Third Coast Bancshares (NASDAQ:TCBX) Stock Price Target Cut by Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods cut Third Coast Bancshares’ price target from $48 to $46 while maintaining a “market perform” rating, implying 13.1% upside from the prior close.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $47.20; other firms’ targets range from $47 to $53.
• Third Coast Bancshares beat quarterly EPS expectations, reporting $1.06 versus the $1.00 consensus, although revenue of $65.87 million fell short of the $66.83 million estimate.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) had its price objective lowered by equities researchers at Keefe, Bruyette & Woods from $48.00 to $46.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a "market perform" rating on the stock. Keefe, Bruyette & Woods's target price would indicate a potential upside of 13.10% from the stock's previous close.

TCBX has been the topic of several other research reports. Benchmark raised shares of Third Coast Bancshares to a "strong-buy" rating in a research note on Thursday, September 24th. Piper Sandler started coverage on Third Coast Bancshares in a research report on Thursday, August 27th. They set an "overweight" rating and a $53.00 target price for the company. Finally, Brean Capital began coverage on Third Coast Bancshares in a report on Wednesday, September 30th. They set a "neutral" rating and a $47.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, Third Coast Bancshares has a consensus rating of "Moderate Buy" and a consensus price target of $47.20.

Third Coast Bancshares Price Performance

NASDAQ TCBX opened at $40.67 on Tuesday. The business has a fifty day moving average price of $42.91 and a two-hundred day moving average price of $40.88. The stock has a market capitalization of $674.83 million, a PE ratio of 12.44 and a beta of 0.33. Third Coast Bancshares has a fifty-two week low of $35.73 and a fifty-two week high of $46.35.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last announced its quarterly earnings results on Wednesday, October 21st. The company reported $1.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.06. The company had revenue of $65.87 million during the quarter, compared to the consensus estimate of $66.83 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. As a group, sell-side analysts expect that Third Coast Bancshares will post 3.10 earnings per share for the current year.

Insiders Place Their Bets

In other Third Coast Bancshares news, insider William Bobbora bought 1,000 shares of the stock in a transaction that occurred on Monday, October 26th. The shares were bought at an average price of $40.34 per share, for a total transaction of $40,340.00. Following the acquisition, the insider directly owned 52,855 shares of the company's stock, valued at approximately $2,132,170.70. The trade was a 1.93% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 10.48% of the company's stock.

Hedge Funds Weigh In On Third Coast Bancshares

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Alps Advisors Inc. purchased a new stake in shares of Third Coast Bancshares in the third quarter worth about $542,000. Commonwealth Equity Services LLC purchased a new position in Third Coast Bancshares during the third quarter valued at approximately $203,000. Verdence Capital Advisors LLC grew its stake in Third Coast Bancshares by 5.0% during the third quarter. Verdence Capital Advisors LLC now owns 11,928 shares of the company's stock valued at $506,000 after acquiring an additional 573 shares in the last quarter. Wavvest Wealth LLC purchased a new position in Third Coast Bancshares during the third quarter valued at approximately $485,000. Finally, Annex Advisory Services LLC grew its stake in Third Coast Bancshares by 66.9% during the third quarter. Annex Advisory Services LLC now owns 72,230 shares of the company's stock valued at $3,062,000 after acquiring an additional 28,957 shares in the last quarter. Hedge funds and other institutional investors own 36.88% of the company's stock.

About Third Coast Bancshares

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.

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