Third Coast Bancshares (NASDAQ:TCBX) Sets New 1-Year High – What’s Next?

Third Coast Bancshares, Inc. (NASDAQ:TCBX)’s stock price reached a new 52-week high on Monday . The stock traded as high as $36.74 and last traded at $36.61, with a volume of 6646 shares changing hands. The stock had previously closed at $36.12.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on TCBX. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Third Coast Bancshares from $22.00 to $26.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $28.00 price objective (up from $26.00) on shares of Third Coast Bancshares in a research report on Monday, July 29th.

Third Coast Bancshares Trading Up 0.2 %

The stock’s fifty day moving average price is $29.91 and its 200 day moving average price is $24.92. The stock has a market cap of $495.08 million, a P/E ratio of 14.16 and a beta of 0.27.

Third Coast Bancshares (NASDAQ:TCBX) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.21. Third Coast Bancshares had a return on equity of 10.14% and a net margin of 13.23%. The company had revenue of $85.24 million for the quarter, compared to the consensus estimate of $41.09 million. During the same quarter in the prior year, the business posted $0.32 EPS. As a group, sell-side analysts forecast that Third Coast Bancshares, Inc. will post 2.68 earnings per share for the current year.

Hedge Funds Weigh In On Third Coast Bancshares

Institutional investors and hedge funds have recently modified their holdings of the company. Kennedy Capital Management LLC lifted its stake in shares of Third Coast Bancshares by 51.5% in the 1st quarter. Kennedy Capital Management LLC now owns 329,063 shares of the company’s stock worth $6,588,000 after purchasing an additional 111,915 shares during the period. Vanguard Group Inc. increased its stake in shares of Third Coast Bancshares by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 635,569 shares of the company’s stock worth $12,724,000 after purchasing an additional 4,680 shares in the last quarter. BlackBarn Capital Partners LP raised its holdings in Third Coast Bancshares by 14.7% in the 2nd quarter. BlackBarn Capital Partners LP now owns 150,000 shares of the company’s stock worth $3,190,000 after purchasing an additional 19,219 shares during the period. Inspire Investing LLC purchased a new position in Third Coast Bancshares during the third quarter valued at $823,000. Finally, Acadian Asset Management LLC raised its stake in shares of Third Coast Bancshares by 1,244.2% in the second quarter. Acadian Asset Management LLC now owns 36,790 shares of the company’s stock worth $782,000 after buying an additional 34,053 shares during the period. 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.