Third Coast Bancshares, Inc. (NASDAQ:TCBX) Short Interest Update

Third Coast Bancshares, Inc. (NASDAQ:TCBX - Get Free Report) was the recipient of a large drop in short interest in March. As of March 31st, there was short interest totalling 41,800 shares, a drop of 34.2% from the March 15th total of 63,500 shares. Based on an average daily trading volume, of 31,200 shares, the days-to-cover ratio is currently 1.3 days. Currently, 0.4% of the shares of the stock are sold short.

Institutional Investors Weigh In On Third Coast Bancshares

A number of large investors have recently added to or reduced their stakes in the company. Royal Bank of Canada grew its holdings in Third Coast Bancshares by 11.1% in the 2nd quarter. Royal Bank of Canada now owns 6,023 shares of the company's stock worth $96,000 after acquiring an additional 603 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Third Coast Bancshares by 2.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 35,100 shares of the company's stock valued at $647,000 after purchasing an additional 851 shares in the last quarter. State Street Corp boosted its stake in shares of Third Coast Bancshares by 0.5% during the 2nd quarter. State Street Corp now owns 191,074 shares of the company's stock valued at $3,032,000 after purchasing an additional 900 shares in the last quarter. Marshall Wace LLP boosted its stake in shares of Third Coast Bancshares by 5.8% during the 2nd quarter. Marshall Wace LLP now owns 25,228 shares of the company's stock valued at $400,000 after purchasing an additional 1,390 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Third Coast Bancshares by 5.0% during the 4th quarter. Renaissance Technologies LLC now owns 35,800 shares of the company's stock valued at $660,000 after purchasing an additional 1,700 shares in the last quarter. Institutional investors own 36.88% of the company's stock.

Third Coast Bancshares Stock Performance

NASDAQ:TCBX traded down $0.27 during trading hours on Friday, reaching $18.50. The company's stock had a trading volume of 13,179 shares, compared to its average volume of 31,021. The firm has a market capitalization of $251.79 million, a price-to-earnings ratio of 9.39 and a beta of 0.65. Third Coast Bancshares has a 1 year low of $12.31 and a 1 year high of $21.50. The firm has a 50-day simple moving average of $19.35 and a 200-day simple moving average of $18.39.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last announced its quarterly earnings results on Thursday, January 25th. The company reported $0.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.47 by $0.10. The business had revenue of $39.49 million for the quarter, compared to analyst estimates of $37.74 million. Third Coast Bancshares had a net margin of 12.16% and a return on equity of 8.38%. Equities analysts anticipate that Third Coast Bancshares will post 2.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on TCBX. Raymond James raised their price objective on shares of Third Coast Bancshares from $20.00 to $22.00 and gave the company an "outperform" rating in a research report on Monday, January 29th. Keefe, Bruyette & Woods assumed coverage on shares of Third Coast Bancshares in a research report on Thursday, January 11th. They issued an "outperform" rating and a $26.00 target price on the 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.