Third Coast Bancshares (NASDAQ:TCBX) Upgraded at Raymond James Financial
by Doug Wharley · The Cerbat GemRaymond James Financial upgraded shares of Third Coast Bancshares (NASDAQ:TCBX – Free Report) from a market perform rating to an outperform rating in a research report released on Tuesday, Marketbeat.com reports. The brokerage currently has $45.00 price target on the stock.
A number of other analysts have also recently commented on the stock. Keefe, Bruyette & Woods increased their price target on shares of Third Coast Bancshares from $43.00 to $45.00 and gave the company a “market perform” rating in a research note on Monday, January 26th. Zacks Research cut shares of Third Coast Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 23rd. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Third Coast Bancshares presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.33.
Read Our Latest Stock Analysis on TCBX
Third Coast Bancshares Stock Up 1.9%
Shares of TCBX stock opened at $41.26 on Tuesday. Third Coast Bancshares has a 12-month low of $26.34 and a 12-month high of $43.84. The firm has a fifty day moving average of $39.78 and a 200-day moving average of $38.92. The company has a market capitalization of $680.13 million, a price-to-earnings ratio of 12.62 and a beta of 0.42.
Insider Buying and Selling
In other Third Coast Bancshares news, insider William Bobbora purchased 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, with a total value of $47,544.00. Following the completion of the transaction, the insider owned 48,306 shares in the company, valued at $1,913,883.72. The trade was a 2.55% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 10.28% of the company’s stock.
Hedge Funds Weigh In On Third Coast Bancshares
Several hedge funds have recently bought and sold shares of TCBX. Quantbot Technologies LP bought a new position in Third Coast Bancshares in the 2nd quarter valued at about $29,000. Advisory Services Network LLC bought a new position in Third Coast Bancshares in the 3rd quarter valued at about $31,000. State of Alaska Department of Revenue increased its holdings in Third Coast Bancshares by 257.2% in the 4th quarter. State of Alaska Department of Revenue now owns 1,993 shares of the company’s stock valued at $75,000 after buying an additional 1,435 shares during the period. CWM LLC increased its holdings in Third Coast Bancshares by 25.4% in the 3rd quarter. CWM LLC now owns 2,456 shares of the company’s stock valued at $93,000 after buying an additional 498 shares during the period. Finally, Mariner LLC acquired a new stake in shares of Third Coast Bancshares in the 4th quarter valued at approximately $201,000. 36.88% of the stock is owned by institutional investors.
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. 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.