Third Coast Bancshares (NASDAQ:TCBX) Sets New 52-Week High – What’s Next?

Third Coast Bancshares, Inc. (NASDAQ:TCBXGet Free Report) hit a new 52-week high on Monday . The company traded as high as $37.74 and last traded at $37.41, with a volume of 26128 shares changing hands. The stock had previously closed at $36.69.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TCBX. Stephens reaffirmed an “overweight” rating and issued a $42.00 target price on shares of Third Coast Bancshares in a research report on Thursday. Raymond James reiterated an “outperform” rating and issued a $39.00 price objective (up from $34.00) on shares of Third Coast Bancshares in a research note on Friday.

Get Our Latest Analysis on Third Coast Bancshares

Third Coast Bancshares Stock Up 2.1 %

The firm has a market cap of $512.53 million, a price-to-earnings ratio of 13.57 and a beta of 0.31. The company’s fifty day moving average is $34.48 and its 200 day moving average is $29.27.

Third Coast Bancshares (NASDAQ:TCBXGet Free Report) last posted its earnings results on Wednesday, January 22nd. The company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates 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 forecast that Third Coast Bancshares, Inc. will post 2.78 EPS for the current fiscal year.

Insider Buying and Selling at Third Coast Bancshares

In related news, insider William Bobbora purchased 1,450 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was acquired at an average cost of $35.33 per share, with a total value of $51,228.50. Following the transaction, the insider now owns 6,050 shares of the company’s stock, valued at $213,746.50. This represents a 31.52 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 10.20% of the company’s stock.

Institutional Investors Weigh In On Third Coast Bancshares

Hedge funds have recently made changes to their positions in the business. American Century Companies Inc. raised its stake in Third Coast Bancshares by 17.0% in the 2nd quarter. American Century Companies Inc. now owns 39,227 shares of the company’s stock valued at $834,000 after acquiring an additional 5,710 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Third Coast Bancshares by 18.3% in the second quarter. Dimensional Fund Advisors LP now owns 190,819 shares of the company’s stock valued at $4,058,000 after purchasing an additional 29,516 shares in the last quarter. Renaissance Technologies LLC raised 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 valued at $1,819,000 after purchasing an additional 9,105 shares during the period. AQR Capital Management LLC bought a new stake in shares of Third Coast Bancshares during the second quarter valued at about $255,000. Finally, SG Americas Securities LLC bought a new position in shares of Third Coast Bancshares in the third quarter valued at approximately $115,000. 36.88% of the stock is currently owned by institutional investors.

About Third Coast Bancshares

(Get Free Report)

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.

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