Third Coast Bancshares (NASDAQ:TCBX) Rating Increased to Outperform at Raymond James Financial

Third Coast Bancshares (NASDAQ:TCBX) was upgraded by equities research analysts at Raymond James Financial from a “market perform” rating to an “outperform” rating in a research note issued on Tuesday,Benzinga reports. The firm presently has a $45.00 price target on the stock. Raymond James Financial’s price objective suggests a potential upside of 15.88% from the company’s previous close.

A number of other analysts have also commented on TCBX. Keefe, Bruyette & Woods boosted their price objective on shares of Third Coast Bancshares from $43.00 to $45.00 and gave the stock a “market perform” rating in a research report on Monday, January 26th. Zacks Research downgraded shares of Third Coast Bancshares from a “strong-buy” rating to a “hold” rating in a report on Monday, March 23rd. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $45.33.

Third Coast Bancshares Stock Up 0.7%

Shares of TCBX stock opened at $38.83 on Tuesday. The company’s fifty day simple moving average is $39.74 and its 200-day simple moving average is $38.90. The firm has a market cap of $640.22 million, a PE ratio of 11.88 and a beta of 0.42. Third Coast Bancshares has a 12 month low of $25.17 and a 12 month high of $43.84.

Insiders Place Their Bets

In other news, insider William Bobbora bought 1,200 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were acquired at an average cost of $39.62 per share, for a total transaction of $47,544.00. Following the completion of the acquisition, the insider owned 48,306 shares in the company, valued at approximately $1,913,883.72. This represents a 2.55% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 10.28% of the company’s stock.

Hedge Funds Weigh In On Third Coast Bancshares

Institutional investors have recently added to or reduced their stakes in the company. Adage Capital Partners GP L.L.C. increased its holdings in shares of Third Coast Bancshares by 28.2% in the second quarter. Adage Capital Partners GP L.L.C. now owns 511,940 shares of the company’s stock valued at $16,725,000 after purchasing an additional 112,605 shares during the last quarter. Kennedy Capital Management LLC increased its holdings in shares of Third Coast Bancshares by 13.6% in the third quarter. Kennedy Capital Management LLC now owns 458,047 shares of the company’s stock valued at $17,392,000 after purchasing an additional 54,713 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Third Coast Bancshares by 6.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 445,144 shares of the company’s stock valued at $16,920,000 after purchasing an additional 27,175 shares during the last quarter. State Street Corp increased its holdings in shares of Third Coast Bancshares by 4.8% in the fourth quarter. State Street Corp now owns 342,489 shares of the company’s stock valued at $13,018,000 after purchasing an additional 15,835 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Third Coast Bancshares by 44.9% in the fourth quarter. Wellington Management Group LLP now owns 193,326 shares of the company’s stock valued at $7,348,000 after purchasing an additional 59,924 shares during the last quarter. 36.88% of the stock is currently owned by institutional investors and hedge funds.

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. It also offers commercial and industrial loans, equipment loans, working capital lines of credit, guaranteed loans, auto finance, letters of credit, commercial and residential real estate, and construction, development, and other loans.