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

Third Coast Bancshares, Inc. (NASDAQ:TCBX)’s share price reached a new 52-week high on Thursday . The company traded as high as $42.00 and last traded at $42.63, with a volume of 40632 shares. The stock had previously closed at $40.24.

Analysts Set New Price Targets

A number of research firms have recently commented on TCBX. Weiss Ratings restated a “buy (b)” rating on shares of Third Coast Bancshares in a research report on Saturday, September 27th. Keefe, Bruyette & Woods raised their price target on Third Coast Bancshares from $42.00 to $43.00 and gave the company a “market perform” rating in a report on Thursday, October 30th. Zacks Research lowered Third Coast Bancshares from a “strong-buy” rating to a “hold” rating in a report on Friday, December 26th. Finally, Stephens upped their price objective on shares of Third Coast Bancshares from $45.00 to $46.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Third Coast Bancshares currently has an average rating of “Hold” and an average price target of $42.67.

Third Coast Bancshares Stock Up 2.6%

The firm has a market capitalization of $573.53 million, a P/E ratio of 12.62 and a beta of 0.37. The business’s 50-day simple moving average is $38.58 and its 200 day simple moving average is $38.22.

Third Coast Bancshares (NASDAQ:TCBX) last announced its quarterly earnings data on Tuesday, November 4th. The company reported $1.03 earnings per share (EPS) for the quarter. The company had revenue of $54.48 million during the quarter. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. Sell-side analysts predict that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current year.

Insider Activity at Third Coast Bancshares

In other news, Director W. Donald Brunson sold 1,500 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $38.55, for a total value of $57,825.00. Following the completion of the sale, the director owned 37,268 shares of the company’s stock, valued at approximately $1,436,681.40. The trade was a 3.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 10.28% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in TCBX. Adage Capital Partners GP L.L.C. boosted its position in Third Coast Bancshares by 28.2% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 511,940 shares of the company’s stock valued at $16,725,000 after buying an additional 112,605 shares during the period. Kennedy Capital Management LLC boosted its holdings in shares of Third Coast Bancshares by 13.6% during the third quarter. Kennedy Capital Management LLC now owns 458,047 shares of the company’s stock worth $17,392,000 after purchasing an additional 54,713 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Third Coast Bancshares by 6.2% in the third quarter. Dimensional Fund Advisors LP now owns 417,969 shares of the company’s stock worth $15,871,000 after purchasing an additional 24,382 shares during the last quarter. Geode Capital Management LLC increased its holdings in Third Coast Bancshares by 11.1% during the 2nd quarter. Geode Capital Management LLC now owns 313,962 shares of the company’s stock valued at $10,259,000 after purchasing an additional 31,262 shares during the period. Finally, American Century Companies Inc. increased its holdings in Third Coast Bancshares by 17.5% during the 2nd quarter. American Century Companies Inc. now owns 230,942 shares of the company’s stock valued at $7,545,000 after purchasing an additional 34,427 shares during the period. 36.88% of the stock is owned by hedge funds and other institutional investors.

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. It also offers commercial and industrial loans, equipment loans, working capital lines of credit, guaranteed loans, auto finance, letters of credit, commercial and residential real estate, and construction, development, and other loans.