Keefe, Bruyette & Woods Downgrades Third Coast Bancshares (NASDAQ:TCBX) to Market Perform

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) was downgraded by research analysts at Keefe, Bruyette & Woods from an "outperform" rating to a "market perform" rating in a report issued on Wednesday, MarketBeat.com reports. They currently have a $42.00 price objective on the stock, up from their previous price objective of $40.00. Keefe, Bruyette & Woods' target price would indicate a potential upside of 18.90% from the company's current price.

A number of other research firms also recently issued reports on TCBX. Stephens reaffirmed an "overweight" rating and set a $42.00 price objective on shares of Third Coast Bancshares in a report on Thursday, January 23rd. Raymond James reaffirmed 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.

Third Coast Bancshares Stock Down 4.7 %

Shares of NASDAQ:TCBX traded down $1.73 during midday trading on Wednesday, reaching $35.33. 30,761 shares of the company traded hands, compared to its average volume of 72,770. Third Coast Bancshares has a 12 month low of $18.00 and a 12 month high of $37.79. The firm's fifty day moving average price is $34.54 and its two-hundred day moving average price is $29.48. The firm has a market capitalization of $483.25 million, a price-to-earnings ratio of 12.78 and a beta of 0.31.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last posted its 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%. Analysts forecast that Third Coast Bancshares will post 2.78 earnings per share for the current year.

Insider Activity at Third Coast Bancshares

In related news, insider William Bobbora acquired 1,450 shares of Third Coast Bancshares stock in a transaction on Thursday, December 5th. The shares were acquired at an average cost of $35.33 per share, with a total value of $51,228.50. Following the transaction, the insider now 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 10.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Third Coast Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Barclays PLC grew its stake in shares of Third Coast Bancshares by 254.6% in the third quarter. Barclays PLC now owns 15,929 shares of the company's stock worth $426,000 after acquiring an additional 11,437 shares during the last quarter. Geode Capital Management LLC grew its position 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 valued at $7,363,000 after purchasing an additional 3,373 shares during the last quarter. Wellington Management Group LLP bought a new stake in Third Coast Bancshares during the 3rd quarter valued at about $1,443,000. Wasatch Advisors LP bought a new stake in Third Coast Bancshares during the 3rd quarter valued at about $6,811,000. Finally, State Street Corp raised 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 worth $5,850,000 after buying an additional 13,948 shares during the last quarter. Hedge funds and other institutional investors own 36.88% of the company's stock.

Third Coast Bancshares Company 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.