Guided Capital Wealth Management LLC purchased a new position in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 23,135 shares of the company's stock, valued at approximately $785,000. Third Coast Bancshares accounts for 0.7% of Guided Capital Wealth Management LLC's investment portfolio, making the stock its 22nd biggest position. Guided Capital Wealth Management LLC owned approximately 0.17% of Third Coast Bancshares as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wasatch Advisors LP bought a new position in Third Coast Bancshares in the 3rd quarter worth approximately $6,811,000. Wellington Management Group LLP purchased a new position in shares of Third Coast Bancshares in the third quarter worth $1,443,000. Inspire Investing LLC bought a new position in shares of Third Coast Bancshares during the third quarter worth $823,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Third Coast Bancshares by 100.2% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 34,199 shares of the company's stock worth $916,000 after acquiring an additional 17,114 shares during the last quarter. Finally, State Street Corp grew its stake in Third Coast Bancshares by 6.8% during the third quarter. State Street Corp now owns 218,514 shares of the company's stock valued at $5,850,000 after acquiring an additional 13,948 shares in the last quarter. 36.88% of the stock is owned by hedge funds and other institutional investors.
Third Coast Bancshares Stock Performance
Shares of NASDAQ:TCBX traded up $0.21 on Friday, reaching $38.05. The company's stock had a trading volume of 45,261 shares, compared to its average volume of 73,936. The company has a 50-day simple moving average of $35.00 and a 200 day simple moving average of $30.65. The company has a market cap of $520.52 million, a P/E ratio of 13.74 and a beta of 0.31. Third Coast Bancshares, Inc. has a 52-week low of $18.00 and a 52-week high of $39.06.
Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last released its quarterly earnings results on Wednesday, January 22nd. The company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.68 by $0.11. Third Coast Bancshares had a return on equity of 10.93% and a net margin of 14.06%. On average, equities research analysts forecast that Third Coast Bancshares, Inc. will post 3.1 EPS for the current fiscal year.
Wall Street Analyst Weigh In
Several analysts have commented on the stock. Raymond James reiterated an "outperform" rating and issued a $39.00 price target (up previously from $34.00) on shares of Third Coast Bancshares in a research note on Friday, January 24th. Keefe, Bruyette & Woods downgraded 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 restated an "overweight" rating and set a $42.00 price target on shares of Third Coast Bancshares in a report on Thursday, January 23rd.
Check Out Our Latest Report on TCBX
Insider Activity
In other news, insider William Bobbora bought 1,450 shares of the stock in a transaction dated Thursday, December 5th. The stock was purchased at an average price of $35.33 per share, for a total transaction of $51,228.50. Following the acquisition, the insider now owns 6,050 shares of the company's stock, valued at $213,746.50. The trade was a 31.52 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 10.20% of the company's stock.
About Third Coast Bancshares
(
Free Report)
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.
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