Third Coast Bancshares (NASDAQ:TCBX) Hits New 52-Week High – Here’s What Happened

Third Coast Bancshares, Inc. (NASDAQ:TCBX) hit a new 52-week high during trading on Monday . The company traded as high as $37.74 and last traded at $37.41, with a volume of 26128 shares. The stock had previously closed at $36.69.

Analyst Ratings Changes

TCBX has been the topic of several research analyst reports. Stephens reaffirmed an “overweight” rating and set a $42.00 target price on shares of Third Coast Bancshares in a research note on Thursday, January 23rd. Keefe, Bruyette & Woods lowered shares of Third Coast Bancshares from an “outperform” rating to a “market perform” rating and upped their price objective for the company from $40.00 to $42.00 in a research note on Wednesday. Finally, Raymond James restated an “outperform” rating and set a $39.00 price target (up from $34.00) on shares of Third Coast Bancshares in a report on Friday, January 24th.

Third Coast Bancshares Stock Up 0.6 %

The company has a 50-day moving average price of $34.54 and a 200-day moving average price of $29.48. The company has a market capitalization of $506.84 million, a price-to-earnings ratio of 13.38 and a beta of 0.31.

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

Insider Buying and Selling at Third Coast Bancshares

In related news, insider William Bobbora purchased 1,450 shares of the stock in a transaction on Thursday, December 5th. The shares were purchased at an average cost 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 approximately $213,746.50. The trade was a 31.52 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 10.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. R Squared Ltd bought a new position in shares of Third Coast Bancshares in the fourth quarter valued at about $40,000. Public Employees Retirement System of Ohio grew its stake in shares of 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 valued at $109,000 after purchasing an additional 2,454 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Third Coast Bancshares during the third quarter valued at approximately $115,000. AQR Capital Management LLC acquired a new stake in shares of Third Coast Bancshares in the second quarter valued at approximately $255,000. Finally, Seizert Capital Partners LLC bought a new position in Third Coast Bancshares in the 3rd quarter worth approximately $321,000. 36.88% of the stock is owned by institutional investors.

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.