Stephens Lowers Third Coast Bancshares (NASDAQ:TCBX) Price Target to $45.00
by Sarita Garza · The Markets DailyThird Coast Bancshares (NASDAQ:TCBX – Get Free Report) had its price target decreased by equities researchers at Stephens from $46.00 to $45.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Stephens’ price target would indicate a potential upside of 18.10% from the stock’s previous close.
TCBX has been the subject of a number of other reports. Keefe, Bruyette & Woods increased their target price on Third Coast Bancshares from $43.00 to $45.00 and gave the stock a “market perform” rating in a research note on Monday, January 26th. Raymond James Financial upgraded Third Coast Bancshares from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a research note on Tuesday, April 7th. Finally, Zacks Research cut Third Coast Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 23rd. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.
Check Out Our Latest Report on Third Coast Bancshares
Third Coast Bancshares Stock Down 6.0%
Third Coast Bancshares stock opened at $38.10 on Friday. Third Coast Bancshares has a 12 month low of $26.34 and a 12 month high of $43.84. The stock has a market cap of $631.05 million, a price-to-earnings ratio of 11.83 and a beta of 0.42. The business has a 50 day moving average price of $39.51 and a two-hundred day moving average price of $39.09.
Insider Buying and Selling at Third Coast Bancshares
In other news, insider William Bobbora acquired 1,200 shares of Third Coast Bancshares stock in a transaction that occurred on Tuesday, February 24th. The shares were acquired at an average price of $39.62 per share, for a total transaction of $47,544.00. Following the transaction, the insider directly owned 48,306 shares of the company’s stock, valued at approximately $1,913,883.72. The trade was a 2.55% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 10.28% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds have recently modified their holdings of TCBX. Adage Capital Partners GP L.L.C. lifted its stake in Third Coast Bancshares by 28.2% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 511,940 shares of the company’s stock valued at $16,725,000 after acquiring an additional 112,605 shares in the last quarter. Kennedy Capital Management LLC grew its stake in shares of Third Coast Bancshares by 13.6% during the 3rd quarter. Kennedy Capital Management LLC now owns 458,047 shares of the company’s stock worth $17,392,000 after acquiring an additional 54,713 shares during the period. Dimensional Fund Advisors LP raised its stake in Third Coast Bancshares by 6.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 445,144 shares of the company’s stock valued at $16,920,000 after acquiring an additional 27,175 shares during the period. State Street Corp lifted its holdings in Third Coast Bancshares by 4.8% during 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 boosted its position in Third Coast Bancshares by 44.9% during the fourth quarter. Wellington Management Group LLP now owns 193,326 shares of the company’s stock worth $7,348,000 after purchasing an additional 59,924 shares during the period. Hedge funds and other institutional investors own 36.88% of the company’s stock.
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.