Third Coast Bancshares, Inc. (NASDAQ:TCBX) Sees Large Increase in Short Interest

Third Coast Bancshares, Inc. (NASDAQ:TCBX - Get Free Report) was the target of a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 52,900 shares, a growth of 26.6% from the March 31st total of 41,800 shares. Based on an average daily trading volume, of 32,900 shares, the days-to-cover ratio is presently 1.6 days. Approximately 0.5% of the company's stock are short sold.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Salzhauer Michael increased its holdings in shares of Third Coast Bancshares by 91.2% in the first quarter. Salzhauer Michael now owns 37,675 shares of the company's stock valued at $754,000 after purchasing an additional 17,969 shares during the period. Quadrature Capital Ltd acquired a new stake in Third Coast Bancshares during the fourth quarter worth about $409,000. Steward Partners Investment Advisory LLC acquired a new stake in Third Coast Bancshares during the fourth quarter worth about $606,000. Panagora Asset Management Inc. grew its holdings in Third Coast Bancshares by 24.0% during the fourth quarter. Panagora Asset Management Inc. now owns 25,888 shares of the company's stock worth $514,000 after acquiring an additional 5,017 shares during the period. Finally, New York State Common Retirement Fund grew its holdings in Third Coast Bancshares by 56.5% during the fourth quarter. New York State Common Retirement Fund now owns 5,013 shares of the company's stock worth $100,000 after acquiring an additional 1,810 shares during the period. 36.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on TCBX shares. Keefe, Bruyette & Woods started coverage on Third Coast Bancshares in a research note on Thursday, January 11th. They set an "outperform" rating and a $26.00 price objective for the company. Raymond James upped their price objective on Third Coast Bancshares from $20.00 to $22.00 and gave the stock an "outperform" rating in a research note on Monday, January 29th.

Third Coast Bancshares Price Performance

Third Coast Bancshares stock traded up $0.39 during midday trading on Friday, reaching $19.90. The company's stock had a trading volume of 20,373 shares, compared to its average volume of 23,434. The stock's 50-day simple moving average is $19.33 and its 200-day simple moving average is $18.56. Third Coast Bancshares has a 52-week low of $12.31 and a 52-week high of $21.50. The stock has a market capitalization of $270.84 million, a P/E ratio of 9.80 and a beta of 0.65.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last released its quarterly earnings results on Thursday, January 25th. The company reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.47 by $0.10. The company had revenue of $39.49 million during the quarter, compared to analysts' expectations of $37.74 million. Third Coast Bancshares had a return on equity of 8.57% and a net margin of 11.64%. As a group, equities research analysts expect that Third Coast Bancshares will post 2.22 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.