Renaissance Technologies LLC Grows Stock Position in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Renaissance Technologies LLC lifted its stake in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 40.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 111,300 shares of the company's stock after acquiring an additional 32,087 shares during the quarter. Renaissance Technologies LLC owned approximately 0.81% of Third Coast Bancshares worth $3,779,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Russell Investments Group Ltd. grew its stake in shares of Third Coast Bancshares by 295.9% during the 4th quarter. Russell Investments Group Ltd. now owns 17,545 shares of the company's stock valued at $596,000 after acquiring an additional 13,113 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in shares of Third Coast Bancshares during the 4th quarter valued at approximately $268,000. Wells Fargo & Company MN grew its stake in shares of Third Coast Bancshares by 27.9% during the 4th quarter. Wells Fargo & Company MN now owns 6,660 shares of the company's stock valued at $226,000 after acquiring an additional 1,451 shares during the period. Trexquant Investment LP grew its stake in shares of Third Coast Bancshares by 162.8% during the 4th quarter. Trexquant Investment LP now owns 36,343 shares of the company's stock valued at $1,234,000 after acquiring an additional 22,512 shares during the period. Finally, Franklin Resources Inc. bought a new position in Third Coast Bancshares in the 4th quarter worth approximately $642,000. 36.88% of the stock is currently owned by institutional investors.

Insider Activity

In other news, insider William Bobbora bought 2,000 shares of the stock in a transaction dated Friday, March 14th. The stock was purchased at an average cost of $32.35 per share, for a total transaction of $64,700.00. Following the transaction, the insider now owns 41,639 shares of the company's stock, valued at $1,347,021.65. The trade was a 5.05 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 10.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on TCBX. Stephens dropped their price target on Third Coast Bancshares from $44.00 to $39.00 and set an "overweight" rating for the company in a research note on Friday. Raymond James downgraded Third Coast Bancshares from an "outperform" rating to a "market perform" rating in a research note on Wednesday, April 2nd. Finally, Keefe, Bruyette & Woods dropped their price target on Third Coast Bancshares from $39.00 to $36.00 and set a "market perform" rating for the company in a research note on Friday.

Third Coast Bancshares Price Performance

Shares of NASDAQ TCBX traded up $0.54 during midday trading on Monday, reaching $28.78. 119,751 shares of the stock traded hands, compared to its average volume of 60,658. The stock has a market capitalization of $397.88 million, a PE ratio of 10.39 and a beta of 0.40. Third Coast Bancshares, Inc. has a one year low of $18.82 and a one year high of $39.45. The company's 50 day moving average is $31.87 and its 200 day moving average is $33.42.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last posted its 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 firm had revenue of $45.90 million during the quarter, compared to the consensus estimate of $46.02 million. Third Coast Bancshares had a return on equity of 10.93% and a net margin of 14.06%. As a group, equities analysts forecast that Third Coast Bancshares, Inc. will post 3.1 EPS for the current 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.