Third Coast Bancshares (NASDAQ:TCBX) Sets New 12-Month High – Here’s What Happened

Third Coast Bancshares, Inc. (NASDAQ:TCBX)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $38.00 and last traded at $37.93, with a volume of 110938 shares changing hands. The stock had previously closed at $36.94.

Analyst Upgrades and Downgrades

Several analysts have recently commented on TCBX shares. Raymond James reaffirmed an “outperform” rating and set a $39.00 price target (up previously from $34.00) on shares of Third Coast Bancshares in a research report on Friday, January 24th. Stephens reissued an “overweight” rating and set a $42.00 target price on shares of Third Coast Bancshares in a research note on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods cut shares of 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 research report on Wednesday, January 29th.

Third Coast Bancshares Stock Up 2.7 %

The company has a 50 day simple moving average of $34.56 and a 200-day simple moving average of $29.93. The stock has a market cap of $518.88 million, a price-to-earnings ratio of 13.69 and a beta of 0.31.

Third Coast Bancshares (NASDAQ:TCBX) last issued its quarterly earnings data on Wednesday, January 22nd. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.11. Third Coast Bancshares had a return on equity of 10.93% and a net margin of 14.06%. On average, equities research analysts expect that Third Coast Bancshares, Inc. will post 2.94 EPS for the current fiscal year.

Insider Transactions at Third Coast Bancshares

In other news, insider William Bobbora purchased 1,450 shares of the firm’s stock in a transaction 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 completion of the acquisition, the insider now directly owns 6,050 shares of the company’s stock, valued at approximately $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 accessible through this hyperlink. Corporate insiders own 10.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC grew its position in Third Coast Bancshares by 17.7% in the fourth quarter. SG Americas Securities LLC now owns 5,043 shares of the company’s stock valued at $171,000 after purchasing an additional 760 shares in the last quarter. Martingale Asset Management L P lifted its position in shares of Third Coast Bancshares by 3.3% in the third quarter. Martingale Asset Management L P now owns 34,092 shares of the company’s stock valued at $913,000 after buying an additional 1,101 shares during the last quarter. R Squared Ltd acquired a new stake in shares of Third Coast Bancshares in the fourth quarter valued at approximately $40,000. Empowered Funds LLC boosted its stake in shares of Third Coast Bancshares by 5.0% during the 3rd quarter. Empowered Funds LLC now owns 28,253 shares of the company’s stock worth $756,000 after acquiring an additional 1,340 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of Third Coast Bancshares by 5.3% during the 4th quarter. Bank of New York Mellon Corp now owns 35,182 shares of the company’s stock worth $1,194,000 after acquiring an additional 1,779 shares during the last quarter. Institutional investors and hedge funds own 36.88% of the company’s stock.

About Third Coast Bancshares

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.