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

Key Points

• Analysts give Third Coast Bancshares a “Moderate Buy” consensus: Four of six analysts rate the stock a buy, while two recommend holding it. The average 12-month price target is $47.75, above the reported $44.19 share price.
• Recent financial results exceeded expectations: Third Coast reported quarterly EPS of $1.08 versus the $0.90 consensus estimate and revenue of $67.99 million, ahead of the $62.75 million forecast.
• The company authorized a $30 million share repurchase program, allowing it to buy back up to 4.5% of outstanding shares; institutional investors own 36.88% of the stock.

Shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Get Free Report) have earned an average recommendation of "Moderate Buy" from the six research firms that are currently covering the stock, MarketBeat 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 objective among brokerages that have issued ratings on the stock in the last year is $47.75.

TCBX has been the topic of several recent analyst reports. Piper Sandler assumed 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 increased their price objective on Third Coast Bancshares from $45.00 to $48.00 and gave the stock a "market perform" rating in a report on Monday, August 3rd.

Institutional Trading of Third Coast Bancshares

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in Third Coast Bancshares during the 2nd quarter valued at $46,829,000. Dimensional Fund Advisors LP lifted its position in shares of Third Coast Bancshares by 6.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 472,808 shares of the company's stock worth $17,886,000 after purchasing an additional 27,664 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Third Coast Bancshares during the 2nd quarter valued at about $13,553,000. Ategra Capital Management LLC bought a new stake in shares of Third Coast Bancshares during the 2nd quarter valued at about $10,560,000. Finally, Sei Investments Co. increased its position in shares of Third Coast Bancshares by 172.5% during the first quarter. Sei Investments Co. now owns 178,570 shares of the company's stock valued at $6,756,000 after buying an additional 113,043 shares during the period. Hedge funds and other institutional investors own 36.88% of the company's stock.

Third Coast Bancshares Stock Performance

Shares of TCBX stock opened at $44.19 on Monday. The company has a market capitalization of $733.12 million, a P/E ratio of 13.51 and a beta of 0.32. Third Coast Bancshares has a fifty-two week low of $35.73 and a fifty-two week high of $46.35. The stock has a 50 day moving average price of $43.99 and a two-hundred day moving average price of $40.66.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last issued its earnings results on Wednesday, July 22nd. The company reported $1.08 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $67.99 million for the quarter, compared to analysts' expectations of $62.75 million. As a group, equities analysts predict that Third Coast Bancshares will post 3.1 earnings per share for the current year.

Third Coast Bancshares declared that its board has initiated a stock buyback plan on Thursday, July 2nd that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 4.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

About Third Coast Bancshares

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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