Third Coast Bancshares (NASDAQ:TCBX) Reaches New 1-Year High – Here’s What Happened

Third Coast Bancshares, Inc. (NASDAQ:TCBX)’s stock price reached a new 52-week high on Wednesday . The company 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 Ratings Changes

Several equities research analysts have recently weighed in on the stock. Raymond James reiterated an “outperform” rating and set a $39.00 price objective (up from $34.00) on shares of Third Coast Bancshares in a research report on Friday, January 24th. Stephens reiterated an “overweight” rating and set a $42.00 price target on shares of Third Coast Bancshares in a report on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods downgraded Third Coast Bancshares from an “outperform” rating to a “market perform” rating and boosted their price objective for the company from $40.00 to $42.00 in a research note on Wednesday, January 29th.

Third Coast Bancshares Stock Down 1.2 %

The firm’s 50 day simple moving average is $34.68 and its two-hundred day simple moving average is $30.04. The stock has a market capitalization of $522.03 million, a P/E ratio of 13.78 and a beta of 0.31.

Third Coast Bancshares (NASDAQ:TCBX) last issued 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%. As a group, equities research analysts expect that Third Coast Bancshares, Inc. will post 2.94 earnings per share for the current year.

Insider Buying and Selling at Third Coast Bancshares

In related news, insider William Bobbora purchased 1,450 shares of the business’s stock in a transaction on Thursday, December 5th. The stock was acquired at an average price of $35.33 per share, for a total transaction of $51,228.50. Following the purchase, the insider now owns 6,050 shares of the company’s stock, valued at approximately $213,746.50. This trade represents a 31.52 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 10.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. R Squared Ltd bought a new position in shares of Third Coast Bancshares during the 4th quarter worth approximately $40,000. US Bancorp DE purchased a new stake in shares of Third Coast Bancshares during the fourth quarter valued at approximately $73,000. Public Employees Retirement System of Ohio lifted its holdings in Third Coast Bancshares by 150.8% during the third quarter. Public Employees Retirement System of Ohio now owns 4,081 shares of the company’s stock worth $109,000 after acquiring an additional 2,454 shares during the period. SG Americas Securities LLC purchased a new position in Third Coast Bancshares in the third quarter worth $115,000. Finally, Legato Capital Management LLC bought a new position in Third Coast Bancshares in the 4th quarter valued at $232,000. Hedge funds and other institutional investors 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.