Connor Clark & Lunn Investment Management Ltd. Raises Stake in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Connor Clark & Lunn Investment Management Ltd. lifted its position in Third Coast Bancshares, Inc. (NASDAQ:TCBX) by 122.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 76,075 shares of the company’s stock after purchasing an additional 41,876 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.56% of Third Coast Bancshares worth $2,583,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. SG Americas Securities LLC boosted its holdings in Third Coast Bancshares by 17.7% in the 4th quarter. SG Americas Securities LLC now owns 5,043 shares of the company’s stock worth $171,000 after buying an additional 760 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Third Coast Bancshares by 2.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 34,098 shares of the company’s stock worth $1,158,000 after purchasing an additional 942 shares in the last quarter. Martingale Asset Management L P grew its position in shares of Third Coast Bancshares by 3.3% during the third quarter. Martingale Asset Management L P now owns 34,092 shares of the company’s stock worth $913,000 after purchasing an additional 1,101 shares in the last quarter. R Squared Ltd bought a new stake in Third Coast Bancshares during the 4th quarter valued at approximately $40,000. Finally, Empowered Funds LLC lifted its holdings in Third Coast Bancshares by 5.0% in the 3rd quarter. Empowered Funds LLC now owns 28,253 shares of the company’s stock worth $756,000 after purchasing an additional 1,340 shares in the last quarter. 36.88% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on TCBX. Stephens reiterated an “overweight” rating and set a $42.00 price objective on shares of Third Coast Bancshares in a research report on Thursday, January 23rd. Raymond James reiterated an “outperform” rating and issued a $39.00 price target (up from $34.00) on shares of Third Coast Bancshares in a report on Friday, January 24th. Finally, 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.

Insider Activity at Third Coast Bancshares

In other Third Coast Bancshares news, insider William Bobbora bought 2,000 shares of the business’s stock in a transaction dated Friday, March 14th. The shares were purchased at an average price of $32.35 per share, with a total value of $64,700.00. Following the completion of the purchase, the insider now owns 41,639 shares in the company, valued at $1,347,021.65. This represents a 5.05 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 10.20% of the stock is currently owned by insiders.

Third Coast Bancshares Trading Up 1.5 %

TCBX opened at $32.87 on Tuesday. The stock has a 50-day moving average of $34.96 and a 200 day moving average of $32.45. Third Coast Bancshares, Inc. has a 12 month low of $18.00 and a 12 month high of $39.45. The firm has a market cap of $453.24 million, a P/E ratio of 11.87 and a beta of 0.32.

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

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.