Summit Global Investments Purchases New Position in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Summit Global Investments acquired a new position in Third Coast Bancshares, Inc. (NASDAQ:TCBX) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 6,637 shares of the company’s stock, valued at approximately $225,000.

Other institutional investors have also recently made changes to their positions in the company. SG Americas Securities LLC boosted its position in shares of Third Coast Bancshares by 17.7% during the fourth quarter. SG Americas Securities LLC now owns 5,043 shares of the company’s stock valued at $171,000 after purchasing an additional 760 shares in the last quarter. Picton Mahoney Asset Management purchased a new position in Third Coast Bancshares during the fourth quarter valued at $27,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Third Coast Bancshares by 2.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 34,098 shares of the company’s stock valued at $1,158,000 after buying an additional 942 shares in the last quarter. Martingale Asset Management L P grew its position in shares of Third Coast Bancshares by 3.3% in the 3rd quarter. Martingale Asset Management L P now owns 34,092 shares of the company’s stock worth $913,000 after buying an additional 1,101 shares during the period. Finally, R Squared Ltd bought a new position in shares of Third Coast Bancshares in the 4th quarter worth about $40,000. Institutional investors own 36.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on TCBX shares. Keefe, Bruyette & Woods cut shares of Third Coast Bancshares from an “outperform” rating to a “market perform” rating and upped their price objective for the stock from $40.00 to $42.00 in a report on Wednesday, January 29th. Stephens restated an “overweight” rating and issued a $42.00 price target on shares of Third Coast Bancshares in a research note on Thursday, January 23rd. Finally, Raymond James reiterated 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.

Insider Activity at Third Coast Bancshares

In related news, insider William Bobbora bought 2,000 shares of the stock in a transaction on Friday, March 14th. The shares were acquired at an average price of $32.35 per share, for a total transaction of $64,700.00. Following the purchase, the insider now owns 41,639 shares of the company’s stock, valued at approximately $1,347,021.65. The trade was a 5.05 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 10.20% of the stock is currently owned by insiders.

Third Coast Bancshares Stock Performance

Shares of NASDAQ TCBX opened at $34.48 on Wednesday. The firm’s 50 day moving average price is $35.18 and its 200-day moving average price is $32.80. Third Coast Bancshares, Inc. has a 52-week low of $18.00 and a 52-week high of $39.45. The company has a market cap of $475.44 million, a PE ratio of 12.45 and a beta of 0.32.

Third Coast Bancshares (NASDAQ:TCBX) last released its quarterly earnings data on Wednesday, January 22nd. The company reported $0.79 earnings per share (EPS) for the quarter, beating 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, analysts forecast that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current fiscal year.

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.