Third Coast Bancshares (NASDAQ:TCBX) Earns Outperform Rating from Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reaffirmed their outperform rating on shares of Third Coast Bancshares (NASDAQ:TCBX) in a research report sent to investors on Monday morning, Benzinga reports. They currently have a $28.00 price objective on the stock, up from their prior price objective of $26.00.

Third Coast Bancshares Stock Down 3.9 %

Shares of NASDAQ TCBX opened at $22.46 on Monday. Third Coast Bancshares has a 12 month low of $14.09 and a 12 month high of $26.38. The company has a market cap of $306.58 million, a price-to-earnings ratio of 11.05 and a beta of 0.30. The business has a fifty day simple moving average of $21.39 and a 200-day simple moving average of $20.25.

Third Coast Bancshares (NASDAQ:TCBX) last posted its quarterly earnings data on Wednesday, July 24th. The company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.08. The company had revenue of $84.11 million during the quarter, compared to analyst estimates of $41.00 million. Third Coast Bancshares had a net margin of 11.54% and a return on equity of 8.84%. During the same period in the prior year, the firm earned $0.53 earnings per share. As a group, sell-side analysts expect that Third Coast Bancshares will post 2.28 EPS for the current fiscal year.

Insiders Place Their Bets

In other Third Coast Bancshares news, insider William Bobbora bought 2,484 shares of the firm’s stock in a transaction dated Tuesday, May 21st. The stock was acquired at an average price of $21.44 per share, with a total value of $53,256.96. Following the completion of the transaction, the insider now directly owns 35,639 shares in the company, valued at approximately $764,100.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 10.20% of the company’s stock.

Institutional Trading of Third Coast Bancshares

A number of hedge funds have recently made changes to their positions in TCBX. Russell Investments Group Ltd. increased its stake in Third Coast Bancshares by 121.7% in the 1st quarter. Russell Investments Group Ltd. now owns 1,822 shares of the company’s stock valued at $36,000 after buying an additional 1,000 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Third Coast Bancshares by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 39,984 shares of the company’s stock worth $850,000 after acquiring an additional 1,038 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Third Coast Bancshares by 7.5% during the first quarter. Empowered Funds LLC now owns 25,113 shares of the company’s stock worth $503,000 after acquiring an additional 1,750 shares in the last quarter. New York State Common Retirement Fund boosted its position in Third Coast Bancshares by 56.5% during the fourth quarter. New York State Common Retirement Fund now owns 5,013 shares of the company’s stock valued at $100,000 after purchasing an additional 1,810 shares during the last quarter. Finally, Acadian Asset Management LLC purchased a new position in Third Coast Bancshares in the first quarter valued at about $54,000. 36.88% of the stock is owned by hedge funds and other institutional investors.

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.