Third Coast Bancshares (NASDAQ:TCBX) Downgraded by Raymond James to “Market Perform”

Raymond James cut shares of Third Coast Bancshares (NASDAQ:TCBX) from an outperform rating to a market perform rating in a research note published on Wednesday morning, Marketbeat.com reports.

Several other equities research analysts have also commented on TCBX. Stephens reiterated an “overweight” rating and issued a $42.00 price objective on shares of Third Coast Bancshares in a research note on Thursday, January 23rd. Keefe, Bruyette & Woods downgraded Third Coast Bancshares from an “outperform” rating to a “market perform” rating and increased their price target for the company from $40.00 to $42.00 in a research report on Wednesday, January 29th.

Third Coast Bancshares Trading Down 0.3 %

Shares of Third Coast Bancshares stock opened at $32.63 on Wednesday. The company has a market capitalization of $449.94 million, a P/E ratio of 11.78 and a beta of 0.32. The stock has a fifty day simple moving average of $35.21 and a 200 day simple moving average of $33.08. Third Coast Bancshares has a 12-month low of $18.00 and a 12-month high of $39.45.

Third Coast Bancshares (NASDAQ:TCBX) last posted its earnings results on Wednesday, January 22nd. The company reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.11. Third Coast Bancshares had a net margin of 14.06% and a return on equity of 10.93%. On average, analysts predict that Third Coast Bancshares will post 3.1 EPS for the current year.

Insider Transactions at Third Coast Bancshares

In other news, insider William Bobbora acquired 2,000 shares of Third Coast Bancshares stock in a transaction on Friday, March 14th. The stock was acquired at an average cost of $32.35 per share, with a total value of $64,700.00. Following the completion of the acquisition, the insider now owns 41,639 shares in the company, valued at approximately $1,347,021.65. This trade represents a 5.05 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 10.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in TCBX. Picton Mahoney Asset Management purchased a new stake in Third Coast Bancshares in the 4th quarter worth about $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Third Coast Bancshares in the fourth quarter worth about $28,000. R Squared Ltd bought a new stake in shares of Third Coast Bancshares in the fourth quarter valued at approximately $40,000. US Bancorp DE purchased a new stake in shares of Third Coast Bancshares during the 4th quarter valued at approximately $73,000. Finally, Public Employees Retirement System of Ohio boosted its holdings in Third Coast Bancshares by 150.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 4,081 shares of the company’s stock worth $109,000 after buying an additional 2,454 shares during the period. Hedge funds and other 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.