Northern Trust Corp Has $3.55 Million Position in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Northern Trust Corp increased its stake in Third Coast Bancshares, Inc. (NASDAQ:TCBX) by 4.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 104,514 shares of the company’s stock after purchasing an additional 4,628 shares during the quarter. Northern Trust Corp owned approximately 0.76% of Third Coast Bancshares worth $3,548,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. SG Americas Securities LLC lifted its holdings in shares of Third Coast Bancshares by 17.7% during the fourth quarter. SG Americas Securities LLC now owns 5,043 shares of the company’s stock worth $171,000 after buying an additional 760 shares during the last quarter. Picton Mahoney Asset Management acquired a new position in shares of Third Coast Bancshares during the fourth quarter worth approximately $27,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Third Coast Bancshares by 2.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 34,098 shares of the company’s stock worth $1,158,000 after buying an additional 942 shares during the last quarter. R Squared Ltd acquired a new position in shares of Third Coast Bancshares during the fourth quarter worth approximately $40,000. Finally, Empowered Funds LLC lifted its holdings in shares of Third Coast Bancshares by 5.0% during the fourth quarter. Empowered Funds LLC now owns 29,659 shares of the company’s stock worth $1,007,000 after buying an additional 1,406 shares during the last quarter. 36.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Third Coast Bancshares

In related news, insider William Bobbora purchased 2,400 shares of the stock in a transaction on Monday, April 28th. The shares were purchased at an average cost of $28.51 per share, for a total transaction of $68,424.00. Following the completion of the transaction, the insider now directly owns 9,250 shares of the company’s stock, valued at approximately $263,717.50. The trade was a 35.04% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have purchased 4,470 shares of company stock worth $135,204 over the last three months. Company insiders own 10.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on TCBX. Raymond James lowered Third Coast Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Keefe, Bruyette & Woods cut their price target on Third Coast Bancshares from $39.00 to $36.00 and set a “market perform” rating for the company in a report on Friday, April 25th. Finally, Stephens cut their price target on Third Coast Bancshares from $44.00 to $39.00 and set an “overweight” rating for the company in a report on Friday, April 25th.

Third Coast Bancshares Trading Down 0.9%

TCBX opened at $30.48 on Friday. The stock has a market cap of $421.63 million, a PE ratio of 11.00 and a beta of 0.42. Third Coast Bancshares, Inc. has a 1 year low of $18.82 and a 1 year high of $39.45. The stock’s 50 day simple moving average is $30.65 and its 200-day simple moving average is $33.47.

Third Coast Bancshares (NASDAQ:TCBX) last released its quarterly earnings data on Wednesday, April 23rd. The company reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.08. The business had revenue of $45.90 million for the quarter, compared to analysts’ expectations of $46.02 million. Third Coast Bancshares had a return on equity of 10.93% and a net margin of 14.06%. Equities analysts forecast that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current fiscal year.

Third Coast Bancshares 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.