Adage Capital Partners GP L.L.C. Acquires 40,114 Shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Adage Capital Partners GP L.L.C. raised its position in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 13.6% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 335,288 shares of the company's stock after purchasing an additional 40,114 shares during the period. Adage Capital Partners GP L.L.C. owned 2.45% of Third Coast Bancshares worth $11,383,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of TCBX. Picton Mahoney Asset Management acquired a new position in Third Coast Bancshares in the fourth quarter valued at $27,000. R Squared Ltd acquired a new position in shares of Third Coast Bancshares in the 4th quarter valued at about $40,000. US Bancorp DE bought a new stake in shares of Third Coast Bancshares during the 4th quarter valued at about $73,000. SG Americas Securities LLC grew its stake in Third Coast Bancshares by 17.7% during the fourth quarter. SG Americas Securities LLC now owns 5,043 shares of the company's stock worth $171,000 after purchasing an additional 760 shares during the period. Finally, Walleye Capital LLC bought a new stake in Third Coast Bancshares in the fourth quarter worth approximately $203,000. 36.88% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

TCBX has been the topic of a number of research analyst reports. Raymond James cut Third Coast Bancshares from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Keefe, Bruyette & Woods cut their target price on shares of Third Coast Bancshares from $39.00 to $36.00 and set a "market perform" rating on the stock in a research note on Friday, April 25th. Finally, Stephens decreased their price target on shares of Third Coast Bancshares from $44.00 to $39.00 and set an "overweight" rating for the company in a research note on Friday, April 25th.

Insider Activity

In other Third Coast Bancshares news, insider William Bobbora purchased 2,400 shares of the company's stock in a transaction that occurred on Monday, April 28th. The shares were acquired at an average price of $28.51 per share, with a total value of $68,424.00. Following the transaction, the insider now owns 9,250 shares in the company, valued at $263,717.50. The trade was a 35.04 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders acquired 4,470 shares of company stock worth $135,204 over the last three months. 10.20% of the stock is currently owned by insiders.

Third Coast Bancshares Stock Performance

Third Coast Bancshares stock traded up $0.20 during mid-day trading on Friday, reaching $30.51. The stock had a trading volume of 64,012 shares, compared to its average volume of 61,557. The firm has a market capitalization of $421.80 million, a PE ratio of 11.01 and a beta of 0.40. Third Coast Bancshares, Inc. has a fifty-two week low of $18.82 and a fifty-two week high of $39.45. The stock's 50-day simple moving average is $31.41 and its 200-day simple moving average is $33.44.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.70 by $0.08. Third Coast Bancshares had a net margin of 14.06% and a return on equity of 10.93%. The business had revenue of $45.90 million during the quarter, compared to the consensus estimate of $46.02 million. On average, research analysts forecast that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current fiscal 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.