Third Coast Bancshares (NASDAQ:TCBX) Posts Earnings Results, Beats Estimates By $0.06 EPS

Third Coast Bancshares (NASDAQ:TCBX) issued its quarterly earnings data on Wednesday. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.06, reports. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. The business had revenue of $65.87 million for the quarter, compared to the consensus estimate of $66.83 million.

Third Coast Bancshares Stock Performance

Shares of TCBX traded down $0.78 during trading hours on Thursday, hitting $39.98. The stock had a trading volume of 44,456 shares, compared to its average volume of 95,959. The firm has a market cap of $663.36 million, a P/E ratio of 12.24 and a beta of 0.33. The company’s fifty day simple moving average is $43.78 and its 200 day simple moving average is $41.36. Third Coast Bancshares has a 12-month low of $35.73 and a 12-month high of $46.35.

Third Coast Bancshares declared that its Board of Directors has authorized a stock repurchase program on Thursday, July 2nd that permits the company to buy back $30.00 million in shares. This repurchase authorization permits the company to purchase up to 4.5% of its stock through open market purchases. Share repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts recently commented on TCBX shares. Brean Capital assumed coverage on Third Coast Bancshares in a research note on Wednesday, September 30th. They set a “neutral” rating and a $47.00 price objective on the stock. Piper Sandler started coverage on shares of Third Coast Bancshares in a research note on Thursday, August 27th. They issued an “overweight” rating and a $53.00 target price for the company. Benchmark raised shares of Third Coast Bancshares to a “strong-buy” rating in a research note on Thursday, September 24th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Third Coast Bancshares from $45.00 to $48.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $47.60.

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 bank provides relationship-focused financial services to businesses, professionals and individuals through a network of banking offices and digital banking channels.

Its products and services include commercial and industrial loans, commercial real estate financing, construction and development loans, residential real estate lending, consumer loans and deposit accounts. The bank also offers treasury management, online and mobile banking, cash-management services and other solutions designed to support business and personal financial needs.

Founded in 2008, Third Coast Bank serves customers in key Texas markets, including the Houston, Dallas-Fort Worth and Austin areas.