Third Coast Bancshares (NASDAQ:TCBX) Stock Picked Up by Analysts at Brean Capital

Key Points

• Brean Capital initiated coverage of Third Coast Bancshares with a “neutral” rating and a $47 price target, implying approximately 10.25% upside. Analysts overall have a “Moderate Buy” consensus rating with a $47.60 target.
• Third Coast Bancshares recently reported stronger-than-expected quarterly results, posting $1.08 EPS versus the $0.90 estimate and revenue of $67.99 million versus the $62.75 million consensus.
• The company authorized a $30 million share buyback, allowing repurchases of up to 4.5% of outstanding shares; institutional investors and hedge funds currently own 36.88% of the stock.

Analysts at Brean Capital assumed coverage on shares of Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) in a research report issued to clients and investors on Wednesday, Briefing.com reports. The brokerage set a "neutral" rating and a $47.00 price target on the stock. Brean Capital's target price suggests a potential upside of 10.25% from the stock's current price.

Several other research analysts also recently issued reports on the company. 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 target price on the stock. Keefe, Bruyette & Woods upped their price objective on Third Coast Bancshares from $45.00 to $48.00 and gave the company a "market perform" rating in a research report on Monday, August 3rd. Finally, Benchmark upgraded Third Coast Bancshares to a "strong-buy" rating in a research report on Thursday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Third Coast Bancshares currently has an average rating of "Moderate Buy" and a consensus price target of $47.60.

Third Coast Bancshares Trading Down 1.3%

NASDAQ:TCBX opened at $42.63 on Wednesday. The firm has a 50-day moving average price of $44.36 and a two-hundred day moving average price of $40.88. Third Coast Bancshares has a twelve month low of $35.73 and a twelve month high of $46.35. The company has a market capitalization of $707.30 million, a P/E ratio of 13.04 and a beta of 0.32.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $1.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.18. The company had revenue of $67.99 million for 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%. On average, equities research analysts predict that Third Coast Bancshares will post 3.1 earnings per share for the current year.

Third Coast Bancshares announced that its Board of Directors has initiated a share buyback program on Thursday, July 2nd that permits the company to buyback $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 programs are usually an indication that the company's board believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp acquired a new position in shares of Third Coast Bancshares during the 2nd quarter valued at about $13,553,000. Ategra Capital Management LLC purchased a new position in shares of Third Coast Bancshares during the 2nd quarter worth about $10,560,000. Dimensional Fund Advisors LP boosted its position in shares of Third Coast Bancshares by 6.2% in the first quarter. Dimensional Fund Advisors LP now owns 472,808 shares of the company's stock worth $17,886,000 after acquiring an additional 27,664 shares during the last quarter. Empowered Funds LLC purchased a new stake in Third Coast Bancshares in the second quarter valued at approximately $2,771,000. Finally, 1492 Capital Management LLC grew its holdings in Third Coast Bancshares by 63.6% in the first quarter. 1492 Capital Management LLC now owns 132,762 shares of the company's stock valued at $5,022,000 after purchasing an additional 51,636 shares during the period. 36.88% of the stock is currently owned by institutional investors and hedge funds.

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.

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