast Bancshares Stock Up 0.5%

Shares of Third Coast Bancshares stock opened at $44.08 on Tuesday. Third Coast Bancshares, Inc. has a fifty-two week low of $35.60 and a fifty-two week high of $44.98. The firm has a market cap of $731.38 million, a PE ratio of 13.48 and a beta of 0.33. The business’s fifty day moving average is $40.26 and its two-hundred day moving average is $39.69.

Third Coast Bancshares announced that its board has approved a stock repurchase plan on Thursday, July 2nd that allows the company to repurchase $30.00 million in shares. This repurchase authorization allows the company to reacquire up to 4.5% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have recently weighed in on TCBX. Stephens cut their price target on Third Coast Bancshares from $46.00 to $45.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Raymond James Financial raised Third Coast Bancshares from a “market perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research note on Tuesday, April 7th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Third Coast Bancshares from $45.00 to $48.00 and gave the company a “market perform” rating in a report on Monday. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $46.00.

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. 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.