Third Coast Bancshares, Inc. (NASDAQ:TCBX) Receives $47.75 Consensus PT from Analysts

Shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) have been given an average recommendation of “Moderate Buy” by the six analysts that are covering the firm, Marketbeat.com 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 1 year price target among analysts that have covered the stock in the last year is $47.75.

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

Institutional Investors Weigh In On Third Coast Bancshares

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Core Capital Management & Research inc. purchased a new position in Third Coast Bancshares in the second quarter valued at $747,000. IFP Advisors Inc lifted its holdings in Third Coast Bancshares by 20,909.1% during the 2nd quarter. IFP Advisors Inc now owns 4,622 shares of the company’s stock worth $187,000 after buying an additional 4,600 shares during the last quarter. Corient Private Wealth LP lifted its holdings in Third Coast Bancshares by 3.2% during the 2nd quarter. Corient Private Wealth LP now owns 21,048 shares of the company’s stock worth $850,000 after buying an additional 648 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in shares of Third Coast Bancshares during the 2nd quarter worth about $40,000. Finally, Susquehanna Fundamental Investments LLC increased its holdings in shares of Third Coast Bancshares by 96.7% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 13,462 shares of the company’s stock valued at $544,000 after acquiring an additional 6,618 shares during the last quarter. 36.88% of the stock is currently owned by institutional investors and hedge funds.

Third Coast Bancshares Trading Down 1.4%

Shares of NASDAQ TCBX opened at $42.94 on Monday. The stock has a market cap of $712.46 million, a P/E ratio of 13.13 and a beta of 0.32. The business’s fifty day simple moving average is $44.18 and its 200-day simple moving average is $40.74. Third Coast Bancshares has a 12-month low of $35.73 and a 12-month high of $46.35.

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

Third Coast Bancshares declared that its board has approved a stock repurchase program on Thursday, July 2nd that permits the company to buyback $30.00 million in shares. This buyback authorization permits the company to reacquire up to 4.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

About Third Coast Bancshares

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.