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

Third Coast Bancshares (NASDAQ:TCBX)‘s stock had its “outperform” rating reissued by equities researchers at Raymond James in a research note issued to investors on Friday,Benzinga reports. They presently have a $39.00 price objective on the stock, up from their prior price objective of $34.00. Raymond James’ price target would suggest a potential upside of 6.30% from the company’s previous close.

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

Third Coast Bancshares Stock Up 4.6 %

TCBX stock opened at $36.69 on Friday. Third Coast Bancshares has a twelve month low of $18.00 and a twelve month high of $37.65. The company has a market cap of $501.92 million, a P/E ratio of 13.25 and a beta of 0.31. The business’s fifty day moving average is $34.48 and its 200-day moving average is $29.22.

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 return on equity of 10.93% and a net margin of 14.06%. Research analysts anticipate that Third Coast Bancshares will post 2.78 earnings per share for the current fiscal year.

Insider Transactions 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 price of $35.33 per share, with a total value of $51,228.50. Following 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 legal filing with the SEC, which can be accessed through this hyperlink. 10.20% of the stock is currently owned by insiders.

Institutional Trading of Third Coast Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in TCBX. Wasatch Advisors LP bought a new position in Third Coast Bancshares during the third quarter worth about $6,811,000. Wellington Management Group LLP acquired a new stake in Third Coast Bancshares during the 3rd quarter valued at $1,443,000. Inspire Investing LLC bought a new position in Third Coast Bancshares during the third quarter worth $823,000. Dimensional Fund Advisors LP increased its holdings in shares of Third Coast Bancshares by 18.3% in the second quarter. Dimensional Fund Advisors LP now owns 190,819 shares of the company’s stock valued at $4,058,000 after purchasing an additional 29,516 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Third Coast Bancshares by 100.2% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 34,199 shares of the company’s stock worth $916,000 after buying an additional 17,114 shares during the last quarter. 36.88% of the stock is owned by institutional investors.

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.