Short Interest in Third Coast Bancshares, Inc. (NASDAQ:TCBX) Grows By 20.9%

Third Coast Bancshares, Inc. (NASDAQ:TCBX) saw a significant growth in short interest during the month of December. As of December 15th, there was short interest totalling 204,000 shares, a growth of 20.9% from the November 30th total of 168,700 shares. Based on an average daily volume of 76,800 shares, the short-interest ratio is presently 2.7 days. Approximately 1.9% of the shares of the stock are sold short.

Insider Activity

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

Institutional Trading of Third Coast Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the company. Wasatch Advisors LP purchased a new position in shares of Third Coast Bancshares during the 3rd quarter worth $6,811,000. Wellington Management Group LLP purchased a new position in Third Coast Bancshares during the third quarter worth about $1,443,000. Acadian Asset Management LLC boosted its stake in Third Coast Bancshares by 1,244.2% in the 2nd quarter. Acadian Asset Management LLC now owns 36,790 shares of the company’s stock worth $782,000 after buying an additional 34,053 shares during the last quarter. Inspire Investing LLC purchased a new stake in Third Coast Bancshares in the 3rd quarter valued at about $823,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Third Coast Bancshares by 18.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 190,819 shares of the company’s stock valued at $4,058,000 after acquiring an additional 29,516 shares during the last quarter. 36.88% of the stock is owned by hedge funds and other institutional investors.

Third Coast Bancshares Price Performance

Shares of Third Coast Bancshares stock opened at $34.38 on Tuesday. The business has a 50 day moving average price of $34.37 and a 200 day moving average price of $27.56. The company has a market capitalization of $470.28 million, a P/E ratio of 13.48 and a beta of 0.27. Third Coast Bancshares has a 1 year low of $18.00 and a 1 year high of $37.65.

Third Coast Bancshares (NASDAQ:TCBX) last released its quarterly earnings results on Wednesday, October 23rd. The company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.21. The company had revenue of $85.24 million during the quarter, compared to analysts’ expectations of $41.09 million. Third Coast Bancshares had a return on equity of 10.14% and a net margin of 13.23%. During the same period in the previous year, the firm posted $0.32 earnings per share. As a group, research analysts expect that Third Coast Bancshares will post 2.68 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.