Third Coast Bancshares (NASDAQ:TCBX) Hits New 12-Month High – Still a Buy?

Third Coast Bancshares, Inc. (NASDAQ:TCBX) shares reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $42.00 and last traded at $42.63, with a volume of 40632 shares traded. The stock had previously closed at $40.24.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TCBX. Stephens increased their price objective 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 target on Third Coast Bancshares from $42.00 to $43.00 and gave the stock a “market perform” rating in a research report on Thursday, October 30th. Weiss Ratings reiterated a “buy (b)” rating on shares of Third Coast Bancshares in a research note on Saturday, September 27th. Finally, Zacks Research downgraded Third Coast Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 26th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $44.50.

Third Coast Bancshares Stock Performance

The firm has a market capitalization of $560.57 million, a PE ratio of 12.34 and a beta of 0.37. The firm’s 50 day moving average price is $38.73 and its 200-day moving average price is $38.29.

Third Coast Bancshares (NASDAQ:TCBX) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $1.03 earnings per share for the quarter. The firm 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%. On average, equities research analysts expect that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current fiscal year.

Insider Activity

In other news, Director W. Donald Brunson sold 1,500 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $38.55, for a total transaction 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 position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 10.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Third Coast Bancshares

Large investors have recently added to or reduced their stakes in the stock. Quantbot Technologies LP purchased a new stake in shares of Third Coast Bancshares during the second quarter worth about $29,000. Advisory Services Network LLC acquired a new stake in Third Coast Bancshares in the 3rd quarter worth about $31,000. Ameritas Advisory Services LLC acquired a new stake in Third Coast Bancshares in the 2nd quarter worth about $33,000. Ameritas Investment Partners Inc. increased its stake in Third Coast Bancshares by 37.2% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,314 shares of the company’s stock worth $43,000 after buying an additional 356 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its holdings in shares of Third Coast Bancshares by 257.2% during the fourth quarter. State of Alaska Department of Revenue now owns 1,993 shares of the company’s stock valued at $75,000 after acquiring an additional 1,435 shares during the last quarter. 36.88% of the stock is currently owned by institutional investors and hedge funds.

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.