Raymond James Reiterates “Outperform” Rating for Third Coast Bancshares (NASDAQ:TCBX)

Third Coast Bancshares (NASDAQ:TCBX)‘s stock had its “outperform” rating reiterated by equities researchers at Raymond James in a report issued on Friday,Benzinga reports. They presently have a $39.00 price objective on the stock, up from their previous price objective of $34.00. Raymond James’ target price would indicate a potential upside of 6.21% from the company’s previous close.

Separately, Stephens reiterated an “overweight” rating and set a $42.00 price target on shares of Third Coast Bancshares in a report on Thursday.

Third Coast Bancshares Price Performance

NASDAQ:TCBX traded up $1.64 during mid-day trading on Friday, reaching $36.72. The stock had a trading volume of 46,451 shares, compared to its average volume of 67,432. The stock has a 50-day simple moving average of $34.44 and a two-hundred day simple moving average of $29.05. Third Coast Bancshares has a 12 month low of $18.00 and a 12 month high of $37.65. The stock has a market capitalization of $502.33 million, a PE ratio of 13.19 and a beta of 0.31.

Third Coast Bancshares (NASDAQ:TCBX) last posted its earnings results on Wednesday, January 22nd. The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.11. Third Coast Bancshares had a net margin of 14.06% and a return on equity of 10.93%. Equities analysts expect that Third Coast Bancshares will post 2.78 EPS for the current year.

Insider Buying and Selling

In related news, insider William Bobbora acquired 1,450 shares of the company’s stock in a transaction on Thursday, December 5th. The shares were acquired 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 approximately $213,746.50. The trade was a 31.52 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 10.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Third Coast Bancshares

A number of hedge funds and other institutional investors have recently modified their holdings of the business. American Century Companies Inc. increased its holdings in Third Coast Bancshares by 17.0% during the second quarter. American Century Companies Inc. now owns 39,227 shares of the company’s stock worth $834,000 after buying an additional 5,710 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of Third Coast Bancshares by 18.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 190,819 shares of the company’s stock valued at $4,058,000 after acquiring an additional 29,516 shares during the period. Renaissance Technologies LLC increased its stake in shares of Third Coast Bancshares by 11.9% during the 2nd quarter. Renaissance Technologies LLC now owns 85,505 shares of the company’s stock worth $1,819,000 after purchasing an additional 9,105 shares during the last quarter. AQR Capital Management LLC purchased a new stake in shares of Third Coast Bancshares during the 2nd quarter worth approximately $255,000. Finally, SG Americas Securities LLC bought a new stake in shares of Third Coast Bancshares in the 3rd quarter worth approximately $115,000. Hedge funds and other institutional investors own 36.88% of the company’s stock.

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.