Stephens Lowers Third Coast Bancshares (NASDAQ:TCBX) Price Target to $45.00

Third Coast Bancshares (NASDAQ:TCBX) had its price target cut by investment analysts at Stephens from $46.00 to $45.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Stephens’ price target points to a potential upside of 18.10% from the company’s current price.

A number of other brokerages also recently issued reports on TCBX. Zacks Research downgraded Third Coast Bancshares from a “strong-buy” rating to a “hold” rating in a report on Monday, March 23rd. Keefe, Bruyette & Woods raised their target price on Third Coast Bancshares from $43.00 to $45.00 and gave the company a “market perform” rating in a research report on Monday, January 26th. Finally, Raymond James Financial upgraded Third Coast Bancshares from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Tuesday, April 7th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $45.00.

Third Coast Bancshares Stock Performance

TCBX stock opened at $38.10 on Friday. Third Coast Bancshares has a one year low of $26.34 and a one year high of $43.84. The company has a market capitalization of $631.05 million, a PE ratio of 11.65 and a beta of 0.42. The company’s 50 day moving average price is $39.51 and its two-hundred day moving average price is $39.09.

Insider Activity at Third Coast Bancshares

In other news, insider William Bobbora bought 1,200 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The stock was purchased at an average cost of $39.62 per share, with a total value of $47,544.00. Following the transaction, the insider directly owned 48,306 shares in the company, valued at $1,913,883.72. This trade represents a 2.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 10.28% of the company’s stock.

Institutional Trading of Third Coast Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Deroy & Devereaux Private Investment Counsel Inc. acquired a new stake in shares of Third Coast Bancshares during the third quarter worth $3,462,000. JPMorgan Chase & Co. boosted its stake 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 valued at $2,078,000 after buying an additional 17,184 shares in the last quarter. Kennedy Capital Management LLC grew its holdings in Third Coast Bancshares by 13.6% during the third quarter. Kennedy Capital Management LLC now owns 458,047 shares of the company’s stock worth $17,392,000 after acquiring an additional 54,713 shares during the period. Integrated Quantitative Investments LLC purchased a new stake in shares of Third Coast Bancshares in the third quarter valued at $347,000. Finally, Savant Capital LLC acquired a new stake in shares of Third Coast Bancshares during the third quarter valued at $211,000. 36.88% of the stock is 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. 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.