Raymond James Reaffirms Outperform Rating for Third Coast Bancshares (NASDAQ:TCBX)

Raymond James reiterated their outperform rating on shares of Third Coast Bancshares (NASDAQ:TCBX) in a research report report published on Friday,Benzinga reports. They currently have a $39.00 price objective on the stock, up from their previous price objective of $34.00.

Separately, Stephens reaffirmed an “overweight” rating and issued a $42.00 target price on shares of Third Coast Bancshares in a report on Thursday.

Third Coast Bancshares Trading Up 4.6 %

NASDAQ TCBX opened at $36.69 on Friday. Third Coast Bancshares has a 1-year low of $18.00 and a 1-year high of $37.65. The company has a market capitalization of $501.92 million, a price-to-earnings ratio of 13.25 and a beta of 0.31. The stock’s 50 day moving average is $34.48 and its two-hundred day moving average is $29.16.

Third Coast Bancshares (NASDAQ:TCBX) last announced its quarterly earnings results on Wednesday, January 22nd. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.68 by $0.11. Third Coast Bancshares had a return on equity of 10.93% and a net margin of 14.06%. On average, analysts predict that Third Coast Bancshares will post 2.78 earnings per share for the current year.

Insider Buying and Selling

In other Third Coast Bancshares news, insider William Bobbora purchased 1,450 shares of the business’s stock in a transaction that occurred on Thursday, December 5th. The stock was acquired at an average cost of $35.33 per share, with a total value of $51,228.50. Following the completion of the acquisition, the insider now directly owns 6,050 shares of the company’s stock, valued at $213,746.50. This represents a 31.52 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 10.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Third Coast Bancshares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC boosted its position in Third Coast Bancshares by 17.7% in the 4th quarter. SG Americas Securities LLC now owns 5,043 shares of the company’s stock valued at $171,000 after buying an additional 760 shares during the last quarter. Martingale Asset Management L P lifted its stake in shares of Third Coast Bancshares by 3.3% during the third quarter. Martingale Asset Management L P now owns 34,092 shares of the company’s stock valued at $913,000 after acquiring an additional 1,101 shares during the period. R Squared Ltd bought a new position in Third Coast Bancshares in the fourth quarter valued at about $40,000. Empowered Funds LLC increased its position in Third Coast Bancshares by 5.0% in the third quarter. Empowered Funds LLC now owns 28,253 shares of the company’s stock worth $756,000 after purchasing an additional 1,340 shares during the period. Finally, Public Employees Retirement System of Ohio raised its holdings in Third Coast Bancshares by 150.8% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 4,081 shares of the company’s stock worth $109,000 after purchasing an additional 2,454 shares during the last quarter. 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.