Third Coast Bancshares (NASDAQ:TCBX) Cut to “Market Perform” at Raymond James

Third Coast Bancshares (NASDAQ:TCBX) was downgraded by stock analysts at Raymond James from an “outperform” rating to a “market perform” rating in a note issued to investors on Wednesday,Finviz reports.

A number of other research firms have also commented on TCBX. Keefe, Bruyette & Woods lowered shares of Third Coast Bancshares from an “outperform” rating to a “market perform” rating and upped their price objective for the company from $40.00 to $42.00 in a research note on Wednesday, January 29th. Stephens restated an “overweight” rating and issued a $42.00 price target on shares of Third Coast Bancshares in a research report on Thursday, January 23rd.

Third Coast Bancshares Stock Performance

Third Coast Bancshares stock opened at $32.74 on Wednesday. Third Coast Bancshares has a 1 year low of $18.00 and a 1 year high of $39.45. The firm’s 50 day moving average price is $35.23 and its two-hundred day moving average price is $33.08. The firm has a market cap of $451.45 million, a price-to-earnings ratio of 11.82 and a beta of 0.32.

Third Coast Bancshares (NASDAQ:TCBX) last announced its earnings results on Wednesday, January 22nd. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.11. Third Coast Bancshares had a return on equity of 10.93% and a net margin of 14.06%. As a group, equities analysts predict that Third Coast Bancshares will post 3.1 EPS for the current fiscal year.

Insider Activity

In related news, insider William Bobbora acquired 2,000 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were purchased at an average cost of $32.35 per share, with a total value of $64,700.00. Following the completion of the transaction, the insider now owns 41,639 shares of the company’s stock, valued at approximately $1,347,021.65. This trade represents a 5.05 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 10.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Third Coast Bancshares

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in shares of Third Coast Bancshares by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 643,219 shares of the company’s stock worth $21,837,000 after acquiring an additional 9,395 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Third Coast Bancshares by 22.8% during the 4th quarter. Alliancebernstein L.P. now owns 408,561 shares of the company’s stock worth $13,871,000 after purchasing an additional 75,964 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its stake in shares of Third Coast Bancshares by 13.6% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 335,288 shares of the company’s stock worth $11,383,000 after purchasing an additional 40,114 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Third Coast Bancshares by 26.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 294,411 shares of the company’s stock valued at $9,996,000 after buying an additional 62,019 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in Third Coast Bancshares by 1.2% in the third quarter. Geode Capital Management LLC now owns 274,962 shares of the company’s stock worth $7,363,000 after buying an additional 3,373 shares during the last quarter. Institutional investors and hedge funds 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.