Adage Capital Partners GP L.L.C. Increases Holdings in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Adage Capital Partners GP L.L.C. grew its holdings in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) by 13.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 335,288 shares of the company’s stock after purchasing an additional 40,114 shares during the quarter. Adage Capital Partners GP L.L.C.’s holdings in Third Coast Bancshares were worth $11,383,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. increased its position in shares of Third Coast Bancshares by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 643,219 shares of the company’s stock valued at $21,837,000 after purchasing an additional 9,395 shares during the last quarter. Alliancebernstein L.P. increased its position in shares of Third Coast Bancshares by 22.8% during the 4th quarter. Alliancebernstein L.P. now owns 408,561 shares of the company’s stock valued at $13,871,000 after purchasing an additional 75,964 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Third Coast Bancshares by 26.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 294,411 shares of the company’s stock valued at $9,996,000 after purchasing an additional 62,019 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Third Coast Bancshares by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 274,962 shares of the company’s stock valued at $7,363,000 after purchasing an additional 3,373 shares during the last quarter. Finally, Wasatch Advisors LP grew its stake in shares of Third Coast Bancshares by 3.5% during the 4th quarter. Wasatch Advisors LP now owns 263,262 shares of the company’s stock worth $8,938,000 after acquiring an additional 8,854 shares during the period. 36.88% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider William Bobbora bought 2,000 shares of the business’s stock in a transaction on Friday, March 14th. The stock was acquired at an average price of $32.35 per share, for a total transaction of $64,700.00. Following the purchase, the insider now directly owns 41,639 shares in the company, valued at $1,347,021.65. This trade represents a 5.05 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 10.20% of the stock is owned by corporate insiders.

Third Coast Bancshares Stock Down 2.9 %

Shares of NASDAQ TCBX opened at $28.24 on Monday. Third Coast Bancshares, Inc. has a 52 week low of $18.82 and a 52 week high of $39.45. The business has a 50-day simple moving average of $32.04 and a two-hundred day simple moving average of $33.41. The company has a market cap of $390.42 million, a P/E ratio of 10.19 and a beta of 0.40.

Third Coast Bancshares (NASDAQ:TCBX) last issued its earnings results on Wednesday, April 23rd. The company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.70 by $0.08. Third Coast Bancshares had a return on equity of 10.93% and a net margin of 14.06%. The business had revenue of $45.90 million during the quarter, compared to the consensus estimate of $46.02 million. Equities research analysts anticipate that Third Coast Bancshares, Inc. will post 3.1 EPS for the current year.

Analyst Upgrades and Downgrades

TCBX has been the subject of several research reports. Raymond James downgraded Third Coast Bancshares from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 2nd. Keefe, Bruyette & Woods cut their price target on Third Coast Bancshares from $39.00 to $36.00 and set a “market perform” rating for the company in a research note on Friday. Finally, Stephens cut their price target on Third Coast Bancshares from $44.00 to $39.00 and set an “overweight” rating for the company in a research note on Friday.

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.