JPMorgan Chase & Co. Acquires 13,270 Shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX)

JPMorgan Chase & Co. raised its position in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 131.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,350 shares of the company's stock after buying an additional 13,270 shares during the period. JPMorgan Chase & Co. owned 0.17% of Third Coast Bancshares worth $625,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of TCBX. Wasatch Advisors LP purchased a new position in Third Coast Bancshares in the third quarter valued at about $6,811,000. Wellington Management Group LLP purchased a new position in Third Coast Bancshares in the third quarter valued at approximately $1,443,000. Inspire Investing LLC bought a new position in Third Coast Bancshares during the third quarter valued at $823,000. Dimensional Fund Advisors LP increased its position in Third Coast Bancshares by 18.3% in the second quarter. Dimensional Fund Advisors LP now owns 190,819 shares of the company's stock worth $4,058,000 after buying an additional 29,516 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Third Coast Bancshares by 100.2% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 34,199 shares of the company's stock valued at $916,000 after buying an additional 17,114 shares during the period. Institutional investors own 36.88% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on TCBX shares. Raymond James reiterated an "outperform" rating and set 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 shares of Third Coast Bancshares from an "outperform" rating to a "market perform" rating and lifted their target price for the stock from $40.00 to $42.00 in a research note on Wednesday. Finally, Stephens restated an "overweight" rating and set a $42.00 price target on shares of Third Coast Bancshares in a research note on Thursday, January 23rd.

Insider Activity

In other Third Coast Bancshares news, insider William Bobbora acquired 1,450 shares of the business's stock in a transaction dated Thursday, December 5th. The stock was bought at an average price of $35.33 per share, with a total value of $51,228.50. Following the completion of the acquisition, the insider now owns 6,050 shares of the company's stock, valued at $213,746.50. This trade represents a 31.52 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 10.20% of the company's stock.

Third Coast Bancshares Stock Performance

NASDAQ TCBX traded down $0.04 during trading hours on Friday, hitting $36.11. The company had a trading volume of 31,777 shares, compared to its average volume of 72,687. The firm has a market capitalization of $493.98 million, a price-to-earnings ratio of 13.06 and a beta of 0.31. Third Coast Bancshares, Inc. has a 52 week low of $18.00 and a 52 week high of $37.79. The firm has a 50 day simple moving average of $34.56 and a 200 day simple moving average of $29.57.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last issued its quarterly earnings data on Wednesday, January 22nd. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.68 by $0.11. Third Coast Bancshares had a net margin of 14.06% and a return on equity of 10.93%. On average, research analysts forecast that Third Coast Bancshares, Inc. will post 2.94 earnings per share for the current year.

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.