William Bobbora, Executive Vice President and Chief Banking Officer at Third Coast Bancshares, Inc. (NASDAQ:TCBX), recently acquired 1,450 shares of the company’s common stock. The transaction, dated December 5, 2024, was executed at a price of $35.33 per share, amounting to a total purchase value of $51,228. Following this acquisition, Bobbora's indirect holdings, managed by an IRA, now total 6,050 shares. Additionally, he holds 39,639 shares directly and 1,711 shares indirectly through an ESOP. With a market capitalization of $480 million and trading at a P/E ratio of 13.2, InvestingPro analysis indicates the stock is currently fairly valued. For deeper insights into insider trading patterns and comprehensive financial analysis, including 8 additional ProTips, subscribers can access the full Pro Research Report on TCBX.
In other recent news, Third Coast Bancshares has been in the spotlight following its robust third-quarter financial results for 2024. The company's earnings surpassed expectations, particularly in pre-provision net revenue. Key metrics such as net interest income, fee generation, and operating expenses all contributed to the positive results, with the company also reporting lower loan loss provision expenses.
Following these results, financial services firm Stephens upgraded its price target for Third Coast Bancshares to $39.00, up from the previous $33.00, maintaining an Overweight rating on the stock. Stephens also revised its earnings per share forecasts upward for 2025 and 2026 by 11% and 7%, respectively.
The bank reported a significant increase in net loans, primarily in the commercial sector, and an improved efficiency ratio. Record earnings were noted with diluted earnings per share reaching $0.74, and deposits increased by $138.8 million. CEO Bart Caraway projected continued growth, supported by a strong economic environment in Texas.
In a recent Q&A session, the bank discussed its deposit strategy, including the use of short-term brokered CDs to manage loan-to-deposit ratios. Furthermore, the bank confirmed a consistent fee income expectation of approximately $2.5 million per quarter. These are among the recent developments at Third Coast Bancshares.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.