Third Coast Bancshares, Inc. (NASDAQ:TCBX) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analyst sentiment is moderately bullish: Four of six brokerages rate Third Coast Bancshares a buy, while two recommend holding the stock. The average 12-month price target is $47.75, with recent targets ranging from $48 to $53.
• Quarterly results exceeded expectations: Third Coast reported earnings of $1.08 per share versus the $0.90 consensus estimate, while revenue reached $67.99 million compared with expectations of $62.75 million.
• The company authorized a $30 million share buyback, allowing it to repurchase up to 4.5% of outstanding shares; institutional investors and hedge funds currently own 36.88% of the stock.

Third Coast Bancshares, Inc. (NASDAQ:TCBX - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the six brokerages that are currently covering the company, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $47.75.

A number of equities research analysts recently commented on TCBX shares. Keefe, Bruyette & Woods upped their target price 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. Piper Sandler assumed coverage on shares of Third Coast Bancshares in a report on Thursday. They issued an "overweight" rating and a $53.00 price objective on the stock.

Institutional Trading of Third Coast Bancshares

Several hedge funds and other institutional investors have recently bought and sold shares of TCBX. Quantbot Technologies LP acquired a new position in Third Coast Bancshares in the second quarter valued at approximately $29,000. Advisory Services Network LLC acquired a new stake in shares of Third Coast Bancshares during the 3rd quarter worth approximately $31,000. Ameritas Advisory Services LLC purchased a new position in shares of Third Coast Bancshares during the 2nd quarter valued at approximately $40,000. Legal & General Group Plc purchased a new position in shares of Third Coast Bancshares during the 2nd quarter valued at approximately $61,000. Finally, Mariner LLC acquired a new position in shares of Third Coast Bancshares in the 4th quarter valued at $201,000. 36.88% of the stock is owned by institutional investors and hedge funds.

Third Coast Bancshares Price Performance

Shares of TCBX opened at $44.25 on Thursday. The firm has a market capitalization of $734.20 million, a PE ratio of 13.53 and a beta of 0.32. Third Coast Bancshares has a 1-year low of $35.73 and a 1-year high of $46.35. The company's fifty day moving average price is $42.31 and its 200-day moving average price is $40.26.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The company reported $1.08 EPS for the quarter, topping analysts' consensus estimates of $0.90 by $0.18. The company had revenue of $67.99 million during the quarter, compared to analysts' expectations of $62.75 million. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. As a group, research analysts anticipate that Third Coast Bancshares will post 3.1 EPS for the current fiscal year.

Third Coast Bancshares declared that its board has authorized a share buyback plan on Thursday, July 2nd that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the company to buy up to 4.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

Third Coast Bancshares Company Profile

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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