Stephens Reaffirms Overweight Rating for Third Coast Bancshares (NASDAQ:TCBX)

Third Coast Bancshares (NASDAQ:TCBX)‘s stock had its “overweight” rating restated by research analysts at Stephens in a report released on Thursday,Benzinga reports. They currently have a $42.00 price objective on the stock. Stephens’ price target indicates a potential upside of 23.58% from the company’s current price.

Third Coast Bancshares Stock Up 1.9 %

TCBX traded up $0.63 during trading on Thursday, hitting $33.99. 35,969 shares of the company traded hands, compared to its average volume of 58,762. The firm has a market cap of $464.94 million, a P/E ratio of 13.25 and a beta of 0.31. The stock’s fifty day moving average is $34.43 and its 200 day moving average is $29.01. Third Coast Bancshares has a one year low of $18.00 and a one year high of $37.65.

Third Coast Bancshares (NASDAQ:TCBX) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.11. Third Coast Bancshares had a net margin of 13.23% and a return on equity of 10.14%. On average, equities research analysts forecast that Third Coast Bancshares will post 2.68 EPS for the current fiscal year.

Insider Activity at Third Coast Bancshares

In other Third Coast Bancshares news, insider William Bobbora bought 1,450 shares of the business’s stock in a transaction on Thursday, December 5th. The stock was purchased at an average price of $35.33 per share, for a total transaction of $51,228.50. Following the completion of the transaction, the insider now directly owns 6,050 shares of the company’s stock, valued at $213,746.50. This trade represents a 31.52 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. 10.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Third Coast Bancshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TCBX. Federated Hermes Inc. boosted its position in Third Coast Bancshares by 196.6% during the second quarter. Federated Hermes Inc. now owns 1,649 shares of the company’s stock worth $35,000 after purchasing an additional 1,093 shares during the period. R Squared Ltd bought a new position in Third Coast Bancshares during the fourth quarter worth about $40,000. Public Employees Retirement System of Ohio boosted its position in Third Coast Bancshares by 150.8% during the third 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 period. SG Americas Securities LLC bought a new position in Third Coast Bancshares during the third quarter worth about $115,000. Finally, AQR Capital Management LLC bought a new position in Third Coast Bancshares during the second quarter worth about $255,000. Institutional investors 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.