Third Coast Bancshares, Inc. (NASDAQ:TCBX) Stock Has Average Target Price of $47.60 According to Analysts

Shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) have been assigned an average recommendation of “Moderate Buy” from the seven analysts that are covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $47.60.

A number of equities research analysts have commented on TCBX shares. Piper Sandler began coverage on shares of Third Coast Bancshares in a research note on Thursday, August 27th. They set an “overweight” rating and a $53.00 target price on the stock. Benchmark upgraded shares of Third Coast Bancshares to a “strong-buy” rating in a research report on Thursday, September 24th. Brean Capital initiated coverage on shares of Third Coast Bancshares in a research note on Wednesday, September 30th. They issued a “neutral” rating and a $47.00 price objective for the company. Finally, Keefe, Bruyette & Woods increased their price objective 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 institutional investors have recently bought and sold shares of TCBX. Annex Advisory Services LLC boosted its stake in Third Coast Bancshares by 66.9% in the 3rd quarter. Annex Advisory Services LLC now owns 72,230 shares of the company’s stock worth $3,062,000 after purchasing an additional 28,957 shares during the period. Daytona Street Capital LLC raised its position in shares of Third Coast Bancshares by 9.5% during the third quarter. Daytona Street Capital LLC now owns 45,900 shares of the company’s stock valued at $1,967,000 after buying an additional 4,000 shares during the last quarter. Core Capital Management & Research inc. bought a new stake in shares of Third Coast Bancshares during the second quarter valued at approximately $747,000. IFP Advisors Inc raised its position in shares of Third Coast Bancshares by 20,909.1% during the second quarter. IFP Advisors Inc now owns 4,622 shares of the company’s stock valued at $187,000 after buying an additional 4,600 shares during the last quarter. Finally, Corient Private Wealth LP lifted 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 worth $850,000 after buying an additional 648 shares in the last quarter. Hedge funds and other institutional investors own 36.88% of the company’s stock.

Third Coast Bancshares Stock Up 1.5%

NASDAQ TCBX opened at $41.27 on Friday. Third Coast Bancshares has a 52 week low of $35.73 and a 52 week high of $46.35. The company has a market capitalization of $684.83 million, a P/E ratio of 12.62 and a beta of 0.33. The stock’s 50-day moving average price is $43.87 and its 200-day moving average price is $41.34.

Third Coast Bancshares (NASDAQ:TCBX) last announced its quarterly earnings data on Wednesday, July 22nd. The company reported $1.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.18. The company had revenue of $67.99 million during the quarter, compared to the consensus estimate of $62.75 million. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. Research analysts anticipate that Third Coast Bancshares will post 3.10 EPS for the current year.

Third Coast Bancshares declared that its board has authorized a share repurchase plan on Thursday, July 2nd that permits the company to buy back $30.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 4.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

About Third Coast Bancshares

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.