Ameriprise Financial Inc. lifted its stake in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 24.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 73,271 shares of the company's stock after acquiring an additional 14,560 shares during the period. Ameriprise Financial Inc. owned 0.54% of Third Coast Bancshares worth $2,488,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of TCBX. Connor Clark & Lunn Investment Management Ltd. increased its position in Third Coast Bancshares by 122.4% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 76,075 shares of the company's stock worth $2,583,000 after purchasing an additional 41,876 shares in the last quarter. Franklin Resources Inc. acquired a new stake in Third Coast Bancshares in the fourth quarter valued at approximately $642,000. Empowered Funds LLC grew its position in Third Coast Bancshares by 5.0% in the fourth quarter. Empowered Funds LLC now owns 29,659 shares of the company's stock valued at $1,007,000 after acquiring an additional 1,406 shares in the last quarter. Martingale Asset Management L P grew its position in Third Coast Bancshares by 27.6% in the fourth quarter. Martingale Asset Management L P now owns 43,509 shares of the company's stock valued at $1,477,000 after acquiring an additional 9,417 shares in the last quarter. Finally, Guided Capital Wealth Management LLC acquired a new stake in Third Coast Bancshares in the fourth quarter valued at approximately $785,000. 36.88% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several analysts have issued reports on the stock. Stephens lowered 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. Raymond James downgraded shares of Third Coast Bancshares from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of Third Coast Bancshares from $39.00 to $36.00 and set a "market perform" rating for the company in a research report on Friday, April 25th.
Read Our Latest Stock Analysis on TCBX
Third Coast Bancshares Stock Performance
Shares of TCBX stock traded up $0.05 during mid-day trading on Monday, reaching $30.71. 63,242 shares of the company were exchanged, compared to its average volume of 63,361. Third Coast Bancshares, Inc. has a fifty-two week low of $18.82 and a fifty-two week high of $39.45. The company has a market capitalization of $424.81 million, a P/E ratio of 11.09 and a beta of 0.42. The business's 50 day simple moving average is $30.30 and its 200 day simple moving average is $33.30.
Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The company reported $0.78 earnings per share for the quarter, topping analysts' consensus estimates 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, analysts forecast that Third Coast Bancshares, Inc. will post 3.1 EPS for the current year.
Insiders Place Their Bets
In other Third Coast Bancshares news, insider William Bobbora acquired 2,400 shares of the firm's stock in a transaction on Monday, April 28th. The stock was purchased at an average price of $28.51 per share, with a total value of $68,424.00. Following the completion of the acquisition, the insider now directly owns 9,250 shares in the company, valued at $263,717.50. This trade represents a 35.04% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders acquired a total of 4,470 shares of company stock valued at $135,204 over the last 90 days. 10.28% of the stock is owned by company insiders.
About Third Coast Bancshares
(
Free Report)
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.
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