Third Coast Bancshares (NASDAQ:TCBX) Stock Rating Lowered by Zacks Research

Third Coast Bancshares (NASDAQ:TCBX) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Separately, Keefe, Bruyette & Woods raised their price target on Third Coast Bancshares from $43.00 to $45.00 and gave the company a “market perform” rating in a report on Monday, January 26th. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $45.50.

Third Coast Bancshares Trading Down 0.7%

Shares of NASDAQ TCBX opened at $37.58 on Monday. The company has a market capitalization of $619.56 million, a P/E ratio of 11.49 and a beta of 0.38. Third Coast Bancshares has a 12 month low of $25.17 and a 12 month high of $43.84. The stock has a 50 day moving average of $39.98 and a 200-day moving average of $39.01.

Insiders Place Their Bets

In related news, insider William Bobbora acquired 1,200 shares of the business’s stock in a transaction on Tuesday, February 24th. The stock was purchased at an average cost of $39.62 per share, for a total transaction of $47,544.00. Following the completion of the transaction, the insider directly owned 48,306 shares of the company’s stock, valued at approximately $1,913,883.72. The trade was a 2.55% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 10.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Third Coast Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in TCBX. Quantbot Technologies LP bought a new position in shares of Third Coast Bancshares during the second quarter worth approximately $29,000. Advisory Services Network LLC bought a new stake in Third Coast Bancshares in the 3rd quarter valued at $31,000. Ameritas Investment Partners Inc. boosted its stake in Third Coast Bancshares by 37.2% in 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 during the period. State of Alaska Department of Revenue grew its holdings in Third Coast Bancshares by 257.2% in the 4th quarter. State of Alaska Department of Revenue now owns 1,993 shares of the company’s stock valued at $75,000 after buying an additional 1,435 shares in the last quarter. Finally, CWM LLC grew its holdings in Third Coast Bancshares by 25.4% in the 3rd quarter. CWM LLC now owns 2,456 shares of the company’s stock valued at $93,000 after buying an additional 498 shares in the last quarter. Institutional investors and hedge funds own 36.88% of the company’s stock.

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.