Third Coast Bancshares (NASDAQ:TCBX) Cut to “Hold” at Zacks Research

Third Coast Bancshares (NASDAQ:TCBX) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Separately, Keefe, Bruyette & Woods boosted their price target on shares of Third Coast Bancshares from $43.00 to $45.00 and gave the stock a “market perform” rating in a research report on Monday, January 26th. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $45.50.

Third Coast Bancshares Trading Down 0.7%

Shares of TCBX opened at $37.58 on Monday. Third Coast Bancshares has a 12 month low of $25.17 and a 12 month high of $43.84. The firm has a fifty day simple moving average of $39.98 and a 200 day simple moving average of $39.01. The stock has a market capitalization of $619.56 million, a price-to-earnings ratio of 11.49 and a beta of 0.38.

Insider Buying and Selling at Third Coast Bancshares

In related news, insider William Bobbora acquired 1,200 shares of the company’s stock in a transaction dated Tuesday, February 24th. The shares were bought at an average price of $39.62 per share, for a total transaction of $47,544.00. Following the purchase, the insider directly owned 48,306 shares in the company, valued at approximately $1,913,883.72. This trade represents a 2.55% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 10.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Third Coast Bancshares

A number of institutional investors have recently added to or reduced their stakes in TCBX. Deroy & Devereaux Private Investment Counsel Inc. bought a new position in shares of Third Coast Bancshares in the 3rd quarter valued at about $3,462,000. Franklin Resources Inc. raised its holdings in shares of Third Coast Bancshares by 435.4% in the 2nd quarter. Franklin Resources Inc. now owns 100,408 shares of the company’s stock valued at $3,280,000 after purchasing an additional 81,655 shares during the period. Geode Capital Management LLC raised its holdings in shares of Third Coast Bancshares by 11.1% in the 2nd quarter. Geode Capital Management LLC now owns 313,962 shares of the company’s stock valued at $10,259,000 after purchasing an additional 31,262 shares during the period. American Century Companies Inc. lifted its stake in Third Coast Bancshares by 17.5% in the 2nd quarter. American Century Companies Inc. now owns 230,942 shares of the company’s stock valued at $7,545,000 after purchasing an additional 34,427 shares during the last quarter. Finally, Kennedy Capital Management LLC lifted its stake in Third Coast Bancshares by 13.6% in the 3rd quarter. Kennedy Capital Management LLC now owns 458,047 shares of the company’s stock valued at $17,392,000 after purchasing an additional 54,713 shares during the last quarter. 36.88% of the stock is currently owned by institutional investors and hedge funds.

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. It also offers commercial and industrial loans, equipment loans, working capital lines of credit, guaranteed loans, auto finance, letters of credit, commercial and residential real estate, and construction, development, and other loans.