Third Coast Bancshares (NASDAQ:TCBX) Downgraded to “Market Perform” Rating by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods cut shares of Third Coast Bancshares (NASDAQ:TCBX) from an outperform rating to a market perform rating in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. The brokerage currently has $42.00 target price on the stock, up from their prior target price of $40.00.

Several other research analysts have also recently weighed in on the company. Stephens restated an “overweight” rating and issued a $42.00 price target on shares of Third Coast Bancshares in a research note on Thursday, January 23rd. Raymond James reissued an “outperform” rating and issued a $39.00 target price (up previously from $34.00) on shares of Third Coast Bancshares in a research report on Friday, January 24th.

Third Coast Bancshares Price Performance

Shares of Third Coast Bancshares stock opened at $35.88 on Wednesday. The stock has a market cap of $490.84 million, a price-to-earnings ratio of 12.95 and a beta of 0.31. Third Coast Bancshares has a 1 year low of $18.00 and a 1 year high of $37.79. The firm’s 50-day moving average is $34.54 and its 200 day moving average is $29.52.

Third Coast Bancshares (NASDAQ:TCBX) last posted 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 expect that Third Coast Bancshares will post 2.78 EPS for the current fiscal year.

Insider Buying and Selling at Third Coast Bancshares

In other Third Coast Bancshares news, insider William Bobbora purchased 1,450 shares of the company’s stock in a transaction dated Thursday, December 5th. The shares were acquired at an average price of $35.33 per share, for a total transaction of $51,228.50. Following the purchase, the insider now directly owns 6,050 shares of the company’s stock, valued at $213,746.50. The trade was a 31.52 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 10.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Third Coast Bancshares

Several institutional investors and hedge funds have recently bought and sold shares of TCBX. R Squared Ltd purchased a new position in shares of Third Coast Bancshares during the 4th quarter valued at about $40,000. Public Employees Retirement System of Ohio lifted its holdings in Third Coast Bancshares by 150.8% during the third quarter. Public Employees Retirement System of Ohio now owns 4,081 shares of the company’s stock valued at $109,000 after purchasing an additional 2,454 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Third Coast Bancshares in the third quarter worth approximately $115,000. Legato Capital Management LLC purchased a new stake in shares of Third Coast Bancshares in the fourth quarter worth $232,000. Finally, Seizert Capital Partners LLC bought a new stake in shares of Third Coast Bancshares during the 3rd quarter valued at $321,000. 36.88% of the stock is currently owned by hedge funds and other institutional investors.

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.