Third Coast Bancshares, Inc. (NASDAQ:TCBX) Short Interest Up 26.6% in April

Third Coast Bancshares, Inc. (NASDAQ:TCBX) saw a significant growth in short interest in April. As of April 15th, there was short interest totalling 52,900 shares, a growth of 26.6% from the March 31st total of 41,800 shares. Approximately 0.5% of the shares of the company are sold short. Based on an average daily trading volume, of 32,900 shares, the days-to-cover ratio is currently 1.6 days.

Wall Street Analysts Forecast Growth

TCBX has been the subject of a number of research reports. Keefe, Bruyette & Woods initiated coverage on Third Coast Bancshares in a report on Thursday, January 11th. They set an “outperform” rating and a $26.00 target price for the company. Raymond James raised their price target on Third Coast Bancshares from $20.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, January 29th.

Hedge Funds Weigh In On Third Coast Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Rosenthal Henry Capital Advisors Inc. bought a new stake in shares of Third Coast Bancshares during the third quarter valued at approximately $872,000. Steward Partners Investment Advisory LLC bought a new stake in shares of Third Coast Bancshares during the fourth quarter valued at approximately $606,000. Kennedy Capital Management LLC grew its holdings in Third Coast Bancshares by 13.9% during the third quarter. Kennedy Capital Management LLC now owns 217,353 shares of the company’s stock worth $3,717,000 after buying an additional 26,592 shares in the last quarter. Panagora Asset Management Inc. bought a new stake in Third Coast Bancshares during the third quarter worth $357,000. Finally, Quadrature Capital Ltd bought a new stake in Third Coast Bancshares during the fourth quarter worth $409,000. 36.88% of the stock is owned by institutional investors and hedge funds.

Third Coast Bancshares Price Performance

Shares of Third Coast Bancshares stock traded up $0.39 during midday trading on Friday, reaching $19.90. The company had a trading volume of 20,373 shares, compared to its average volume of 23,434. The stock has a fifty day moving average price of $19.33 and a 200 day moving average price of $18.56. The firm has a market cap of $270.84 million, a PE ratio of 9.80 and a beta of 0.65. Third Coast Bancshares has a fifty-two week low of $12.31 and a fifty-two week high of $21.50.

Third Coast Bancshares (NASDAQ:TCBX) last posted its quarterly earnings data on Thursday, January 25th. The company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The company had revenue of $39.49 million for the quarter, compared to analyst estimates of $37.74 million. Third Coast Bancshares had a return on equity of 8.57% and a net margin of 11.64%. As a group, sell-side analysts forecast that Third Coast Bancshares will post 2.22 EPS for the current 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.