Third Coast Bancshares (NASDAQ:TCBX) Upgraded at Zacks Research

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

Other analysts also recently issued research reports about the stock. Stephens lifted their target price on shares of Third Coast Bancshares from $45.00 to $46.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Keefe, Bruyette & Woods raised their price objective on shares of Third Coast Bancshares from $43.00 to $45.00 and gave the stock a “market perform” rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $45.50.

Third Coast Bancshares Trading Down 1.0%

TCBX stock opened at $39.44 on Monday. The firm has a market capitalization of $547.98 million, a PE ratio of 12.06 and a beta of 0.37. Third Coast Bancshares has a 1-year low of $25.17 and a 1-year high of $42.63. The business’s 50 day simple moving average is $38.94 and its 200 day simple moving average is $38.40.

Third Coast Bancshares (NASDAQ:TCBX) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share (EPS) for the quarter. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%.The business had revenue of $54.48 million during the quarter. As a group, sell-side analysts predict that Third Coast Bancshares will post 3.1 EPS for the current fiscal year.

Insider Activity at Third Coast Bancshares

In other news, Director W. Donald Brunson sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $38.55, for a total transaction of $57,825.00. Following the transaction, the director directly owned 37,268 shares of the company’s stock, valued at approximately $1,436,681.40. This trade represents a 3.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 10.28% of the company’s stock.

Institutional Investors Weigh In On Third Coast Bancshares

A number of large investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue raised its holdings in 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 valued at $75,000 after acquiring an additional 1,435 shares in the last quarter. Guided Capital Wealth Management LLC increased its position in shares of Third Coast Bancshares by 28.1% in the fourth quarter. Guided Capital Wealth Management LLC now owns 29,635 shares of the company’s stock worth $1,126,000 after purchasing an additional 6,500 shares during the period. JPMorgan Chase & Co. increased its position in shares of Third Coast Bancshares by 45.8% in the third quarter. JPMorgan Chase & Co. now owns 54,721 shares of the company’s stock worth $2,078,000 after purchasing an additional 17,184 shares during the period. Penn Capital Management Company LLC raised its stake in Third Coast Bancshares by 11.7% in the third quarter. Penn Capital Management Company LLC now owns 18,924 shares of the company’s stock valued at $719,000 after purchasing an additional 1,982 shares in the last quarter. Finally, CIBC Bancorp USA Inc. bought a new stake in Third Coast Bancshares during the third quarter worth about $228,000. Institutional investors and hedge funds 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. 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.