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

Shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) have been assigned a consensus rating of “Moderate Buy” from the five brokerages that are covering the firm, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $47.75.

A number of analysts have recently commented on TCBX shares. Keefe, Bruyette & Woods lifted their price target on Third Coast Bancshares from $45.00 to $48.00 and gave the company a “market perform” rating in a research note on Monday, August 3rd. Piper Sandler began 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.

Hedge Funds Weigh In On Third Coast Bancshares

Several institutional investors and hedge funds have recently added to or reduced their stakes in TCBX. BlackRock Inc. bought a new stake in shares of Third Coast Bancshares in the 2nd quarter valued at about $46,829,000. Bank of New York Mellon Corp acquired a new stake in shares of Third Coast Bancshares in the second quarter valued at about $13,553,000. Ategra Capital Management LLC bought a new position in shares of Third Coast Bancshares during the second quarter worth about $10,560,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Third Coast Bancshares during the second quarter worth about $4,951,000. Finally, Sei Investments Co. lifted its stake in shares of Third Coast Bancshares by 172.5% in the first quarter. Sei Investments Co. now owns 178,570 shares of the company’s stock worth $6,756,000 after acquiring an additional 113,043 shares during the period. 36.88% of the stock is currently owned by institutional investors and hedge funds.

Third Coast Bancshares Stock Performance

Shares of TCBX opened at $43.27 on Monday. Third Coast Bancshares has a 52 week low of $35.73 and a 52 week high of $46.35. The stock has a market capitalization of $717.97 million, a price-to-earnings ratio of 13.23 and a beta of 0.32. The stock has a fifty day moving average of $44.25 and a 200-day moving average of $40.81.

Third Coast Bancshares (NASDAQ:TCBX) last released its quarterly earnings data on Wednesday, July 22nd. The company reported $1.08 earnings per share for the quarter, beating 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 company had revenue of $67.99 million for the quarter, compared to the consensus estimate of $62.75 million. As a group, equities analysts forecast that Third Coast Bancshares will post 3.1 EPS for the current year.

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

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.