Third Coast Bancshares (NASDAQ:TCBX) Research Coverage Started at Brean Capital

Brean Capital initiated coverage on shares of Third Coast Bancshares (NASDAQ:TCBX) in a research report released on Wednesday morning, MarketBeat reports. The brokerage issued a neutral rating and a $47.00 price objective on the stock.

Other equities analysts have also recently issued research reports about the company. Keefe, Bruyette & Woods increased their target price 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 assumed coverage on Third Coast Bancshares in a research report on Thursday, August 27th. They issued an “overweight” rating and a $53.00 target price on the stock. Finally, Benchmark raised Third Coast Bancshares to a “strong-buy” rating in a research note on Thursday, September 24th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.60.

Third Coast Bancshares Stock Up 1.0%

Shares of NASDAQ TCBX opened at $43.30 on Wednesday. The firm has a market cap of $718.43 million, a price-to-earnings ratio of 13.24 and a beta of 0.32. The company’s 50-day simple moving average is $44.43 and its 200-day simple moving average is $40.97. Third Coast Bancshares has a 52-week low of $35.73 and a 52-week high of $46.35.

Third Coast Bancshares (NASDAQ:TCBX) last released its quarterly earnings results on Wednesday, July 22nd. The company reported $1.08 earnings per share for the quarter, topping 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%. Equities research analysts anticipate that Third Coast Bancshares will post 3.1 EPS for the current fiscal year.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Core Capital Management & Research inc. purchased a new position in shares of Third Coast Bancshares during the 2nd quarter worth $747,000. IFP Advisors Inc grew its holdings in shares of Third Coast Bancshares by 20,909.1% in the second 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 grew its holdings in shares of Third Coast Bancshares by 3.2% in the second 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 acquired a new stake in Third Coast Bancshares during the second quarter worth about $40,000. Finally, Susquehanna Fundamental Investments LLC increased its position in Third Coast Bancshares by 96.7% during the second quarter. Susquehanna Fundamental Investments LLC now owns 13,462 shares of the company’s stock worth $544,000 after purchasing an additional 6,618 shares during the last quarter. 36.88% of the stock is owned by hedge funds and other institutional investors.

Third Coast Bancshares Company Profile

Third Coast Bancshares, Inc is the bank holding company for Third Coast Bank SSB, a Texas-based community bank. The company provides relationship-focused banking services to businesses, professionals and individuals through its banking operations in Texas.

Third Coast Bank offers commercial and consumer deposit products, including checking, savings and money market accounts, certificates of deposit and cash-management services. Its lending activities include commercial and industrial loans, commercial real estate financing, residential and other real estate loans, construction lending, and consumer loans.

Founded in 2008, Third Coast Bank serves communities in the Houston, Dallas-Fort Worth and other Texas markets through branch locations and digital banking channels.