Third Coast Bancshares’ (TCBX) Overweight Rating Reiterated at Stephens

Stephens reiterated their overweight rating on shares of Third Coast Bancshares (NASDAQ:TCBX) in a research report released on Thursday morning,Benzinga reports. They currently have a $42.00 target price on the stock.

Third Coast Bancshares Stock Up 4.6 %

Shares of Third Coast Bancshares stock opened at $36.69 on Thursday. The company’s fifty day simple moving average is $34.48 and its two-hundred day simple moving average is $29.22. The firm has a market cap of $501.92 million, a PE ratio of 13.25 and a beta of 0.31. Third Coast Bancshares has a 12-month low of $18.00 and a 12-month high of $37.65.

Third Coast Bancshares (NASDAQ:TCBX) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.11. Third Coast Bancshares had a net margin of 14.06% and a return on equity of 10.93%. As a group, sell-side analysts expect that Third Coast Bancshares will post 2.78 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Third Coast Bancshares news, insider William Bobbora acquired 1,450 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The shares were bought at an average cost of $35.33 per share, with a total value of $51,228.50. Following the completion of the transaction, the insider now directly owns 6,050 shares of the company’s stock, valued at approximately $213,746.50. This represents a 31.52 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 10.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Third Coast Bancshares

A number of hedge funds have recently added to or reduced their stakes in TCBX. SG Americas Securities LLC increased its position in Third Coast Bancshares by 17.7% in the fourth quarter. SG Americas Securities LLC now owns 5,043 shares of the company’s stock worth $171,000 after buying an additional 760 shares in the last quarter. Federated Hermes Inc. lifted its holdings in Third Coast Bancshares by 196.6% during the second quarter. Federated Hermes Inc. now owns 1,649 shares of the company’s stock valued at $35,000 after purchasing an additional 1,093 shares in the last quarter. Martingale Asset Management L P boosted its position in shares of Third Coast Bancshares by 3.3% in the third quarter. Martingale Asset Management L P now owns 34,092 shares of the company’s stock worth $913,000 after purchasing an additional 1,101 shares during the period. R Squared Ltd purchased a new stake in shares of Third Coast Bancshares in the fourth quarter worth $40,000. Finally, Empowered Funds LLC lifted its stake in shares of Third Coast Bancshares by 5.0% during the 3rd quarter. Empowered Funds LLC now owns 28,253 shares of the company’s stock valued at $756,000 after buying an additional 1,340 shares in the last quarter. 36.88% of the stock is currently owned by hedge funds and other institutional investors.

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.