Third Coast Bancshares (NASDAQ:TCBX) Upgraded to “Strong-Buy” at Zacks Research

Third Coast Bancshares (NASDAQ:TCBX) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

A number of other research firms also recently weighed in on TCBX. Stephens raised their price target on Third Coast Bancshares from $45.00 to $46.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Keefe, Bruyette & Woods increased their price objective on Third Coast Bancshares from $43.00 to $45.00 and gave the company a “market perform” rating in a research report on Monday. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $45.50.

Third Coast Bancshares Stock Up 0.3%

NASDAQ:TCBX opened at $39.86 on Monday. Third Coast Bancshares has a twelve month low of $25.17 and a twelve month high of $42.63. The stock has a market cap of $553.81 million, a P/E ratio of 12.19 and a beta of 0.37. The business’s 50-day moving average price is $38.88 and its two-hundred day moving average price is $38.39.

Third Coast Bancshares (NASDAQ:TCBX) last announced its earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share for the quarter. The business had revenue of $54.48 million for the quarter. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. On average, equities research analysts expect that Third Coast Bancshares will post 3.1 EPS for the current fiscal year.

Insider Buying and Selling at Third Coast Bancshares

In other Third Coast Bancshares news, Director W. Donald Brunson sold 1,500 shares of Third Coast Bancshares stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $38.55, for a total value of $57,825.00. Following the transaction, the director directly owned 37,268 shares of the company’s stock, valued at $1,436,681.40. The trade was a 3.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 10.28% of the company’s stock.

Hedge Funds Weigh In On Third Coast Bancshares

A number of hedge funds have recently modified their holdings of the company. Advisory Services Network LLC purchased a new stake in shares of Third Coast Bancshares during the third quarter worth about $31,000. Quantbot Technologies LP purchased a new stake in Third Coast Bancshares in the 2nd quarter worth approximately $29,000. Ameritas Advisory Services LLC bought a new stake in shares of Third Coast Bancshares in the 2nd quarter worth approximately $33,000. Ameritas Investment Partners Inc. increased its stake in shares of Third Coast Bancshares by 37.2% during the second quarter. Ameritas Investment Partners Inc. now owns 1,314 shares of the company’s stock valued at $43,000 after buying an additional 356 shares during the period. Finally, State of Alaska Department of Revenue raised its holdings in shares of Third Coast Bancshares by 257.2% during the fourth quarter. State of Alaska Department of Revenue now owns 1,993 shares of the company’s stock valued at $75,000 after acquiring an additional 1,435 shares in the last quarter. 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. It also offers commercial and industrial loans, equipment loans, working capital lines of credit, guaranteed loans, auto finance, letters of credit, commercial and residential real estate, and construction, development, and other loans.