Third Coast Bancshares, Inc. (NASDAQ:TCBX) Sees Significant Growth in Short Interest

Third Coast Bancshares, Inc. (NASDAQ:TCBX) was the recipient of a large growth in short interest in November. As of November 30th, there was short interest totalling 168,700 shares, a growth of 22.4% from the November 15th total of 137,800 shares. Based on an average daily volume of 70,700 shares, the short-interest ratio is currently 2.4 days. Approximately 1.6% of the shares of the company are sold short.

Insider Transactions at Third Coast Bancshares

In related news, insider William Bobbora acquired 1,450 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was bought at an average cost of $35.33 per share, for a total transaction of $51,228.50. Following the purchase, the insider now owns 6,050 shares in the company, valued at $213,746.50. The trade was a 31.52 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 10.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Third Coast Bancshares

Hedge funds have recently made changes to their positions in the business. Barclays PLC lifted its holdings in Third Coast Bancshares by 254.6% in the 3rd quarter. Barclays PLC now owns 15,929 shares of the company’s stock worth $426,000 after purchasing an additional 11,437 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Third Coast Bancshares by 1.2% during the third quarter. Geode Capital Management LLC now owns 274,962 shares of the company’s stock valued at $7,363,000 after buying an additional 3,373 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Third Coast Bancshares by 150.8% in the third quarter. Public Employees Retirement System of Ohio now owns 4,081 shares of the company’s stock worth $109,000 after buying an additional 2,454 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Third Coast Bancshares in the third quarter worth $1,443,000. Finally, State Street Corp boosted its position in shares of Third Coast Bancshares by 6.8% during the third quarter. State Street Corp now owns 218,514 shares of the company’s stock worth $5,850,000 after acquiring an additional 13,948 shares during the last quarter. Institutional investors own 36.88% of the company’s stock.

Third Coast Bancshares Stock Down 0.7 %

NASDAQ:TCBX traded down $0.27 during trading hours on Friday, hitting $36.48. 77,761 shares of the stock traded hands, compared to its average volume of 87,428. The company has a market cap of $499.05 million, a price-to-earnings ratio of 14.31 and a beta of 0.27. Third Coast Bancshares has a 1 year low of $18.00 and a 1 year high of $37.65. The stock has a 50 day moving average price of $32.71 and a 200 day moving average price of $26.41.

Third Coast Bancshares (NASDAQ:TCBX) last released its earnings results on Wednesday, October 23rd. The company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.21. Third Coast Bancshares had a net margin of 13.23% and a return on equity of 10.14%. The company had revenue of $85.24 million for the quarter, compared to analysts’ expectations of $41.09 million. During the same quarter in the previous year, the company earned $0.32 EPS. Equities analysts forecast that Third Coast Bancshares will post 2.68 earnings per share for the current fiscal year.

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.