Third Coast Bancshares, Inc. (NASDAQ:TCBX) Sees Significant Growth in Short Interest

Third Coast Bancshares, Inc. (NASDAQ:TCBX - Get Free Report) was the target of a large increase in short interest in April. As of April 30th, there was short interest totalling 98,800 shares, an increase of 86.8% from the April 15th total of 52,900 shares. Currently, 0.9% of the company's stock are short sold. Based on an average trading volume of 33,400 shares, the days-to-cover ratio is presently 3.0 days.

Third Coast Bancshares Stock Performance

NASDAQ:TCBX traded down $0.30 on Friday, hitting $21.22. The stock had a trading volume of 19,726 shares, compared to its average volume of 31,278. The stock has a market cap of $289.65 million, a P/E ratio of 10.45 and a beta of 0.31. Third Coast Bancshares has a 1 year low of $14.09 and a 1 year high of $21.88. The firm's fifty day simple moving average is $19.66 and its two-hundred day simple moving average is $18.86.

Analyst Ratings Changes

Separately, Raymond James raised their price target 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.

Institutional Investors Weigh In On Third Coast Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its stake in shares of Third Coast Bancshares by 121.7% during the 1st quarter. Russell Investments Group Ltd. now owns 1,822 shares of the company's stock worth $36,000 after purchasing an additional 1,000 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Third Coast Bancshares during the 1st quarter worth approximately $54,000. New York State Common Retirement Fund increased its stake in shares of Third Coast Bancshares by 56.5% during the 4th quarter. New York State Common Retirement Fund now owns 5,013 shares of the company's stock worth $100,000 after purchasing an additional 1,810 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Third Coast Bancshares during the 4th quarter worth approximately $134,000. Finally, Doliver Advisors LP purchased a new stake in shares of Third Coast Bancshares during the 4th quarter worth approximately $308,000. Hedge funds and other institutional investors own 36.88% of the company's 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.