Legato Capital Management LLC Buys New Holdings in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Legato Capital Management LLC bought a new stake in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 6,825 shares of the company’s stock, valued at approximately $232,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Barclays PLC raised its stake in Third Coast Bancshares by 254.6% during the 3rd quarter. Barclays PLC now owns 15,929 shares of the company’s stock valued at $426,000 after purchasing an additional 11,437 shares during the period. Geode Capital Management LLC raised its stake in Third Coast Bancshares by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 274,962 shares of the company’s stock valued at $7,363,000 after purchasing an additional 3,373 shares during the period. Wasatch Advisors LP bought a new stake in Third Coast Bancshares during the 3rd quarter valued at approximately $6,811,000. Wellington Management Group LLP bought a new stake in Third Coast Bancshares during the 3rd quarter valued at approximately $1,443,000. Finally, JPMorgan Chase & Co. raised its stake in Third Coast Bancshares by 131.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 23,350 shares of the company’s stock valued at $625,000 after purchasing an additional 13,270 shares during the period. Institutional investors own 36.88% of the company’s stock.

Insider Activity at Third Coast Bancshares

In other Third Coast Bancshares news, insider William Bobbora acquired 1,450 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The stock was bought at an average price of $35.33 per share, for a total transaction of $51,228.50. Following the acquisition, the insider now directly owns 6,050 shares in the company, valued at $213,746.50. The trade was a 31.52 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 10.20% of the stock is owned by company insiders.

Third Coast Bancshares Stock Performance

Shares of Third Coast Bancshares stock opened at $38.05 on Friday. The stock has a market cap of $520.52 million, a price-to-earnings ratio of 13.74 and a beta of 0.31. The stock has a 50 day moving average price of $35.00 and a 200-day moving average price of $30.60. Third Coast Bancshares, Inc. has a one year low of $18.00 and a one year high of $39.06.

Third Coast Bancshares (NASDAQ:TCBX) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.11. Third Coast Bancshares had a return on equity of 10.93% and a net margin of 14.06%. Sell-side analysts predict that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Raymond James reaffirmed an “outperform” rating and issued a $39.00 price objective (up previously from $34.00) on shares of Third Coast Bancshares in a research note on Friday, January 24th. Keefe, Bruyette & Woods cut Third Coast Bancshares from an “outperform” rating to a “market perform” rating and lifted their target price for the stock from $40.00 to $42.00 in a report on Wednesday, January 29th. Finally, Stephens reiterated an “overweight” rating and issued a $42.00 target price on shares of Third Coast Bancshares in a report on Thursday, January 23rd.

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.