Third Coast Bancshares, Inc. (NASDAQ:TCBX) Sees Large Growth in Short Interest

Third Coast Bancshares, Inc. (NASDAQ:TCBX) was the recipient of a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 52,900 shares, an increase of 26.6% from the March 31st total of 41,800 shares. Currently, 0.5% of the company’s shares are sold short. Based on an average daily volume of 32,900 shares, the days-to-cover ratio is presently 1.6 days.

Third Coast Bancshares Price Performance

Shares of TCBX stock traded down $0.44 during mid-day trading on Tuesday, hitting $19.42. The stock had a trading volume of 21,939 shares, compared to its average volume of 30,603. Third Coast Bancshares has a 12-month low of $12.31 and a 12-month high of $21.50. The firm has a market capitalization of $264.31 million, a P/E ratio of 9.72 and a beta of 0.65. The firm’s 50-day moving average is $19.34 and its two-hundred day moving average is $18.59.

Institutional Investors Weigh In On Third Coast Bancshares

Hedge funds have recently made changes to their positions in the company. New York State Common Retirement Fund lifted its holdings in shares of Third Coast Bancshares by 56.5% in the 4th quarter. New York State Common Retirement Fund now owns 5,013 shares of the company’s stock worth $100,000 after buying an additional 1,810 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Third Coast Bancshares in the 4th quarter worth $134,000. Bailard Inc. purchased a new stake in shares of Third Coast Bancshares in the 3rd quarter worth $298,000. Doliver Advisors LP purchased a new stake in shares of Third Coast Bancshares in the 4th quarter worth $308,000. Finally, Panagora Asset Management Inc. purchased a new stake in shares of Third Coast Bancshares during the 3rd quarter worth $357,000. 36.88% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Raymond James boosted their price objective on Third Coast Bancshares from $20.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, January 29th. Keefe, Bruyette & Woods assumed coverage on Third Coast Bancshares in a report on Thursday, January 11th. They set an “outperform” rating and a $26.00 price objective for the company.

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.