Third Coast Bancshares (NASDAQ:TCBX) Stock Rating Upgraded by Zacks Research

Third Coast Bancshares (NASDAQ:TCBX) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other brokerages also recently weighed in on TCBX. Stephens boosted their target price on shares of Third Coast Bancshares from $45.00 to $46.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. Keefe, Bruyette & Woods increased their price objective on shares of Third Coast Bancshares from $43.00 to $45.00 and gave the stock a “market perform” rating in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, two have assigned 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 $45.50.

Third Coast Bancshares Trading Down 0.9%

TCBX stock traded down $0.36 during mid-day trading on Monday, reaching $39.49. 17,388 shares of the stock traded hands, compared to its average volume of 76,343. The stock’s fifty day moving average is $38.88 and its 200-day moving average is $38.39. The company has a market cap of $548.66 million, a P/E ratio of 12.10 and a beta of 0.37. Third Coast Bancshares has a 52-week low of $25.17 and a 52-week high of $42.63.

Third Coast Bancshares (NASDAQ:TCBX) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share for the quarter. The company had revenue of $54.48 million during the quarter. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. Equities research analysts expect that Third Coast Bancshares will post 3.1 earnings per share for the current year.

Insider Buying and Selling at Third Coast Bancshares

In other news, Director W. Donald Brunson sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $38.55, for a total value of $57,825.00. Following the transaction, the director owned 37,268 shares in the company, valued at $1,436,681.40. This trade represents a 3.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 10.28% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Quantbot Technologies LP purchased a new position in shares of Third Coast Bancshares during the second quarter worth about $29,000. Advisory Services Network LLC purchased a new stake in Third Coast Bancshares during the third quarter valued at about $31,000. Ameritas Advisory Services LLC purchased a new position in shares of Third Coast Bancshares in the second quarter worth about $33,000. Ameritas Investment Partners Inc. lifted its stake in shares of Third Coast Bancshares by 37.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,314 shares of the company’s stock valued at $43,000 after acquiring an additional 356 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its position in Third Coast Bancshares by 257.2% during the 4th quarter. State of Alaska Department of Revenue now owns 1,993 shares of the company’s stock worth $75,000 after acquiring an additional 1,435 shares during the last quarter. 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.