Third Coast Bancshares (NASDAQ:TCBX) Rating Lowered to “Market Perform” at Keefe, Bruyette & Woods

Third Coast Bancshares (NASDAQ:TCBX) was downgraded by Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a report issued on Wednesday,Briefing.com Automated Import reports. They currently have a $42.00 target price on the stock, up from their prior target price of $40.00. Keefe, Bruyette & Woods’ target price suggests a potential upside of 13.36% from the company’s current price.

Several other analysts also recently commented on TCBX. Stephens restated an “overweight” rating and set a $42.00 target price on shares of Third Coast Bancshares in a report on Thursday, January 23rd. Raymond James restated an “outperform” rating and set a $39.00 target price (up from $34.00) on shares of Third Coast Bancshares in a report on Friday, January 24th.

Third Coast Bancshares Trading Up 0.6 %

Third Coast Bancshares stock opened at $37.05 on Wednesday. Third Coast Bancshares has a 1 year low of $18.00 and a 1 year high of $37.79. The company has a market cap of $506.84 million, a PE ratio of 13.38 and a beta of 0.31. The company’s 50-day moving average is $34.54 and its two-hundred day moving average is $29.48.

Third Coast Bancshares (NASDAQ:TCBX) last announced 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 net margin of 14.06% and a return on equity of 10.93%. Research analysts forecast that Third Coast Bancshares will post 2.78 EPS for the current year.

Insider Activity at Third Coast Bancshares

In related news, insider William Bobbora acquired 1,450 shares of Third Coast Bancshares stock in a transaction on Thursday, December 5th. The stock was purchased at an average cost of $35.33 per share, with a total value of $51,228.50. Following the completion of the transaction, the insider now directly owns 6,050 shares in the company, valued at $213,746.50. This trade represents a 31.52 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Third Coast Bancshares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. R Squared Ltd acquired a new stake in shares of Third Coast Bancshares during the fourth quarter worth $40,000. Public Employees Retirement System of Ohio lifted its holdings in shares of Third Coast Bancshares by 150.8% during the third quarter. Public Employees Retirement System of Ohio now owns 4,081 shares of the company’s stock worth $109,000 after buying an additional 2,454 shares in the last quarter. SG Americas Securities LLC acquired a new stake in shares of Third Coast Bancshares during the third quarter worth $115,000. Seizert Capital Partners LLC acquired a new stake in shares of Third Coast Bancshares during the third quarter worth $321,000. Finally, AQR Capital Management LLC acquired a new stake in shares of Third Coast Bancshares during the second quarter worth $255,000. 36.88% of the stock is owned by 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.