Third Coast Bancshares (NASDAQ:TCBX) Downgraded by Keefe, Bruyette & Woods to Market Perform

Keefe, Bruyette & Woods cut shares of Third Coast Bancshares (NASDAQ:TCBX) from an outperform rating to a market perform rating in a report released on Wednesday, Marketbeat Ratings reports. They currently have $42.00 price objective on the stock, up from their previous price objective of $40.00.

Several other brokerages have also issued reports on TCBX. Raymond James reaffirmed an “outperform” rating and set a $39.00 target price (up from $34.00) on shares of Third Coast Bancshares in a research report on Friday, January 24th. Stephens reiterated an “overweight” rating and issued a $42.00 target price on shares of Third Coast Bancshares in a report on Thursday, January 23rd.

Third Coast Bancshares Trading Down 0.3 %

Shares of TCBX stock opened at $36.05 on Wednesday. The firm has a market capitalization of $493.13 million, a price-to-earnings ratio of 13.01 and a beta of 0.31. The business’s 50-day moving average price is $34.56 and its 200-day moving average price is $29.66. Third Coast Bancshares has a 12 month low of $18.00 and a 12 month high of $37.79.

Third Coast Bancshares (NASDAQ:TCBX) last posted its earnings results on Wednesday, January 22nd. The company reported $0.79 EPS for the quarter, topping 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%. On average, sell-side analysts predict that Third Coast Bancshares will post 2.94 earnings per share for the current fiscal year.

Insider Activity

In other news, insider William Bobbora acquired 1,450 shares of the business’s stock in a transaction on Thursday, December 5th. The shares were purchased at an average cost of $35.33 per share, with a total value of $51,228.50. Following the acquisition, the insider now directly owns 6,050 shares of the company’s stock, valued at $213,746.50. The trade was a 31.52 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 10.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. American Century Companies Inc. boosted its holdings in shares of Third Coast Bancshares by 17.0% in the 2nd quarter. American Century Companies Inc. now owns 39,227 shares of the company’s stock worth $834,000 after buying an additional 5,710 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Third Coast Bancshares by 18.3% in the second quarter. Dimensional Fund Advisors LP now owns 190,819 shares of the company’s stock valued at $4,058,000 after acquiring an additional 29,516 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Third Coast Bancshares by 11.9% during the 2nd quarter. Renaissance Technologies LLC now owns 85,505 shares of the company’s stock valued at $1,819,000 after acquiring an additional 9,105 shares during the period. AQR Capital Management LLC purchased a new stake in shares of Third Coast Bancshares during the 2nd quarter worth approximately $255,000. Finally, SG Americas Securities LLC bought a new stake in shares of Third Coast Bancshares in the 3rd quarter worth approximately $115,000. Hedge funds and other institutional investors 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.