Third Coast Bancshares, Inc. (NASDAQ:TCBX) Short Interest Update

Third Coast Bancshares, Inc. (NASDAQ:TCBX) was the recipient of a large increase in short interest during the month of January. As of January 15th, there was short interest totalling 259,000 shares, an increase of 22.5% from the December 31st total of 211,500 shares. Currently, 2.4% of the company’s stock are sold short. Based on an average daily trading volume, of 88,500 shares, the days-to-cover ratio is currently 2.9 days.

Analyst Upgrades and Downgrades

Several research firms recently commented on TCBX. Stephens reaffirmed an “overweight” rating and set a $42.00 target price on shares of Third Coast Bancshares in a report on Thursday, January 23rd. Raymond James reiterated an “outperform” rating and issued a $39.00 target price (up from $34.00) on shares of Third Coast Bancshares in a research note on Friday, January 24th. Finally, Keefe, Bruyette & Woods lowered shares of Third Coast Bancshares from an “outperform” rating to a “market perform” rating and raised their price target for the company from $40.00 to $42.00 in a research report on Wednesday.

Insider Buying and Selling

In other news, insider William Bobbora purchased 1,450 shares of the company’s stock in a transaction on Thursday, December 5th. The shares were acquired at an average price of $35.33 per share, for a total transaction of $51,228.50. Following the purchase, the insider now owns 6,050 shares in the company, valued at $213,746.50. This trade represents a 31.52 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 10.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Third Coast Bancshares

Large investors have recently modified their holdings of the business. R Squared Ltd acquired a new position in Third Coast Bancshares during the fourth quarter worth about $40,000. Public Employees Retirement System of Ohio increased its holdings in shares of 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 buying an additional 2,454 shares during the last quarter. SG Americas Securities LLC acquired a new position in Third Coast Bancshares in the third quarter valued at approximately $115,000. Legato Capital Management LLC purchased a new stake in Third Coast Bancshares in the fourth quarter valued at $232,000. Finally, AQR Capital Management LLC acquired a new position in shares of Third Coast Bancshares in the 2nd quarter valued at $255,000. Hedge funds and other institutional investors own 36.88% of the company’s stock.

Third Coast Bancshares Stock Performance

Shares of NASDAQ:TCBX traded down $0.10 during midday trading on Friday, reaching $36.05. 55,186 shares of the company’s stock traded hands, compared to its average volume of 68,882. The company has a fifty day simple moving average of $34.56 and a two-hundred day simple moving average of $29.70. Third Coast Bancshares has a 1 year low of $18.00 and a 1 year high of $37.79. The company has a market cap of $493.16 million, a P/E ratio of 13.01 and a beta of 0.31.

Third Coast Bancshares (NASDAQ:TCBX) last announced its earnings results on Wednesday, January 22nd. The company reported $0.79 EPS for the quarter, beating analysts’ consensus estimates of $0.68 by $0.11. Third Coast Bancshares had a return on equity of 10.93% and a net margin of 14.06%. As a group, research analysts forecast that Third Coast Bancshares will post 2.94 EPS for the current fiscal year.

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.