Third Coast Bancshares (NASDAQ:TCBX) Shares Gap Down – Here’s Why

Third Coast Bancshares, Inc. (NASDAQ:TCBX) shares gapped down prior to trading on Tuesday . The stock had previously closed at $41.94, but opened at $39.66. Third Coast Bancshares shares last traded at $40.01, with a volume of 7,942 shares trading hands.

Analyst Ratings Changes

Several research firms have recently commented on TCBX. Keefe, Bruyette & Woods increased their price target on shares of Third Coast Bancshares from $43.00 to $45.00 and gave the company a “market perform” rating in a research note on Monday, January 26th. Stephens upped their price objective on Third Coast Bancshares from $45.00 to $46.00 and gave the stock an “overweight” rating in a report on Tuesday, October 28th. Finally, Zacks Research raised Third Coast Bancshares from a “hold” rating to a “strong-buy” rating in a research note on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $45.50.

Third Coast Bancshares Price Performance

The business’s 50 day simple moving average is $40.19 and its 200-day simple moving average is $39.09. The stock has a market capitalization of $552.29 million, a P/E ratio of 12.15 and a beta of 0.37.

Insider Activity at Third Coast Bancshares

In related news, Director W. Donald Brunson sold 1,500 shares of the company’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $38.55, for a total value of $57,825.00. Following the completion of the sale, the director owned 37,268 shares in the company, valued at approximately $1,436,681.40. This represents a 3.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 10.28% of the stock is currently owned by company insiders.

Institutional Trading of Third Coast Bancshares

Hedge funds have recently modified their holdings of the company. Ameritas Investment Partners Inc. raised its position in shares of Third Coast Bancshares by 37.2% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 1,314 shares of the company’s stock valued at $43,000 after acquiring an additional 356 shares during the period. CWM LLC raised its holdings in Third Coast Bancshares by 25.4% in the third quarter. CWM LLC now owns 2,456 shares of the company’s stock worth $93,000 after purchasing an additional 498 shares during the period. Brandywine Global Investment Management LLC boosted its position in shares of Third Coast Bancshares by 5.1% during the fourth quarter. Brandywine Global Investment Management LLC now owns 12,390 shares of the company’s stock worth $471,000 after purchasing an additional 600 shares in the last quarter. First Trust Advisors LP boosted its position in shares of Third Coast Bancshares by 7.5% during the second quarter. First Trust Advisors LP now owns 8,873 shares of the company’s stock worth $290,000 after purchasing an additional 616 shares in the last quarter. Finally, Quantinno Capital Management LP grew its holdings in shares of Third Coast Bancshares by 3.7% in the 2nd quarter. Quantinno Capital Management LP now owns 20,057 shares of the company’s stock valued at $655,000 after buying an additional 708 shares during the period. 36.88% of the stock is currently owned by institutional investors and hedge funds.

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. It also offers commercial and industrial loans, equipment loans, working capital lines of credit, guaranteed loans, auto finance, letters of credit, commercial and residential real estate, and construction, development, and other loans.