Keefe, Bruyette & Woods Lowers Third Coast Bancshares (NASDAQ:TCBX) Price Target to $36.00

Third Coast Bancshares (NASDAQ:TCBX - Free Report) had its price target reduced by Keefe, Bruyette & Woods from $39.00 to $36.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a market perform rating on the stock.

TCBX has been the topic of several other research reports. Raymond James downgraded Third Coast Bancshares from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Stephens restated an "overweight" rating and set a $42.00 target price on shares of Third Coast Bancshares in a research note on Thursday, January 23rd.

Third Coast Bancshares Price Performance

Shares of NASDAQ:TCBX traded up $0.07 during mid-day trading on Friday, reaching $29.80. 124,351 shares of the company were exchanged, compared to its average volume of 76,291. The firm's 50-day simple moving average is $31.72 and its 200 day simple moving average is $33.39. Third Coast Bancshares has a 1 year low of $18.82 and a 1 year high of $39.44. The firm has a market cap of $411.99 million, a price-to-earnings ratio of 10.76 and a beta of 0.40.

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

Insider Buying and Selling at Third Coast Bancshares

In other news, insider William Bobbora purchased 2,400 shares of the company's stock in a transaction that occurred on Monday, April 28th. The shares were purchased at an average price of $28.51 per share, for a total transaction of $68,424.00. Following the purchase, the insider now directly owns 9,250 shares of the company's stock, valued at $263,717.50. This represents a 35.04 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 10.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Third Coast Bancshares

Hedge funds have recently modified their holdings of the business. Picton Mahoney Asset Management purchased a new position in Third Coast Bancshares during the 4th quarter worth $27,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Third Coast Bancshares during the fourth quarter worth about $28,000. R Squared Ltd acquired a new position in Third Coast Bancshares in the 4th quarter valued at about $40,000. US Bancorp DE purchased a new stake in Third Coast Bancshares during the 4th quarter valued at approximately $73,000. Finally, SG Americas Securities LLC lifted its position in Third Coast Bancshares by 17.7% during the 4th quarter. SG Americas Securities LLC now owns 5,043 shares of the company's stock worth $171,000 after acquiring an additional 760 shares during the period. 36.88% of the stock is currently owned by hedge funds and other institutional investors.

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.