Stephens Reaffirms Overweight Rating for Third Coast Bancshares (NASDAQ:TCBX)

Third Coast Bancshares (NASDAQ:TCBX)‘s stock had its “overweight” rating reiterated by equities researchers at Stephens in a research note issued on Thursday,Benzinga reports. They currently have a $42.00 price objective on the stock. Stephens’ target price indicates a potential upside of 23.58% from the company’s previous close.

Third Coast Bancshares Price Performance

Shares of NASDAQ:TCBX traded up $0.63 during mid-day trading on Thursday, hitting $33.99. The company had a trading volume of 35,969 shares, compared to its average volume of 58,762. The firm has a fifty day moving average price of $34.43 and a 200 day moving average price of $29.01. The company has a market capitalization of $464.94 million, a PE ratio of 13.25 and a beta of 0.31. Third Coast Bancshares has a one year low of $18.00 and a one year high of $37.65.

Third Coast Bancshares (NASDAQ:TCBX) last released its quarterly earnings data 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 13.23% and a return on equity of 10.14%. Research analysts expect that Third Coast Bancshares will post 2.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Third Coast Bancshares

In other Third Coast Bancshares news, insider William Bobbora purchased 1,450 shares of the firm’s stock in a transaction on Thursday, December 5th. The stock was acquired at an average price of $35.33 per share, for a total transaction of $51,228.50. Following the purchase, the insider now owns 6,050 shares of the company’s stock, valued at $213,746.50. This trade represents a 31.52 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 10.20% of the stock is currently owned by company insiders.

Institutional Trading of Third Coast Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the business. Wasatch Advisors LP bought a new stake in shares of Third Coast Bancshares in the 3rd quarter worth $6,811,000. Wellington Management Group LLP bought a new stake in shares of Third Coast Bancshares in the 3rd quarter worth $1,443,000. Inspire Investing LLC bought a new stake in shares of Third Coast Bancshares in the 3rd quarter worth $823,000. Dimensional Fund Advisors LP grew its stake in shares of Third Coast Bancshares by 18.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 190,819 shares of the company’s stock worth $4,058,000 after acquiring an additional 29,516 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Third Coast Bancshares by 100.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 34,199 shares of the company’s stock worth $916,000 after acquiring an additional 17,114 shares in the last quarter. 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.