Third Coast Bancshares (NASDAQ:TCBX) Sets New 12-Month High – Here’s Why

Shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $42.80 and last traded at $41.73, with a volume of 23527 shares trading hands. The stock had previously closed at $42.13.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on TCBX shares. Keefe, Bruyette & Woods boosted their price objective on shares of Third Coast Bancshares from $43.00 to $45.00 and gave the company a “market perform” rating in a research report on Monday, January 26th. Zacks Research raised Third Coast Bancshares from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 26th. Finally, Stephens lifted their price objective 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. One equities 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’s stock. According to MarketBeat.com, Third Coast Bancshares currently has an average rating of “Moderate Buy” and a consensus price target of $45.50.

Third Coast Bancshares Stock Down 1.3%

The stock has a fifty day moving average of $39.19 and a two-hundred day moving average of $38.51. The stock has a market cap of $577.50 million, a price-to-earnings ratio of 12.71 and a beta of 0.37.

Third Coast Bancshares (NASDAQ:TCBX) last released its quarterly earnings data on Tuesday, November 4th. The company reported $1.03 earnings per share (EPS) for the quarter. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. The company had revenue of $54.48 million during the quarter. Equities research analysts anticipate that Third Coast Bancshares, Inc. will post 3.1 EPS for the current fiscal year.

Insider Activity

In other Third Coast Bancshares news, Director W. Donald Brunson sold 1,500 shares of the firm’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $38.55, for a total transaction of $57,825.00. Following the completion of the transaction, the director directly owned 37,268 shares of the company’s stock, valued at $1,436,681.40. This trade represents a 3.87% decrease in their position. The sale was disclosed in a legal filing 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 and other institutional investors have recently bought and sold shares of TCBX. Quantbot Technologies LP bought a new position in shares of Third Coast Bancshares during the second quarter worth about $29,000. Advisory Services Network LLC bought a new position in Third Coast Bancshares during the 3rd quarter valued at $31,000. Ameritas Advisory Services LLC bought a new position in Third Coast Bancshares during the second quarter valued at about $33,000. Ameritas Investment Partners Inc. boosted its position in shares of Third Coast Bancshares by 37.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,314 shares of the company’s stock valued at $43,000 after purchasing an additional 356 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its holdings in 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 worth $75,000 after buying an additional 1,435 shares in the last quarter. 36.88% of the stock is currently owned by institutional investors and hedge funds.

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. 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.