Third Coast Bancshares, Inc. (NASDAQ:TCBX) Short Interest Up 22.5% in January

Third Coast Bancshares, Inc. (NASDAQ:TCBX) was the target of a large growth in short interest in January. As of January 15th, there was short interest totalling 259,000 shares, a growth of 22.5% from the December 31st total of 211,500 shares. Based on an average daily volume of 88,500 shares, the days-to-cover ratio is currently 2.9 days. Approximately 2.4% of the company’s stock are short sold.

Third Coast Bancshares Stock Performance

NASDAQ TCBX traded down $0.65 during trading on Monday, hitting $35.40. 36,248 shares of the company’s stock traded hands, compared to its average volume of 72,126. Third Coast Bancshares has a 12-month low of $18.00 and a 12-month high of $37.79. The stock has a market capitalization of $484.27 million, a price-to-earnings ratio of 12.78 and a beta of 0.31. The business has a 50 day moving average of $34.56 and a 200-day moving average of $29.74.

Third Coast Bancshares (NASDAQ:TCBX) last announced its quarterly 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 net margin of 14.06% and a return on equity of 10.93%. On average, analysts expect that Third Coast Bancshares will post 2.94 EPS for the current year.

Wall Street Analysts Forecast Growth

TCBX has been the subject of several research reports. Stephens restated an “overweight” rating and set a $42.00 price target on shares of Third Coast Bancshares in a research report on Thursday, January 23rd. Keefe, Bruyette & Woods lowered shares of Third Coast Bancshares from an “outperform” rating to a “market perform” rating and increased their price target for the company from $40.00 to $42.00 in a research report on Wednesday, January 29th. Finally, Raymond James reaffirmed an “outperform” rating and set a $39.00 price objective (up from $34.00) on shares of Third Coast Bancshares in a report on Friday, January 24th.

Insider Buying and Selling at Third Coast Bancshares

In other news, insider William Bobbora bought 1,450 shares of Third Coast Bancshares stock in a transaction dated Thursday, December 5th. The stock was purchased at an average price of $35.33 per share, for a total transaction of $51,228.50. Following the purchase, the insider now directly owns 6,050 shares in the company, valued at $213,746.50. The trade was a 31.52 % increase in their position. 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 currently owned by company insiders.

Institutional Investors Weigh In On Third Coast Bancshares

A number of institutional investors and hedge funds have recently modified their holdings of TCBX. Legato Capital Management LLC bought a new position in Third Coast Bancshares during the fourth quarter valued at approximately $232,000. Guided Capital Wealth Management LLC bought a new position in shares of Third Coast Bancshares in the fourth quarter worth approximately $785,000. Empowered Funds LLC grew its holdings in shares of Third Coast Bancshares by 5.0% in the fourth quarter. Empowered Funds LLC now owns 29,659 shares of the company’s stock worth $1,007,000 after purchasing an additional 1,406 shares during the last quarter. R Squared Ltd bought a new position in shares of Third Coast Bancshares in the fourth quarter worth approximately $40,000. Finally, SG Americas Securities LLC grew its holdings in shares of Third Coast Bancshares by 17.7% in the fourth quarter. SG Americas Securities LLC now owns 5,043 shares of the company’s stock worth $171,000 after purchasing an additional 760 shares during the last quarter. 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.