Short Interest in Third Coast Bancshares, Inc. (NASDAQ:TCBX) Rises By 22.5%

Third Coast Bancshares, Inc. (NASDAQ:TCBX) was the target of a significant increase in short interest in January. As of January 15th, there was short interest totalling 259,000 shares, an increase of 22.5% from the December 31st total of 211,500 shares. Approximately 2.4% of the company’s stock are sold short. Based on an average daily trading volume, of 88,500 shares, the days-to-cover ratio is currently 2.9 days.

Third Coast Bancshares Price Performance

Shares of NASDAQ:TCBX traded down $0.10 on Friday, reaching $36.05. The company’s stock had a trading volume of 55,186 shares, compared to its average volume of 68,882. Third Coast Bancshares has a 52-week low of $18.00 and a 52-week high of $37.79. The stock’s 50-day moving average is $34.56 and its two-hundred day moving average is $29.70. The stock has a market capitalization of $493.16 million, a P/E ratio of 13.01 and a beta of 0.31.

Third Coast Bancshares (NASDAQ:TCBX) last posted its quarterly earnings data on Wednesday, January 22nd. The company reported $0.79 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.11. Third Coast Bancshares had a return on equity of 10.93% and a net margin of 14.06%. Equities analysts forecast that Third Coast Bancshares will post 2.94 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on TCBX shares. Keefe, Bruyette & Woods cut shares of Third Coast Bancshares from an “outperform” rating to a “market perform” rating and boosted their price target for the company from $40.00 to $42.00 in a research report on Wednesday. Stephens reissued an “overweight” rating and issued a $42.00 target price on shares of Third Coast Bancshares in a report on Thursday, January 23rd. Finally, 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 report on Friday, January 24th.

Insider Transactions at Third Coast Bancshares

In related news, insider William Bobbora purchased 1,450 shares of the company’s stock in a transaction on Thursday, December 5th. The shares were bought at an average cost of $35.33 per share, for a total transaction of $51,228.50. Following the completion of the purchase, the insider now directly owns 6,050 shares of the company’s stock, valued at approximately $213,746.50. This trade represents a 31.52 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 10.20% of the company’s stock.

Hedge Funds Weigh In On Third Coast Bancshares

Several institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP boosted its holdings in shares of Third Coast Bancshares by 18.3% in the second quarter. Dimensional Fund Advisors LP now owns 190,819 shares of the company’s stock valued at $4,058,000 after acquiring an additional 29,516 shares in the last quarter. Renaissance Technologies LLC increased its position in Third Coast Bancshares by 11.9% during the 2nd quarter. Renaissance Technologies LLC now owns 85,505 shares of the company’s stock worth $1,819,000 after purchasing an additional 9,105 shares during the period. AQR Capital Management LLC purchased a new position in shares of Third Coast Bancshares during the 2nd quarter worth approximately $255,000. SG Americas Securities LLC acquired a new stake in shares of Third Coast Bancshares in the 3rd quarter valued at approximately $115,000. Finally, Inspire Investing LLC purchased a new stake in shares of Third Coast Bancshares in the third quarter valued at approximately $823,000. 36.88% of the stock is owned by institutional investors and hedge funds.

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.