Third Coast Bancshares, Inc. (NASDAQ:TCBX – Get Free Report) saw a significant increase in short interest during the month of April. As of April 15th, there was short interest totalling 52,900 shares, an increase of 26.6% from the March 31st total of 41,800 shares. Based on an average trading volume of 32,900 shares, the days-to-cover ratio is presently 1.6 days. Approximately 0.5% of the shares of the company are sold short.
Institutional Trading of Third Coast Bancshares
A number of hedge funds and other institutional investors have recently bought and sold shares of TCBX. Rosenthal Henry Capital Advisors Inc. purchased a new stake in Third Coast Bancshares in the third quarter worth about $872,000. Steward Partners Investment Advisory LLC bought a new position in shares of Third Coast Bancshares in the fourth quarter worth about $606,000. Kennedy Capital Management LLC boosted its stake in shares of Third Coast Bancshares by 13.9% in the third quarter. Kennedy Capital Management LLC now owns 217,353 shares of the company’s stock worth $3,717,000 after acquiring an additional 26,592 shares during the period. Panagora Asset Management Inc. bought a new position in shares of Third Coast Bancshares in the third quarter worth about $357,000. Finally, Quadrature Capital Ltd bought a new position in shares of Third Coast Bancshares in the fourth quarter worth about $409,000. Hedge funds and other institutional investors own 36.88% of the company’s stock.
Third Coast Bancshares Stock Up 2.0 %
TCBX traded up $0.39 during midday trading on Friday, reaching $19.90. The company had a trading volume of 20,373 shares, compared to its average volume of 23,434. The business has a 50-day moving average of $19.33 and a two-hundred day moving average of $18.56. The company has a market cap of $270.84 million, a P/E ratio of 9.80 and a beta of 0.65. Third Coast Bancshares has a 1 year low of $12.31 and a 1 year high of $21.50.
Analyst Upgrades and Downgrades
A number of analysts recently commented on the company. Raymond James upped their price objective on Third Coast Bancshares from $20.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, January 29th. Keefe, Bruyette & Woods assumed coverage on Third Coast Bancshares in a research report on Thursday, January 11th. They set an “outperform” rating and a $26.00 price objective for the company.
Read Our Latest Research Report on Third Coast Bancshares
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.
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