Third Coast Bancshares (NASDAQ:TCBX) Upgraded by Raymond James Financial to Outperform Rating

Raymond James Financial upgraded shares of Third Coast Bancshares (NASDAQ:TCBX) from a market perform rating to an outperform rating in a research report sent to investors on Tuesday, Marketbeat reports. They currently have $45.00 price target on the stock.

A number of other equities research analysts also recently commented on the company. Keefe, Bruyette & Woods boosted their target price on Third Coast Bancshares from $43.00 to $45.00 and gave the stock a “market perform” rating in a research report on Monday, January 26th. Zacks Research downgraded shares of Third Coast Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 23rd. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $45.33.

Third Coast Bancshares Trading Up 1.8%

NASDAQ:TCBX opened at $39.45 on Tuesday. The company has a market capitalization of $650.36 million, a P/E ratio of 12.06 and a beta of 0.42. Third Coast Bancshares has a 12 month low of $26.34 and a 12 month high of $43.84. The business’s 50-day moving average is $39.73 and its 200 day moving average is $38.89.

Insider Transactions 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 acquired at an average cost of $39.62 per share, for a total transaction of $47,544.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 10.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Third Coast Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TCBX. Quantbot Technologies LP purchased a new stake in Third Coast Bancshares during the second quarter valued at approximately $29,000. Advisory Services Network LLC purchased a new stake in shares of Third Coast Bancshares in the third quarter valued at $31,000. State of Alaska Department of Revenue lifted its holdings in shares of Third Coast Bancshares by 257.2% in the 4th quarter. State of Alaska Department of Revenue now owns 1,993 shares of the company’s stock worth $75,000 after acquiring an additional 1,435 shares during the last quarter. CWM LLC lifted its holdings in shares of Third Coast Bancshares by 25.4% in the 3rd quarter. CWM LLC now owns 2,456 shares of the company’s stock worth $93,000 after acquiring an additional 498 shares during the last quarter. Finally, Mariner LLC bought a new stake in shares of Third Coast Bancshares in the 4th quarter worth about $201,000. 36.88% of the stock is currently owned by hedge funds and other institutional investors.

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. 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.