Third Coast Bancshares (NASDAQ:TCBX) Rating Increased to Outperform at Raymond James Financial

Key Points

• Raymond James upgraded Third Coast Bancshares (TCBX) from "market perform" to "outperform" and set a $45.00 price target, implying roughly a 15.9% upside from the prior close.
• Analyst consensus is a Moderate Buy (three Buys, two Holds) with an average price target of $45.33, consistent with the recent upgrade.
• Insider William Bobbora purchased 1,200 shares at about $39.62, raising his holdings to 48,306 shares, and insiders collectively own 10.28% of the company.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) was upgraded by Raymond James Financial from a "market perform" rating to an "outperform" rating in a report released on Tuesday,Benzinga reports. The firm presently has a $45.00 price objective on the stock. Raymond James Financial's price target would indicate a potential upside of 15.88% from the company's previous close.

A number of other brokerages have also recently issued reports on TCBX. Keefe, Bruyette & Woods boosted their price objective on shares of Third Coast Bancshares from $43.00 to $45.00 and gave the company a "market perform" rating in a report on Monday, January 26th. Zacks Research cut shares of Third Coast Bancshares from a "strong-buy" rating to a "hold" rating in a report on Monday, March 23rd. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Third Coast Bancshares has a consensus rating of "Moderate Buy" and an average price target of $45.33.

Third Coast Bancshares Stock Performance

Shares of NASDAQ TCBX opened at $38.83 on Tuesday. The stock has a market cap of $640.22 million, a P/E ratio of 11.88 and a beta of 0.42. The firm has a 50 day moving average price of $39.74 and a 200 day moving average price of $38.90. Third Coast Bancshares has a 52-week low of $25.17 and a 52-week high of $43.84.

Insiders Place Their Bets

In related news, insider William Bobbora purchased 1,200 shares of the business's stock in a transaction on Tuesday, February 24th. The shares were purchased at an average price of $39.62 per share, with a total value of $47,544.00. Following the completion of the purchase, the insider owned 48,306 shares in the company, valued at $1,913,883.72. This represents a 2.55% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 10.28% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Deroy & Devereaux Private Investment Counsel Inc. bought a new stake in shares of Third Coast Bancshares in the third quarter worth $3,462,000. Kennedy Capital Management LLC lifted its position in shares of Third Coast Bancshares by 13.6% in the third quarter. Kennedy Capital Management LLC now owns 458,047 shares of the company's stock worth $17,392,000 after purchasing an additional 54,713 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Third Coast Bancshares by 45.8% in the third quarter. JPMorgan Chase & Co. now owns 54,721 shares of the company's stock worth $2,078,000 after purchasing an additional 17,184 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Third Coast Bancshares in the fourth quarter worth $237,000. Finally, CIBC Bancorp USA Inc. bought a new stake in shares of Third Coast Bancshares in the third quarter worth $228,000. 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. It also offers commercial and industrial loans, equipment loans, working capital lines of credit, guaranteed loans, auto finance, letters of credit, commercial and residential real estate, and construction, development, and other loans.

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