Third Coast Bancshares, Inc. (NASDAQ:TCBX) Short Interest Up 83.2% in March

Third Coast Bancshares, Inc. (NASDAQ:TCBX – Get Rating) was the recipient of a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 99,500 shares, an increase of 83.2% from the March 15th total of 54,300 shares. Currently, 0.8% of the company’s shares are sold short. Based on an average daily volume of 34,900 shares, the days-to-cover ratio is presently 2.9 days.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Adage Capital Partners GP L.L.C. purchased a new position in shares of Third Coast Bancshares in the fourth quarter valued at $11,376,000. Alliancebernstein L.P. purchased a new position in shares of Third Coast Bancshares in the fourth quarter valued at $8,736,000. The Manufacturers Life Insurance Company purchased a new position in shares of Third Coast Bancshares in the fourth quarter valued at $7,906,000. Kennedy Capital Management Inc. purchased a new position in shares of Third Coast Bancshares in the fourth quarter valued at $5,777,000. Finally, Forest Hill Capital LLC acquired a new stake in Third Coast Bancshares in the fourth quarter valued at $3,248,000. Institutional investors own 0.78% of the company’s stock.

TCBX opened at $22.27 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.17. Third Coast Bancshares has a 52-week low of $22.02 and a 52-week high of $30.50. The stock’s 50 day simple moving average is $23.08.

Third Coast Bancshares (NASDAQ:TCBX – Get Rating) last released its quarterly earnings data on Thursday, January 27th. The company reported $0.03 earnings per share (EPS) for the quarter. The business had revenue of $26.67 million for the quarter. On average, research analysts predict that Third Coast Bancshares will post 0.93 earnings per share for the current fiscal year.

TCBX has been the subject of a number of recent analyst reports. Stephens lowered their target price on shares of Third Coast Bancshares from $30.00 to $28.00 and set an “overweight” rating for the company in a report on Tuesday, April 5th. Zacks Investment Research downgraded shares of Third Coast Bancshares from a “hold” rating to a “strong sell” rating in a report on Tuesday.

About Third Coast Bancshares (Get Rating)

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.

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