Third Coast Bancshares, Inc. (NASDAQ:TCBX) Stock Has Consensus Price Target of $47.75 According to Analysts

Third Coast Bancshares, Inc. (NASDAQ:TCBX) has been given a consensus recommendation of “Moderate Buy” by the six brokerages that are presently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $47.75.

A number of research analysts recently issued reports on TCBX shares. Keefe, Bruyette & Woods boosted their price target on Third Coast Bancshares from $45.00 to $48.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. Piper Sandler initiated coverage on Third Coast Bancshares in a report on Thursday, August 27th. They issued an “overweight” rating and a $53.00 price objective for the company.

Third Coast Bancshares Stock Up 1.1%

Shares of Third Coast Bancshares stock opened at $43.27 on Monday. The firm has a market cap of $717.97 million, a PE ratio of 13.23 and a beta of 0.32. Third Coast Bancshares has a 12-month low of $35.73 and a 12-month high of $46.35. The company’s fifty day simple moving average is $44.25 and its two-hundred day simple moving average is $40.79.

Third Coast Bancshares (NASDAQ:TCBX) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $1.08 EPS for the quarter, beating the consensus estimate of $0.90 by $0.18. The firm had revenue of $67.99 million during the quarter, compared to the consensus estimate of $62.75 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. As a group, sell-side analysts expect that Third Coast Bancshares will post 3.1 earnings per share for the current fiscal year.

Third Coast Bancshares declared that its Board of Directors has approved a share repurchase plan on Thursday, July 2nd that allows the company to buyback $30.00 million in shares. This buyback authorization allows the company to buy up to 4.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Third Coast Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Core Capital Management & Research inc. purchased a new position in shares of Third Coast Bancshares during the 2nd quarter worth approximately $747,000. IFP Advisors Inc lifted its stake in shares of Third Coast Bancshares by 20,909.1% in the 2nd quarter. IFP Advisors Inc now owns 4,622 shares of the company’s stock valued at $187,000 after purchasing an additional 4,600 shares during the period. Corient Private Wealth LP lifted its stake in shares of Third Coast Bancshares by 3.2% in the 2nd quarter. Corient Private Wealth LP now owns 21,048 shares of the company’s stock valued at $850,000 after purchasing an additional 648 shares during the period. Ameritas Advisory Services LLC bought a new stake in shares of Third Coast Bancshares during the second quarter valued at approximately $40,000. Finally, Susquehanna Fundamental Investments LLC boosted its position in shares of Third Coast Bancshares by 96.7% during the second quarter. Susquehanna Fundamental Investments LLC now owns 13,462 shares of the company’s stock valued at $544,000 after purchasing an additional 6,618 shares in the last quarter. Hedge funds and other institutional investors own 36.88% of the company’s stock.

Third Coast Bancshares Company Profile

Third Coast Bancshares, Inc is the bank holding company for Third Coast Bank SSB, a Texas-based community bank founded in 2008. The bank focuses primarily on serving privately owned businesses, entrepreneurs, professionals and individuals through relationship-based banking.

Third Coast Bank provides commercial and consumer banking products, including business and personal checking and savings accounts, commercial real estate and business loans, residential and consumer lending, treasury management, cash management, online and mobile banking, and other deposit and payment services.

The bank operates a Texas-focused banking franchise serving customers in major markets including the greater Houston, Dallas-Fort Worth and Austin areas.