Third Coast Bancshares (NASDAQ:TCBX) Cut to Hold at Zacks Research

Zacks Research cut shares of Third Coast Bancshares (NASDAQ:TCBX) from a strong-buy rating to a hold rating in a report published on Monday morning,Zacks.com reports.

Separately, Keefe, Bruyette & Woods raised their target price on shares of Third Coast Bancshares from $43.00 to $45.00 and gave the company a “market perform” rating in a research note on Monday, January 26th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, Third Coast Bancshares currently has an average rating of “Hold” and an average price target of $45.50.

Third Coast Bancshares Price Performance

Shares of TCBX opened at $37.55 on Monday. The company has a market cap of $619.05 million, a PE ratio of 11.48 and a beta of 0.38. The firm has a 50-day moving average of $39.96 and a 200-day moving average of $39.00. Third Coast Bancshares has a one year low of $25.17 and a one year high of $43.84.

Insider Activity at Third Coast Bancshares

In related news, insider William Bobbora acquired 1,200 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were purchased at an average cost of $39.62 per share, for a total transaction of $47,544.00. Following the completion of the acquisition, the insider directly owned 48,306 shares in the company, valued at approximately $1,913,883.72. This trade represents a 2.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 10.28% of the stock is currently owned by corporate insiders.

Institutional Trading of Third Coast Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC raised its holdings in Third Coast Bancshares by 21.7% in the 1st quarter. AQR Capital Management LLC now owns 38,431 shares of the company’s stock valued at $1,282,000 after acquiring an additional 6,857 shares during the period. Millennium Management LLC boosted its holdings in shares of Third Coast Bancshares by 88.2% during the first 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 during the period. Empowered Funds LLC grew its position in shares of Third Coast Bancshares by 43.6% in the first quarter. Empowered Funds LLC now owns 42,604 shares of the company’s stock valued at $1,422,000 after purchasing an additional 12,945 shares during the last quarter. Focus Partners Wealth increased its stake in shares of Third Coast Bancshares by 32,994.4% during the first quarter. Focus Partners Wealth now owns 41,699 shares of the company’s stock worth $1,391,000 after purchasing an additional 41,573 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of Third Coast Bancshares by 11.1% during the second quarter. Geode Capital Management LLC now owns 313,962 shares of the company’s stock worth $10,259,000 after purchasing an additional 31,262 shares during the period. Institutional investors own 36.88% of the company’s stock.

Third Coast Bancshares Company 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. It also offers commercial and industrial loans, equipment loans, working capital lines of credit, guaranteed loans, auto finance, letters of credit, commercial and residential real estate, and construction, development, and other loans.