Ameriprise Financial Inc. Has $2.49 Million Stock Position in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Ameriprise Financial Inc. boosted its position in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 24.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 73,271 shares of the company's stock after buying an additional 14,560 shares during the period. Ameriprise Financial Inc. owned approximately 0.54% of Third Coast Bancshares worth $2,488,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of TCBX. Arrowstreet Capital Limited Partnership acquired a new position in shares of Third Coast Bancshares in the 4th quarter valued at approximately $3,040,000. Alliancebernstein L.P. increased its stake in Third Coast Bancshares by 22.8% in the fourth quarter. Alliancebernstein L.P. now owns 408,561 shares of the company's stock valued at $13,871,000 after acquiring an additional 75,964 shares during the last quarter. American Century Companies Inc. raised its position in Third Coast Bancshares by 82.6% during the fourth quarter. American Century Companies Inc. now owns 141,765 shares of the company's stock valued at $4,813,000 after purchasing an additional 64,148 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Third Coast Bancshares by 26.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 294,411 shares of the company's stock valued at $9,996,000 after purchasing an additional 62,019 shares in the last quarter. Finally, Prudential Financial Inc. bought a new stake in Third Coast Bancshares during the fourth quarter worth $1,492,000. 36.88% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider William Bobbora purchased 2,400 shares of the business's stock in a transaction dated Monday, April 28th. The shares were purchased at an average cost of $28.51 per share, with a total value of $68,424.00. Following the completion of the purchase, the insider now owns 9,250 shares of the company's stock, valued at $263,717.50. This trade represents a 35.04% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Insiders bought a total of 4,470 shares of company stock valued at $135,204 in the last 90 days. Corporate insiders own 10.28% of the company's stock.

Third Coast Bancshares Trading Down 0.5%

Third Coast Bancshares stock traded down $0.16 during mid-day trading on Friday, reaching $30.88. The company had a trading volume of 45,445 shares, compared to its average volume of 63,161. The business has a fifty day simple moving average of $30.37 and a 200 day simple moving average of $33.35. The company has a market cap of $427.16 million, a P/E ratio of 11.15 and a beta of 0.42. Third Coast Bancshares, Inc. has a fifty-two week low of $18.82 and a fifty-two week high of $39.45.

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

Wall Street Analyst Weigh In

TCBX has been the topic of several recent analyst reports. Stephens decreased their price target on Third Coast Bancshares from $44.00 to $39.00 and set an "overweight" rating on the stock in a research note on Friday, April 25th. Keefe, Bruyette & Woods reduced their price objective on 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, Raymond James downgraded Third Coast Bancshares from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd.

Third Coast Bancshares 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.