Short Interest in Third Coast Bancshares, Inc. (NASDAQ:TCBX) Increases By 20.9%

Third Coast Bancshares, Inc. (NASDAQ:TCBX - Get Free Report) was the recipient of a large increase in short interest in the month of December. As of December 15th, there was short interest totalling 204,000 shares, an increase of 20.9% from the November 30th total of 168,700 shares. Based on an average daily volume of 76,800 shares, the short-interest ratio is presently 2.7 days. Currently, 1.9% of the company's shares are short sold.

Third Coast Bancshares Stock Performance

Third Coast Bancshares stock traded down $0.77 during mid-day trading on Friday, hitting $34.13. The company's stock had a trading volume of 38,133 shares, compared to its average volume of 46,022. The company has a 50 day moving average of $34.23 and a 200-day moving average of $27.41. Third Coast Bancshares has a one year low of $18.00 and a one year high of $37.65. The stock has a market cap of $466.86 million, a PE ratio of 13.38 and a beta of 0.27.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last posted its quarterly earnings results on Wednesday, October 23rd. The company reported $0.74 EPS for the quarter, topping analysts' consensus estimates of $0.53 by $0.21. Third Coast Bancshares had a net margin of 13.23% and a return on equity of 10.14%. The firm had revenue of $85.24 million for the quarter, compared to analysts' expectations of $41.09 million. During the same period in the prior year, the business posted $0.32 earnings per share. On average, equities research analysts forecast that Third Coast Bancshares will post 2.68 EPS for the current fiscal year.

Insider Buying and Selling

In other Third Coast Bancshares news, insider William Bobbora purchased 1,450 shares of Third Coast Bancshares stock in a transaction dated Thursday, December 5th. The shares were purchased at an average cost of $35.33 per share, for a total transaction of $51,228.50. Following the completion of the acquisition, the insider now owns 6,050 shares in the company, valued at $213,746.50. This represents a 31.52 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 10.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Third Coast Bancshares

A number of institutional investors have recently modified their holdings of TCBX. Bank of New York Mellon Corp boosted its holdings in shares of Third Coast Bancshares by 2.7% in the second quarter. Bank of New York Mellon Corp now owns 39,984 shares of the company's stock valued at $850,000 after purchasing an additional 1,038 shares during the period. Acadian Asset Management LLC lifted its holdings in shares of Third Coast Bancshares by 1,244.2% in the 2nd quarter. Acadian Asset Management LLC now owns 36,790 shares of the company's stock worth $782,000 after buying an additional 34,053 shares during the period. American Century Companies Inc. lifted its holdings in shares of Third Coast Bancshares by 17.0% in the 2nd quarter. American Century Companies Inc. now owns 39,227 shares of the company's stock worth $834,000 after buying an additional 5,710 shares during the period. Federated Hermes Inc. grew its position in shares of Third Coast Bancshares by 196.6% during the 2nd quarter. Federated Hermes Inc. now owns 1,649 shares of the company's stock worth $35,000 after buying an additional 1,093 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Third Coast Bancshares by 18.3% during the second quarter. Dimensional Fund Advisors LP now owns 190,819 shares of the company's stock valued at $4,058,000 after buying an additional 29,516 shares during the period. 36.88% of the stock is owned by hedge funds and other institutional investors.

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.