Third Coast Bancshares, Inc. $TCBX Shares Sold by Magnetar Financial LLC

Magnetar Financial LLC lessened its holdings in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) by 41.6% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,004 shares of the company’s stock after selling 4,999 shares during the period. Magnetar Financial LLC owned 0.05% of Third Coast Bancshares worth $229,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Nuveen LLC acquired a new stake in Third Coast Bancshares during the first quarter worth approximately $3,168,000. Millennium Management LLC grew its position in shares of Third Coast Bancshares by 88.2% in the 1st quarter. Millennium Management LLC now owns 177,521 shares of the company’s stock valued at $5,924,000 after buying an additional 83,209 shares during the last quarter. Invesco Ltd. acquired a new stake in Third Coast Bancshares during the 1st quarter worth $2,732,000. Adage Capital Partners GP L.L.C. lifted its position in Third Coast Bancshares by 19.1% in the first quarter. Adage Capital Partners GP L.L.C. now owns 399,335 shares of the company’s stock valued at $13,326,000 after acquiring an additional 64,047 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in Third Coast Bancshares by 38.6% in the first quarter. American Century Companies Inc. now owns 196,515 shares of the company’s stock valued at $6,558,000 after acquiring an additional 54,750 shares in the last quarter. 36.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TCBX has been the topic of a number of research analyst reports. Zacks Research upgraded Third Coast Bancshares from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 24th. Stephens raised their price target on Third Coast Bancshares from $45.00 to $46.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. Weiss Ratings reiterated a “buy (b)” rating on shares of Third Coast Bancshares in a research note on Saturday, September 27th. Finally, Keefe, Bruyette & Woods increased their price objective on Third Coast Bancshares from $42.00 to $43.00 and gave the company a “market perform” rating in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.67.

Third Coast Bancshares Trading Down 0.6%

Third Coast Bancshares stock opened at $38.24 on Thursday. The stock has a 50 day moving average of $37.94 and a two-hundred day moving average of $36.15. Third Coast Bancshares, Inc. has a twelve month low of $25.17 and a twelve month high of $41.25. The stock has a market capitalization of $531.31 million, a price-to-earnings ratio of 11.69 and a beta of 0.37.

Third Coast Bancshares (NASDAQ:TCBX) last released its earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share (EPS) for the quarter. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%.The business had revenue of $54.48 million for the quarter. Equities analysts predict that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current 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.