Third Coast Bancshares, Inc. (NASDAQ:TCBX) Short Interest Update

Third Coast Bancshares, Inc. (NASDAQ:TCBX) was the target of a significant drop in short interest during the month of August. As of August 15th, there was short interest totaling 253,700 shares, adropof29.6% from the July 31st total of 360,200 shares. Currently,2.3% of the company’s shares are sold short. Based on an average trading volume of 65,800 shares, the short-interest ratio is presently 3.9 days. Based on an average trading volume of 65,800 shares, the short-interest ratio is presently 3.9 days. Currently,2.3% of the company’s shares are sold short.

Insider Transactions at Third Coast Bancshares

In other news, insider William Bobbora purchased 1,300 shares of the firm’s stock in a transaction that occurred on Tuesday, July 29th. The shares were acquired at an average price of $37.56 per share, for a total transaction of $48,828.00. Following the completion of the acquisition, the insider directly owned 11,750 shares in the company, valued at approximately $441,330. The trade was a 12.44% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 10.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Third Coast Bancshares

Several hedge funds have recently added to or reduced their stakes in TCBX. Dimensional Fund Advisors LP lifted its stake in Third Coast Bancshares by 26.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 294,411 shares of the company’s stock valued at $9,996,000 after buying an additional 62,019 shares during the period. Northern Trust Corp lifted its stake in Third Coast Bancshares by 4.6% in the fourth quarter. Northern Trust Corp now owns 104,514 shares of the company’s stock valued at $3,548,000 after buying an additional 4,628 shares during the period. AXA S.A. acquired a new stake in shares of Third Coast Bancshares during the fourth quarter worth about $912,000. Algert Global LLC acquired a new stake in shares of Third Coast Bancshares during the fourth quarter worth about $260,000. Finally, Ameriprise Financial Inc. raised its position in shares of Third Coast Bancshares by 24.8% during the fourth quarter. Ameriprise Financial Inc. now owns 73,271 shares of the company’s stock worth $2,488,000 after purchasing an additional 14,560 shares during the period. Institutional investors and hedge funds own 36.88% of the company’s stock.

Third Coast Bancshares Trading Down 0.6%

NASDAQ:TCBX opened at $39.73 on Tuesday. Third Coast Bancshares has a 1-year low of $24.87 and a 1-year high of $41.25. The business’s 50-day moving average price is $37.41 and its two-hundred day moving average price is $33.49. The firm has a market capitalization of $550.66 million, a price-to-earnings ratio of 12.15 and a beta of 0.41.

Third Coast Bancshares (NASDAQ:TCBX) last released its earnings results on Wednesday, July 23rd. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.21. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%.The firm had revenue of $52.02 million for the quarter, compared to analyst estimates of $47.52 million. Sell-side analysts predict that Third Coast Bancshares will post 3.1 earnings per share for the current year.

Third Coast Bancshares declared that its board has authorized a stock repurchase plan on Tuesday, June 17th that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 7.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Separately, Keefe, Bruyette & Woods raised their price target on Third Coast Bancshares from $38.00 to $42.00 and gave the company a “market perform” rating in a report on Monday, July 28th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $40.00.

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.