Third Coast Bancshares, Inc. (NASDAQ:TCBX) Shares Bought by Bank of America Corp DE

Bank of America Corp DE raised its stake in Third Coast Bancshares, Inc. (NASDAQ:TCBX) by 5.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 62,046 shares of the company’s stock after acquiring an additional 3,177 shares during the quarter. Bank of America Corp DE owned approximately 0.45% of Third Coast Bancshares worth $2,106,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. BNP Paribas Financial Markets acquired a new position in Third Coast Bancshares in the fourth quarter valued at approximately $415,000. Ameriprise Financial Inc. lifted its holdings in Third Coast Bancshares by 24.8% in the fourth quarter. Ameriprise Financial Inc. now owns 73,271 shares of the company’s stock valued at $2,488,000 after acquiring an additional 14,560 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Third Coast Bancshares by 122.4% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 76,075 shares of the company’s stock valued at $2,583,000 after acquiring an additional 41,876 shares during the period. Franklin Resources Inc. acquired a new position in Third Coast Bancshares in the fourth quarter valued at approximately $642,000. Finally, Empowered Funds LLC lifted its holdings in Third Coast Bancshares by 5.0% in the fourth quarter. Empowered Funds LLC now owns 29,659 shares of the company’s stock valued at $1,007,000 after acquiring an additional 1,406 shares during the period. 36.88% of the stock is owned by institutional investors and hedge funds.

Third Coast Bancshares Price Performance

Shares of NASDAQ:TCBX opened at $30.71 on Tuesday. Third Coast Bancshares, Inc. has a 1 year low of $18.82 and a 1 year high of $39.45. The firm has a market capitalization of $424.81 million, a price-to-earnings ratio of 11.09 and a beta of 0.42. The business’s 50 day moving average price is $30.30 and its 200-day moving average price is $33.30.

Third Coast Bancshares (NASDAQ:TCBX) last announced its earnings results 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. Third Coast Bancshares had a return on equity of 10.93% and a net margin of 14.06%. The firm had revenue of $45.90 million for the quarter, compared to analyst estimates of $46.02 million. On average, sell-side analysts expect that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on TCBX shares. Keefe, Bruyette & Woods decreased 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. Raymond James lowered Third Coast Bancshares from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Finally, Stephens decreased their target price on Third Coast Bancshares from $44.00 to $39.00 and set an “overweight” rating on the stock in a research report on Friday, April 25th.

Insider Buying and Selling at Third Coast Bancshares

In other news, insider William Bobbora acquired 2,400 shares of the firm’s stock in a transaction on Monday, April 28th. The shares were bought at an average price of $28.51 per share, for a total transaction of $68,424.00. Following the acquisition, the insider now owns 9,250 shares of the company’s stock, valued at approximately $263,717.50. This trade represents a 35.04% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. In the last 90 days, insiders have bought 4,470 shares of company stock worth $135,204. Corporate insiders own 10.28% of the company’s stock.

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.