Third Coast Bancshares (NASDAQ:TCBX) Insider Acquires $47,544.00 in Stock

Third Coast Bancshares, Inc. (NASDAQ:TCBX) insider William Bobbora purchased 1,200 shares of the firm’s stock in a transaction that occurred on Tuesday, February 24th. The shares were bought at an average cost of $39.62 per share, for a total transaction of $47,544.00. Following the completion of the acquisition, the insider directly owned 48,306 shares in the company, valued at $1,913,883.72. The trade was a 2.55% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Third Coast Bancshares Price Performance

TCBX stock traded up $0.02 during trading on Tuesday, reaching $39.93. 58,213 shares of the company were exchanged, compared to its average volume of 75,773. Third Coast Bancshares, Inc. has a twelve month low of $25.17 and a twelve month high of $43.84. The company has a market capitalization of $554.79 million, a price-to-earnings ratio of 12.21 and a beta of 0.37. The company has a 50-day moving average of $40.19 and a two-hundred day moving average of $39.09.

Institutional Investors Weigh In On Third Coast Bancshares

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Adage Capital Partners GP L.L.C. raised its holdings in shares of Third Coast Bancshares by 28.2% during the second quarter. Adage Capital Partners GP L.L.C. now owns 511,940 shares of the company’s stock valued at $16,725,000 after purchasing an additional 112,605 shares during the period. Deroy & Devereaux Private Investment Counsel Inc. bought a new stake in Third Coast Bancshares in the 3rd quarter valued at about $3,462,000. Millennium Management LLC raised its stake in Third Coast Bancshares by 88.2% during the 1st quarter. Millennium Management LLC now owns 177,521 shares of the company’s stock worth $5,924,000 after buying an additional 83,209 shares during the period. Franklin Resources Inc. raised its stake in Third Coast Bancshares by 435.4% during the 2nd quarter. Franklin Resources Inc. now owns 100,408 shares of the company’s stock worth $3,280,000 after buying an additional 81,655 shares during the period. Finally, Invesco Ltd. boosted its holdings in Third Coast Bancshares by 397.9% in the fourth quarter. Invesco Ltd. now owns 90,739 shares of the company’s stock worth $3,449,000 after acquiring an additional 72,513 shares in the last quarter. 36.88% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TCBX. Stephens boosted their price target on Third Coast Bancshares from $45.00 to $46.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Zacks Research upgraded shares of Third Coast Bancshares from a “hold” rating to a “strong-buy” rating in a research report on Monday, January 26th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Third Coast Bancshares from $43.00 to $45.00 and gave the stock a “market perform” rating in a report on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $45.50.

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. 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.