Third Coast Bancshares (NASDAQ:TCBX) Reaches New 52-Week High – Time to Buy?

Shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $38.00 and last traded at $37.93, with a volume of 110938 shares changing hands. The stock had previously closed at $36.94.

Analysts Set New Price Targets

A number of equities analysts recently commented on TCBX shares. Stephens reiterated an “overweight” rating and set a $42.00 price target on shares of Third Coast Bancshares in a report on Thursday, January 23rd. Keefe, Bruyette & Woods lowered Third Coast Bancshares from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $40.00 to $42.00 in a report on Wednesday, January 29th. Finally, Raymond James restated an “outperform” rating and set a $39.00 price objective (up from $34.00) on shares of Third Coast Bancshares in a research report on Friday, January 24th.

Third Coast Bancshares Stock Up 2.7 %

The company has a market cap of $518.88 million, a PE ratio of 13.69 and a beta of 0.31. The stock has a 50-day moving average of $34.56 and a 200-day moving average of $29.93.

Third Coast Bancshares (NASDAQ:TCBX) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $0.79 EPS for the quarter, topping 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%. Research analysts expect that Third Coast Bancshares, Inc. will post 2.94 EPS for the current year.

Insider Activity

In related news, insider William Bobbora purchased 1,450 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The stock was bought at an average cost of $35.33 per share, with a total value of $51,228.50. Following the completion of the purchase, the insider now directly owns 6,050 shares in the company, valued at approximately $213,746.50. This represents a 31.52 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 10.20% of the company’s stock.

Institutional Investors Weigh In On Third Coast Bancshares

Several hedge funds have recently made changes to their positions in TCBX. Geode Capital Management LLC raised its holdings in Third Coast Bancshares by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 274,962 shares of the company’s stock worth $7,363,000 after purchasing an additional 3,373 shares during the period. Wasatch Advisors LP purchased a new stake in shares of Third Coast Bancshares in the third quarter valued at approximately $6,811,000. State Street Corp raised its stake in Third Coast Bancshares by 6.8% in the third quarter. State Street Corp now owns 218,514 shares of the company’s stock worth $5,850,000 after buying an additional 13,948 shares in the last quarter. Dimensional Fund Advisors LP boosted 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 purchasing an additional 29,516 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in Third Coast Bancshares by 1.8% in the 3rd quarter. Blue Trust Inc. now owns 147,082 shares of the company’s stock worth $3,937,000 after acquiring an additional 2,632 shares during the last quarter. 36.88% of the stock is currently owned by institutional investors.

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.