Raymond James Financial Inc. Buys New Position in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Raymond James Financial Inc. purchased a new position in Third Coast Bancshares, Inc. (NASDAQ:TCBX) in the fourth quarter, HoldingsChannel reports. The firm purchased 23,485 shares of the company’s stock, valued at approximately $797,000.

Other institutional investors also recently made changes to their positions in the company. R Squared Ltd acquired a new stake in Third Coast Bancshares in the 4th quarter valued at about $40,000. US Bancorp DE acquired a new position in Third Coast Bancshares in the fourth quarter worth approximately $73,000. Public Employees Retirement System of Ohio increased its holdings in shares of Third Coast Bancshares by 150.8% in the third quarter. Public Employees Retirement System of Ohio now owns 4,081 shares of the company’s stock valued at $109,000 after buying an additional 2,454 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Third Coast Bancshares by 17.7% during the 4th quarter. SG Americas Securities LLC now owns 5,043 shares of the company’s stock valued at $171,000 after acquiring an additional 760 shares during the last quarter. Finally, Legato Capital Management LLC bought a new stake in shares of Third Coast Bancshares during the 4th quarter worth $232,000. 36.88% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider William Bobbora bought 2,000 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were acquired at an average cost of $32.35 per share, for a total transaction of $64,700.00. Following the purchase, the insider now owns 41,639 shares of the company’s stock, valued at $1,347,021.65. This represents a 5.05 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 10.20% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

TCBX has been the subject of several analyst reports. Raymond James downgraded Third Coast Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday. Stephens reaffirmed an “overweight” rating and set a $42.00 price objective on shares of Third Coast Bancshares in a research note on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods downgraded shares of Third Coast Bancshares from an “outperform” rating to a “market perform” rating and lifted their target price for the stock from $40.00 to $42.00 in a research report on Wednesday, January 29th.

Third Coast Bancshares Trading Down 6.2 %

Shares of TCBX stock opened at $28.32 on Friday. The company has a market capitalization of $390.50 million, a price-to-earnings ratio of 10.22 and a beta of 0.40. Third Coast Bancshares, Inc. has a 1-year low of $18.00 and a 1-year high of $39.45. The stock’s fifty day simple moving average is $34.95 and its 200-day simple moving average is $33.11.

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 14.06% and a return on equity of 10.93%. On average, sell-side analysts predict that Third Coast Bancshares, Inc. will post 3.1 EPS for the current year.

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.