Third Coast Bancshares (NASDAQ:TCBX) Stock Rating Upgraded by Piper Sandler

Key Points

• Piper Sandler upgraded Third Coast Bancshares to “strong buy,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $47.75.
• Third Coast reported quarterly EPS of $1.08, exceeding the $0.90 consensus estimate, while revenue of $67.99 million also surpassed expectations.
• The company authorized a $30 million share-repurchase plan, allowing it to buy back up to 4.5% of outstanding shares; the stock recently traded at $45.22.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) was upgraded by stock analysts at Piper Sandler to a "strong-buy" rating in a report issued on Thursday,Zacks.com reports.

Separately, Keefe, Bruyette & Woods lifted their price objective 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 issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $47.75.

Third Coast Bancshares Stock Up 2.0%

Shares of TCBX opened at $45.22 on Thursday. The business's fifty day moving average is $42.44 and its 200 day moving average is $40.27. Third Coast Bancshares has a 12-month low of $35.73 and a 12-month high of $46.35. The stock has a market cap of $750.22 million, a P/E ratio of 13.83 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 EPS for the quarter, beating analysts' consensus estimates of $0.90 by $0.18. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. The business had revenue of $67.99 million during the quarter, compared to analyst estimates of $62.75 million. On average, analysts expect that Third Coast Bancshares will post 3.1 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 buyback $30.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 4.5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Third Coast Bancshares

A number of institutional investors have recently added to or reduced their stakes in the company. Quantbot Technologies LP bought a new position in shares of Third Coast Bancshares during the 2nd quarter worth approximately $29,000. Advisory Services Network LLC purchased a new position in shares of Third Coast Bancshares in the 3rd quarter worth approximately $31,000. Ameritas Advisory Services LLC bought a new position in shares of Third Coast Bancshares in the second quarter valued at approximately $40,000. Legal & General Group Plc purchased a new stake in shares of Third Coast Bancshares during the second quarter valued at approximately $61,000. Finally, Mariner LLC purchased a new stake in shares of Third Coast Bancshares during the fourth quarter valued at approximately $201,000. 36.88% of the stock is owned by institutional investors.

About Third Coast Bancshares

Third Coast Bancshares, Inc operates as a bank holding company for Third Coast Bank, SSB that provides various commercial banking solutions to small and medium-sized businesses, and professionals. The company's deposit products include checking, savings, individual retirement, and money market accounts, as well as certificates of deposit. It also offers commercial and industrial loans, equipment loans, working capital lines of credit, guaranteed loans, auto finance, letters of credit, commercial and residential real estate, and construction, development, and other loans.

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