Insider Buying: Third Coast Bancshares, Inc. (NASDAQ:TCBX) Insider Buys 2,000 Shares of Stock

Third Coast Bancshares, Inc. (NASDAQ:TCBX) insider William Bobbora purchased 2,000 shares of the stock in a transaction dated Friday, March 14th. The shares were acquired at an average cost of $32.35 per share, for a total transaction of $64,700.00. Following the completion of the acquisition, the insider now directly owns 41,639 shares of the company’s stock, valued at approximately $1,347,021.65. This trade represents a 5.05 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this link.

Third Coast Bancshares Stock Up 2.2 %

Third Coast Bancshares stock traded up $0.71 during midday trading on Friday, hitting $32.39. The company’s stock had a trading volume of 27,568 shares, compared to its average volume of 72,586. Third Coast Bancshares, Inc. has a 12 month low of $18.00 and a 12 month high of $39.44. The company has a market capitalization of $446.56 million, a PE ratio of 11.69 and a beta of 0.33. The stock’s 50-day moving average price is $34.97 and its 200-day moving average price is $32.25.

Third Coast Bancshares (NASDAQ:TCBX) last released its earnings results on Wednesday, January 22nd. The company reported $0.79 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.11. Third Coast Bancshares had a net margin of 14.06% and a return on equity of 10.93%. As a group, equities analysts anticipate that Third Coast Bancshares, Inc. will post 3.1 EPS for the current year.

Institutional Investors Weigh In On Third Coast Bancshares

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Empowered Funds LLC grew its holdings in shares of Third Coast Bancshares by 5.0% in the 3rd quarter. Empowered Funds LLC now owns 28,253 shares of the company’s stock worth $756,000 after acquiring an additional 1,340 shares during the last quarter. Seizert Capital Partners LLC acquired a new position in shares of Third Coast Bancshares in the 3rd quarter valued at $321,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in Third Coast Bancshares by 100.2% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 34,199 shares of the company’s stock worth $916,000 after purchasing an additional 17,114 shares in the last quarter. Martingale Asset Management L P increased its stake in Third Coast Bancshares by 3.3% in the 3rd quarter. Martingale Asset Management L P now owns 34,092 shares of the company’s stock worth $913,000 after purchasing an additional 1,101 shares in the last quarter. Finally, Wasatch Advisors LP acquired a new stake in Third Coast Bancshares during the 3rd quarter worth about $6,811,000. Institutional investors and hedge funds own 36.88% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Stephens reissued an “overweight” rating and set a $42.00 target price on shares of Third Coast Bancshares in a research note on Thursday, January 23rd. Raymond James reiterated an “outperform” rating and set a $39.00 price objective (up previously from $34.00) on shares of Third Coast Bancshares in a research note on Friday, January 24th. Finally, Keefe, Bruyette & Woods cut Third Coast Bancshares from an “outperform” rating to a “market perform” rating and boosted their target price for the stock from $40.00 to $42.00 in a report on Wednesday, January 29th.

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.