Short Interest in Third Coast Bancshares, Inc. (NASDAQ:TCBX) Expands By 22.5%

Third Coast Bancshares, Inc. (NASDAQ:TCBX - Get Free Report) was the target of a large increase in short interest in the month of January. As of January 15th, there was short interest totalling 259,000 shares, an increase of 22.5% from the December 31st total of 211,500 shares. Approximately 2.4% of the shares of the company are short sold. Based on an average trading volume of 88,500 shares, the short-interest ratio is presently 2.9 days.

Insider Buying and Selling

In related news, insider William Bobbora acquired 1,450 shares of the business's stock in a transaction that occurred on Thursday, December 5th. The shares were acquired at an average cost of $35.33 per share, for a total transaction of $51,228.50. Following the completion of the purchase, the insider now directly owns 6,050 shares in the company, valued at $213,746.50. This trade represents a 31.52 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 10.20% of the company's stock.

Institutional Trading of Third Coast Bancshares

A number of hedge funds have recently modified their holdings of TCBX. Barclays PLC lifted its position in Third Coast Bancshares by 254.6% in the 3rd quarter. Barclays PLC now owns 15,929 shares of the company's stock valued at $426,000 after acquiring an additional 11,437 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Third Coast Bancshares by 1.2% in the third quarter. Geode Capital Management LLC now owns 274,962 shares of the company's stock valued at $7,363,000 after purchasing an additional 3,373 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of Third Coast Bancshares during the third quarter worth about $1,443,000. Wasatch Advisors LP bought a new position in shares of Third Coast Bancshares during the third quarter worth about $6,811,000. Finally, JPMorgan Chase & Co. raised its position in Third Coast Bancshares by 131.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 23,350 shares of the company's stock valued at $625,000 after buying an additional 13,270 shares during the last quarter. 36.88% of the stock is currently owned by institutional investors and hedge funds.

Third Coast Bancshares Stock Up 2.7 %

TCBX stock traded up $0.99 during midday trading on Wednesday, reaching $37.93. 110,938 shares of the company's stock traded hands, compared to its average volume of 72,730. The company has a 50-day simple moving average of $34.56 and a two-hundred day simple moving average of $29.93. Third Coast Bancshares has a 1-year low of $18.00 and a 1-year high of $38.00. The company has a market cap of $518.88 million, a price-to-earnings ratio of 13.69 and a beta of 0.31.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last released its earnings results on Wednesday, January 22nd. The company reported $0.79 earnings per share (EPS) for the quarter, beating 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%. Equities research analysts forecast that Third Coast Bancshares will post 2.94 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.