Third Coast Bancshares (NASDAQ:TCBX) Reaches New 52-Week High - What's Next?

Third Coast Bancshares, Inc. (NASDAQ:TCBX - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $38.00 and last traded at $37.93, with a volume of 110938 shares traded. The stock had previously closed at $36.94.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Raymond James reissued an "outperform" rating and set a $39.00 price objective (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 upped their price target for the stock from $40.00 to $42.00 in a research note on Wednesday, January 29th. Finally, Stephens reiterated an "overweight" rating and set a $42.00 price objective on shares of Third Coast Bancshares in a research note on Thursday, January 23rd.

Third Coast Bancshares Stock Down 1.2 %

The stock has a market cap of $522.03 million, a PE ratio of 13.78 and a beta of 0.31. The stock's fifty day moving average price is $34.73 and its 200 day moving average price is $30.22.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $0.79 earnings per share 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 expect that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current fiscal year.

Insider Transactions at Third Coast Bancshares

In other news, insider William Bobbora acquired 1,450 shares of the business's stock in a transaction that occurred on 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 directly owns 6,050 shares of the company's stock, valued at approximately $213,746.50. The trade was a 31.52 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 10.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Geode Capital Management LLC lifted its stake in shares of Third Coast Bancshares by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 274,962 shares of the company's stock worth $7,363,000 after purchasing an additional 3,373 shares during the period. Wasatch Advisors LP bought a new position in Third Coast Bancshares in the third quarter worth approximately $6,811,000. State Street Corp grew its position in shares of Third Coast Bancshares by 6.8% during the 3rd 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 during the period. Blue Trust Inc. grew its position in shares of Third Coast Bancshares by 1.8% during the 3rd quarter. Blue Trust Inc. now owns 147,082 shares of the company's stock valued at $3,937,000 after acquiring an additional 2,632 shares during the period. Finally, Wellington Management Group LLP purchased a new stake in shares of Third Coast Bancshares in the 3rd quarter worth $1,443,000. 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.