Connor Clark & Lunn Investment Management Ltd. Buys 41,876 Shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Connor Clark & Lunn Investment Management Ltd. raised its position in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 122.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 76,075 shares of the company's stock after buying an additional 41,876 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.56% of Third Coast Bancshares worth $2,583,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Geode Capital Management LLC raised its holdings in Third Coast Bancshares by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 274,962 shares of the company's stock worth $7,363,000 after purchasing an additional 3,373 shares during the last quarter. Wasatch Advisors LP bought a new stake in shares of Third Coast Bancshares during the third quarter worth approximately $6,811,000. State Street Corp lifted its holdings in Third Coast Bancshares by 6.8% in the third quarter. State Street Corp now owns 218,514 shares of the company's stock valued at $5,850,000 after buying an additional 13,948 shares during the period. Wellington Management Group LLP bought a new position in Third Coast Bancshares in the third quarter valued at approximately $1,443,000. Finally, Bank of New York Mellon Corp grew its holdings in Third Coast Bancshares by 5.3% during the 4th quarter. Bank of New York Mellon Corp now owns 35,182 shares of the company's stock worth $1,194,000 after acquiring an additional 1,779 shares during the period. 36.88% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on TCBX. Raymond James restated an "outperform" rating and issued a $39.00 price target (up from $34.00) on shares of Third Coast Bancshares in a research report on Friday, January 24th. Keefe, Bruyette & Woods lowered Third Coast Bancshares from an "outperform" rating to a "market perform" rating and boosted their target price for the stock from $40.00 to $42.00 in a research report on Wednesday, January 29th. Finally, Stephens reaffirmed an "overweight" rating and issued a $42.00 price target on shares of Third Coast Bancshares in a research note on Thursday, January 23rd.

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Third Coast Bancshares Stock Performance

NASDAQ:TCBX traded down $0.55 on Friday, reaching $33.40. The company's stock had a trading volume of 94,021 shares, compared to its average volume of 53,587. Third Coast Bancshares, Inc. has a 1-year low of $18.00 and a 1-year high of $39.45. The business's 50-day moving average price is $35.03 and its two-hundred day moving average price is $32.52. The firm has a market cap of $460.55 million, a PE ratio of 12.06 and a beta of 0.32.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last announced its earnings results on Wednesday, January 22nd. The company reported $0.79 earnings per share for the quarter, topping 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%. As a group, sell-side analysts expect that Third Coast Bancshares, Inc. will post 3.1 EPS for the current year.

Insider Transactions at Third Coast Bancshares

In other Third Coast Bancshares news, insider William Bobbora bought 2,000 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The stock was acquired at an average price of $32.35 per share, with a total value of $64,700.00. Following the completion of the transaction, the insider now owns 41,639 shares in the company, valued at approximately $1,347,021.65. This trade represents a 5.05 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 10.20% of the stock is owned by insiders.

Third Coast Bancshares 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.