Third Coast Bancshares, Inc. (NASDAQ:TCBX – Get Free Report) shares were down 0.2% on Wednesday . The company traded as low as $38.33 and last traded at $38.4330. Approximately 85,428 shares were traded during mid-day trading, an increase of 8% from the average daily volume of 79,333 shares. The stock had previously closed at $38.51.
Analyst Ratings Changes
A number of analysts have weighed in on the company. Stephens cut their price target on Third Coast Bancshares from $46.00 to $45.00 and set an “overweight” rating on the stock in a research note on Friday, April 24th. Raymond James Financial upgraded Third Coast Bancshares from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Tuesday, April 7th. Finally, Zacks Research cut Third Coast Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Monday, March 23rd. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $45.00.
Read Our Latest Research Report on TCBX
Third Coast Bancshares Price Performance
Institutional Trading of Third Coast Bancshares
A number of hedge funds and other institutional investors have recently made changes to their positions in TCBX. AQR Capital Management LLC increased its position in shares of Third Coast Bancshares by 21.7% during the first quarter. AQR Capital Management LLC now owns 38,431 shares of the company’s stock worth $1,282,000 after purchasing an additional 6,857 shares in the last quarter. Millennium Management LLC increased its position in shares of Third Coast Bancshares by 88.2% during the first quarter. Millennium Management LLC now owns 177,521 shares of the company’s stock worth $5,924,000 after purchasing an additional 83,209 shares in the last quarter. Empowered Funds LLC increased its position in Third Coast Bancshares by 43.6% in the 1st quarter. Empowered Funds LLC now owns 42,604 shares of the company’s stock valued at $1,422,000 after acquiring an additional 12,945 shares during the period. Focus Partners Wealth increased its position in Third Coast Bancshares by 32,994.4% in the 1st quarter. Focus Partners Wealth now owns 41,699 shares of the company’s stock valued at $1,391,000 after acquiring an additional 41,573 shares during the period. Finally, Rhumbline Advisers increased its position in Third Coast Bancshares by 16.4% in the 2nd quarter. Rhumbline Advisers now owns 19,657 shares of the company’s stock valued at $642,000 after acquiring an additional 2,775 shares during the period. Institutional investors and hedge funds own 36.88% of the company’s stock.
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. 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.
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