Adage Capital Partners GP L.L.C. Increases Stake in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

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

A number of other large investors also recently modified their holdings of TCBX. Picton Mahoney Asset Management purchased a new position in shares of Third Coast Bancshares in the 4th quarter worth about $27,000. R Squared Ltd bought a new stake in Third Coast Bancshares in the 4th quarter valued at about $40,000. US Bancorp DE purchased a new stake in Third Coast Bancshares during the fourth quarter valued at about $73,000. SG Americas Securities LLC boosted its position 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 purchased a new position in shares of Third Coast Bancshares in the fourth quarter worth about $203,000. 36.88% of the stock is currently owned by institutional investors.

Third Coast Bancshares Price Performance

TCBX stock traded up $0.20 during mid-day trading on Friday, hitting $30.51. 64,012 shares of the stock were exchanged, compared to its average volume of 61,390. The stock has a market capitalization of $421.80 million, a price-to-earnings ratio of 11.01 and a beta of 0.40. The business has a fifty day moving average price of $31.51 and a 200 day moving average price of $33.39. Third Coast Bancshares, Inc. has a 12 month low of $18.82 and a 12 month high of $39.45.

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 for the quarter, topping 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. As a group, equities analysts forecast that Third Coast Bancshares, Inc. will post 3.1 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on TCBX shares. Raymond James cut Third Coast Bancshares from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Stephens cut their price objective on shares of Third Coast Bancshares from $44.00 to $39.00 and set an "overweight" rating for the company in a research report on Friday, April 25th. Finally, Keefe, Bruyette & Woods decreased 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 report on Friday, April 25th.

Insider Activity at Third Coast Bancshares

In related news, insider William Bobbora acquired 2,000 shares of the stock in a transaction on Friday, March 14th. The stock was purchased at an average price of $32.35 per share, for a total transaction of $64,700.00. Following the completion of the transaction, the insider now owns 41,639 shares of the company's stock, valued at $1,347,021.65. This trade represents a 5.05 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders purchased 4,470 shares of company stock worth $135,204 in the last ninety days. 10.20% of the stock is owned by company insiders.

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.