Picton Mahoney Asset Management Buys New Shares in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Picton Mahoney Asset Management bought a new stake in Third Coast Bancshares, Inc. (NASDAQ:TCBX) in the fourth quarter, HoldingsChannel reports. The fund bought 788 shares of the company’s stock, valued at approximately $27,000.

A number of other institutional investors have also recently bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Third Coast Bancshares by 122.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 76,075 shares of the company’s stock valued at $2,583,000 after purchasing an additional 41,876 shares during the period. Raymond James Financial Inc. acquired a new position in Third Coast Bancshares during the fourth quarter valued at approximately $797,000. Seizert Capital Partners LLC lifted its position in Third Coast Bancshares by 14.3% during the fourth quarter. Seizert Capital Partners LLC now owns 13,697 shares of the company’s stock valued at $465,000 after buying an additional 1,709 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in 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 valued at $1,158,000 after buying an additional 942 shares in the last quarter. Finally, US Bancorp DE acquired a new position in Third Coast Bancshares during the fourth quarter valued at approximately $73,000. 36.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on TCBX. Stephens reaffirmed an “overweight” rating and set a $42.00 price target on shares of Third Coast Bancshares in a research report on Thursday, January 23rd. Raymond James reaffirmed an “outperform” rating and set a $39.00 price target (up from $34.00) on shares of Third Coast Bancshares in a research report on Friday, January 24th. Finally, Keefe, Bruyette & Woods cut shares of Third Coast Bancshares from an “outperform” rating to a “market perform” rating and lifted their price target for the company from $40.00 to $42.00 in a research report on Wednesday, January 29th.

Third Coast Bancshares Trading Up 1.5 %

NASDAQ TCBX opened at $32.87 on Tuesday. The company’s fifty day simple moving average is $34.96 and its 200-day simple moving average is $32.45. Third Coast Bancshares, Inc. has a 52 week low of $18.00 and a 52 week high of $39.45. The stock 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 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%. On average, research analysts expect that Third Coast Bancshares, Inc. will post 3.1 EPS for the current fiscal year.

Insider Transactions at Third Coast Bancshares

In related news, insider William Bobbora purchased 2,000 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The shares were purchased at an average cost of $32.35 per share, with a total value of $64,700.00. Following the completion of the acquisition, the insider now directly owns 41,639 shares of the company’s stock, valued at approximately $1,347,021.65. The trade was a 5.05 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 10.20% 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.