Alliancebernstein L.P. Increases Stock Position in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Alliancebernstein L.P. boosted its holdings in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) by 22.8% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 408,561 shares of the company’s stock after acquiring an additional 75,964 shares during the quarter. Alliancebernstein L.P.’s holdings in Third Coast Bancshares were worth $13,871,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. State Street Corp boosted its position in 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 in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Third Coast Bancshares during the 3rd quarter worth $1,443,000. Public Employees Retirement System of Ohio boosted its position in Third Coast Bancshares by 150.8% during the third quarter. Public Employees Retirement System of Ohio now owns 4,081 shares of the company’s stock valued at $109,000 after purchasing an additional 2,454 shares in the last quarter. Barclays PLC grew its stake in Third Coast Bancshares by 254.6% in the third quarter. Barclays PLC now owns 15,929 shares of the company’s stock valued at $426,000 after purchasing an additional 11,437 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Third Coast Bancshares by 1.2% in the third 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 in the last quarter. Institutional investors own 36.88% of the company’s stock.

Third Coast Bancshares Stock Down 2.2 %

Shares of Third Coast Bancshares stock opened at $27.77 on Wednesday. The company has a 50 day moving average price of $34.43 and a 200 day moving average price of $33.12. The firm has a market capitalization of $382.92 million, a P/E ratio of 10.03 and a beta of 0.40. Third Coast Bancshares, Inc. has a 52 week low of $18.00 and a 52 week high of $39.45.

Third Coast Bancshares (NASDAQ:TCBX) last posted its quarterly earnings results on Wednesday, January 22nd. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.11. Third Coast Bancshares had a net margin of 14.06% and a return on equity of 10.93%. As a group, research analysts anticipate that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider William Bobbora purchased 2,000 shares of the company’s 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 in the company, valued at $1,347,021.65. This trade represents a 5.05 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 10.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Raymond James cut shares of Third Coast Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Stephens restated an “overweight” rating and issued a $42.00 target price on shares of Third Coast Bancshares in a research note on Thursday, January 23rd. Finally, Keefe, Bruyette & Woods lowered shares of Third Coast Bancshares from an “outperform” rating to a “market perform” rating and lifted their price target for the stock from $40.00 to $42.00 in a report on Wednesday, January 29th.

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.