Bank of New York Mellon Corp Raises Stock Holdings in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Bank of New York Mellon Corp boosted its position in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) by 5.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 35,182 shares of the company’s stock after acquiring an additional 1,779 shares during the quarter. Bank of New York Mellon Corp’s holdings in Third Coast Bancshares were worth $1,194,000 as of its most recent filing with the SEC.

Several other large investors have also added to or reduced their stakes in TCBX. R Squared Ltd purchased a new position in shares of Third Coast Bancshares in the fourth quarter worth about $40,000. Public Employees Retirement System of Ohio increased its holdings in Third Coast Bancshares by 150.8% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 4,081 shares of the company’s stock worth $109,000 after buying an additional 2,454 shares during the period. SG Americas Securities LLC raised its position in Third Coast Bancshares by 17.7% during the 4th quarter. SG Americas Securities LLC now owns 5,043 shares of the company’s stock worth $171,000 after buying an additional 760 shares during the last quarter. Legato Capital Management LLC acquired a new stake in Third Coast Bancshares during the 4th quarter valued at approximately $232,000. Finally, Barclays PLC lifted its stake in Third Coast Bancshares by 254.6% during the 3rd quarter. Barclays PLC now owns 15,929 shares of the company’s stock valued at $426,000 after acquiring an additional 11,437 shares during the period. Hedge funds and other institutional investors own 36.88% of the company’s stock.

Third Coast Bancshares Price Performance

NASDAQ:TCBX opened at $33.79 on Tuesday. The company has a 50 day moving average price of $35.13 and a 200-day moving average price of $32.73. Third Coast Bancshares, Inc. has a 1-year low of $18.00 and a 1-year high of $39.45. The firm has a market cap of $465.93 million, a price-to-earnings ratio of 12.20 and a beta of 0.32.

Third Coast Bancshares (NASDAQ:TCBX) last released its quarterly earnings data 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%. On average, sell-side analysts anticipate that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TCBX. Stephens reiterated an “overweight” rating and issued a $42.00 price objective 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 price target (up from $34.00) on shares of Third Coast Bancshares in a research report on Friday, January 24th. Finally, Keefe, Bruyette & Woods cut Third Coast Bancshares from an “outperform” rating to a “market perform” rating and boosted their price objective for the company from $40.00 to $42.00 in a report on Wednesday, January 29th.

Insider Activity

In related news, insider William Bobbora purchased 2,000 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The stock was bought at an average price of $32.35 per share, with a total value of $64,700.00. Following the acquisition, the insider now owns 41,639 shares in the company, valued at $1,347,021.65. The trade was a 5.05 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 10.20% of the company’s stock.

Third Coast Bancshares 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.