Keefe, Bruyette & Woods Downgrades Third Coast Bancshares (NASDAQ:TCBX) to Market Perform

Third Coast Bancshares (NASDAQ:TCBX) was downgraded by Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a report issued on Wednesday, Marketbeat Ratings reports. They currently have a $42.00 target price on the stock, up from their previous target price of $40.00. Keefe, Bruyette & Woods’ target price would suggest a potential upside of 16.18% from the stock’s current price.

Other equities research analysts also recently issued research reports about the stock. Stephens reaffirmed an “overweight” rating and set a $42.00 price target on shares of Third Coast Bancshares in a research note on Thursday, January 23rd. Raymond James reaffirmed an “outperform” rating and set a $39.00 target price (up from $34.00) on shares of Third Coast Bancshares in a research report on Friday, January 24th.

Third Coast Bancshares Price Performance

Shares of TCBX opened at $36.15 on Wednesday. Third Coast Bancshares has a 12 month low of $18.00 and a 12 month high of $37.79. The stock has a market cap of $494.53 million, a PE ratio of 13.05 and a beta of 0.31. The stock’s 50-day moving average is $34.56 and its two-hundred day moving average is $29.57.

Third Coast Bancshares (NASDAQ:TCBX) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $0.79 earnings per share for the quarter, topping 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, research analysts anticipate that Third Coast Bancshares will post 2.78 earnings per share for the current year.

Insider Buying and Selling at Third Coast Bancshares

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

Institutional Investors Weigh In On Third Coast Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in the company. 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 worth $834,000 after purchasing an additional 5,710 shares during the period. Dimensional Fund Advisors LP lifted its position 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 buying an additional 29,516 shares during the last quarter. Renaissance Technologies LLC boosted its holdings 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 buying an additional 9,105 shares during the period. AQR Capital Management LLC bought a new stake in shares of Third Coast Bancshares during the 2nd quarter valued at about $255,000. Finally, SG Americas Securities LLC acquired a new stake in Third Coast Bancshares during the third quarter worth about $115,000. 36.88% of the stock is owned by institutional investors and hedge funds.

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.