Third Coast Bancshares (NASDAQ:TCBX) Given Outperform Rating at Raymond James

Third Coast Bancshares (NASDAQ:TCBX)‘s stock had its “outperform” rating reissued by research analysts at Raymond James in a research note issued to investors on Friday,Benzinga reports. They currently have a $39.00 target price on the stock, up from their prior target price of $34.00. Raymond James’ price objective would suggest a potential upside of 6.21% from the stock’s previous close.

Separately, Stephens reaffirmed an “overweight” rating and set a $42.00 target price on shares of Third Coast Bancshares in a report on Thursday.

Third Coast Bancshares Price Performance

Shares of Third Coast Bancshares stock traded up $1.64 during trading hours on Friday, reaching $36.72. The company had a trading volume of 46,451 shares, compared to its average volume of 67,432. The firm has a market cap of $502.33 million, a PE ratio of 13.19 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. The business has a fifty day simple moving average of $34.44 and a 200 day simple moving average of $29.05.

Third Coast Bancshares (NASDAQ:TCBX) last issued its earnings results on Wednesday, January 22nd. The company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.68 by $0.11. Third Coast Bancshares had a return on equity of 10.93% and a net margin of 14.06%. On average, research analysts forecast that Third Coast Bancshares will post 2.78 EPS for the current year.

Insider Transactions at Third Coast Bancshares

In other Third Coast Bancshares news, insider William Bobbora acquired 1,450 shares of the business’s stock in a transaction dated Thursday, December 5th. The stock was bought at an average price of $35.33 per share, with a total value of $51,228.50. Following the purchase, the insider now owns 6,050 shares of the company’s stock, valued at approximately $213,746.50. This trade represents a 31.52 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 10.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Third Coast Bancshares

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. American Century Companies Inc. increased its stake in shares of Third Coast Bancshares by 17.0% in the second quarter. American Century Companies Inc. now owns 39,227 shares of the company’s stock worth $834,000 after buying an additional 5,710 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Third Coast Bancshares by 18.3% during 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 during the period. Renaissance Technologies LLC raised its holdings in Third Coast Bancshares by 11.9% in the second quarter. Renaissance Technologies LLC now owns 85,505 shares of the company’s stock worth $1,819,000 after purchasing an additional 9,105 shares in the last quarter. AQR Capital Management LLC bought a new position in shares of Third Coast Bancshares in the 2nd quarter worth about $255,000. Finally, SG Americas Securities LLC bought a new position in shares of Third Coast Bancshares during the third quarter valued at approximately $115,000. Institutional investors 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.