Third Coast Bancshares (NASDAQ:TCBX) Stock Rating Lowered by Keefe, Bruyette & Woods

Third Coast Bancshares (NASDAQ:TCBX) was downgraded by equities researchers at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a note issued to investors on Wednesday, Marketbeat Ratings reports. They presently have a $42.00 price objective on the stock, up from their prior price objective of $40.00. Keefe, Bruyette & Woods’ price target indicates a potential upside of 16.18% from the stock’s previous close.

TCBX has been the subject of several other research reports. Stephens reissued an “overweight” rating and set a $42.00 price target on shares of Third Coast Bancshares in a research report on Thursday, January 23rd. Raymond James reissued an “outperform” rating and issued a $39.00 target price (up previously from $34.00) on shares of Third Coast Bancshares in a research note on Friday, January 24th.

Third Coast Bancshares Price Performance

Shares of NASDAQ:TCBX opened at $36.15 on Wednesday. The firm has a market capitalization of $494.53 million, a price-to-earnings ratio of 13.05 and a beta of 0.31. The business’s 50 day simple moving average is $34.56 and its 200-day simple moving average is $29.57. Third Coast Bancshares has a 12 month low of $18.00 and a 12 month high of $37.79.

Third Coast Bancshares (NASDAQ:TCBX) last announced 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 return on equity of 10.93% and a net margin of 14.06%. On average, equities analysts anticipate that Third Coast Bancshares will post 2.78 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider William Bobbora purchased 1,450 shares of the company’s stock in a transaction that occurred on Thursday, December 5th. The stock was purchased at an average price of $35.33 per share, with a total value of $51,228.50. Following the completion of the transaction, the insider now owns 6,050 shares of the company’s stock, valued at approximately $213,746.50. This trade represents a 31.52 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 10.20% of the company’s stock.

Institutional Trading of Third Coast Bancshares

Several institutional investors have recently made changes to their positions in TCBX. American Century Companies Inc. boosted its holdings in Third Coast Bancshares by 17.0% in the second quarter. American Century Companies Inc. now owns 39,227 shares of the company’s stock valued at $834,000 after acquiring an additional 5,710 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Third Coast Bancshares by 18.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 190,819 shares of the company’s stock worth $4,058,000 after purchasing an additional 29,516 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Third Coast Bancshares by 11.9% in the 2nd quarter. Renaissance Technologies LLC now owns 85,505 shares of the company’s stock valued at $1,819,000 after purchasing an additional 9,105 shares in the last quarter. AQR Capital Management LLC purchased a new stake in shares of Third Coast Bancshares during the 2nd quarter worth about $255,000. Finally, SG Americas Securities LLC acquired a new stake in Third Coast Bancshares during the 3rd quarter worth approximately $115,000. 36.88% of the stock is owned by hedge funds and other 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.