Third Coast Bancshares, Inc. (NASDAQ:TCBX) Given Average Rating of “Moderate Buy” by Brokerages

Shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) have earned a consensus rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $47.75.

TCBX has been the topic of several research reports. Piper Sandler started coverage on Third Coast Bancshares in a report on Thursday, August 27th. They set an “overweight” rating and a $53.00 price target on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Third Coast Bancshares from $45.00 to $48.00 and gave the stock a “market perform” rating in a report on Monday, August 3rd.

Third Coast Bancshares Trading Up 2.2%

NASDAQ TCBX opened at $44.87 on Thursday. Third Coast Bancshares has a 1 year low of $35.73 and a 1 year high of $46.35. The firm has a market capitalization of $744.43 million, a price-to-earnings ratio of 13.72 and a beta of 0.32. The firm’s 50 day simple moving average is $42.84 and its 200 day simple moving average is $40.34.

Third Coast Bancshares (NASDAQ:TCBX) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.18. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. The company had revenue of $67.99 million for the quarter, compared to the consensus estimate of $62.75 million. On average, equities research analysts forecast that Third Coast Bancshares will post 3.1 earnings per share for the current year.

Third Coast Bancshares declared that its Board of Directors has initiated a stock buyback program on Thursday, July 2nd that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the company to repurchase up to 4.5% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Third Coast Bancshares

Several institutional investors have recently added to or reduced their stakes in TCBX. Advisory Services Network LLC bought a new position in Third Coast Bancshares during the 3rd quarter worth approximately $31,000. Quantbot Technologies LP acquired a new stake in shares of Third Coast Bancshares during the second quarter worth $29,000. Ameritas Advisory Services LLC bought a new stake in Third Coast Bancshares during the second quarter valued at $40,000. Legal & General Group Plc acquired a new stake in Third Coast Bancshares during the 2nd quarter worth about $61,000. Finally, Mariner LLC acquired a new stake in Third Coast Bancshares during the 4th quarter worth about $201,000. 36.88% of the stock is currently owned by institutional investors.

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. It also offers commercial and industrial loans, equipment loans, working capital lines of credit, guaranteed loans, auto finance, letters of credit, commercial and residential real estate, and construction, development, and other loans.