Third Coast Bancshares (NASDAQ:TCBX) Rating Lowered to “Market Perform” at Raymond James

Raymond James downgraded shares of Third Coast Bancshares (NASDAQ:TCBX) from an outperform rating to a market perform rating in a research note released on Wednesday morning, MarketBeat.com reports.

Other equities analysts have also issued reports about the company. Keefe, Bruyette & Woods lowered Third Coast Bancshares from an “outperform” rating to a “market perform” rating and upped their target price for the stock from $40.00 to $42.00 in a research note on Wednesday, January 29th. Stephens restated an “overweight” rating and issued a $42.00 price objective on shares of Third Coast Bancshares in a research report on Thursday, January 23rd.

Third Coast Bancshares Trading Down 0.3 %

Shares of NASDAQ:TCBX opened at $32.63 on Wednesday. The company has a 50 day moving average of $35.21 and a 200 day moving average of $33.08. The stock has a market cap of $449.94 million, a P/E ratio of 11.78 and a beta of 0.32. Third Coast Bancshares has a 12 month low of $18.00 and a 12 month high of $39.45.

Third Coast Bancshares (NASDAQ:TCBX) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $0.79 EPS for the quarter, beating 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%. On average, equities analysts forecast that Third Coast Bancshares will post 3.1 earnings per share for the current fiscal year.

Insider Activity at Third Coast Bancshares

In other Third Coast Bancshares news, insider William Bobbora purchased 2,000 shares of the firm’s stock in a transaction on Friday, March 14th. The shares were purchased at an average cost of $32.35 per share, with a total value of $64,700.00. Following the completion of the purchase, the insider now owns 41,639 shares of the company’s stock, valued at $1,347,021.65. The trade was a 5.05 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 10.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Third Coast Bancshares

Institutional investors have recently made changes to their positions in the business. Barclays PLC lifted its stake in shares of Third Coast Bancshares by 254.6% in the 3rd quarter. Barclays PLC now owns 15,929 shares of the company’s stock valued at $426,000 after acquiring an additional 11,437 shares during the last quarter. Geode Capital Management LLC boosted its stake in Third Coast Bancshares by 1.2% during the third quarter. Geode Capital Management LLC now owns 274,962 shares of the company’s stock worth $7,363,000 after acquiring an additional 3,373 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Third Coast Bancshares by 131.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 23,350 shares of the company’s stock worth $625,000 after purchasing an additional 13,270 shares in the last quarter. Wellington Management Group LLP purchased a new position in shares of Third Coast Bancshares in the 3rd quarter worth about $1,443,000. Finally, State Street Corp raised its holdings in Third Coast Bancshares by 6.8% in the third quarter. State Street Corp now owns 218,514 shares of the company’s stock worth $5,850,000 after buying an additional 13,948 shares during the last quarter. Hedge funds and other institutional investors own 36.88% of the company’s stock.

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.