Third Coast Bancshares (NASDAQ:TCBX) Given New $46.00 Price Target at Stephens

Third Coast Bancshares (NASDAQ:TCBX) had its price target raised by Stephens from $45.00 to $46.00 in a report published on Tuesday, Marketbeat.com reports. The firm currently has an overweight rating on the stock.

Several other equities research analysts have also commented on the stock. Zacks Research raised shares of Third Coast Bancshares from a “hold” rating to a “strong-buy” rating in a report on Friday, October 24th. Keefe, Bruyette & Woods upped their target price on Third Coast Bancshares from $38.00 to $42.00 and gave the stock a “market perform” rating in a research note on Monday, July 28th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Third Coast Bancshares in a report on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $42.33.

Third Coast Bancshares Price Performance

TCBX stock opened at $37.57 on Tuesday. The company has a market capitalization of $520.76 million, a P/E ratio of 11.49 and a beta of 0.38. Third Coast Bancshares has a 12 month low of $25.17 and a 12 month high of $41.25. The firm’s fifty day simple moving average is $39.04 and its 200-day simple moving average is $35.04.

Hedge Funds Weigh In On Third Coast Bancshares

A number of hedge funds have recently bought and sold shares of TCBX. Adage Capital Partners GP L.L.C. grew its holdings in Third Coast Bancshares by 28.2% in the second quarter. Adage Capital Partners GP L.L.C. now owns 511,940 shares of the company’s stock valued at $16,725,000 after purchasing an additional 112,605 shares during the period. Nuveen LLC purchased a new position in shares of Third Coast Bancshares during the 1st quarter valued at approximately $3,168,000. Deroy & Devereaux Private Investment Counsel Inc. acquired a new stake in Third Coast Bancshares in the 3rd quarter valued at $3,462,000. Millennium Management LLC increased its holdings in Third Coast Bancshares by 88.2% in the 1st quarter. Millennium Management LLC now owns 177,521 shares of the company’s stock worth $5,924,000 after acquiring an additional 83,209 shares in the last quarter. Finally, Invesco Ltd. acquired a new position in Third Coast Bancshares during the first quarter worth $2,732,000. Hedge funds and other institutional investors own 36.88% of the company’s stock.

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.