Third Coast Bancshares, Inc. (NASDAQ:TCBX) Stock Has Average Target Price of $47.60

Key Points

• Analysts rate Third Coast Bancshares “Moderate Buy,” with three buy ratings, one strong-buy rating and three holds. The average 12-month price target is $47.60, above the reported $41.33 share price.
• The company exceeded quarterly expectations, reporting $1.08 in earnings per share versus the $0.90 consensus estimate and revenue of $67.99 million versus $62.75 million expected.
• Third Coast Bancshares authorized a $30 million share-repurchase program, allowing it to buy back up to 4.5% of outstanding shares; institutional investors currently own 36.88% of the stock.

Shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Get Free Report) have been given a consensus rating of "Moderate Buy" by the seven analysts that are presently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $47.60.

Several research firms have issued reports on TCBX. Benchmark upgraded shares of Third Coast Bancshares to a "strong-buy" rating in a research note on Thursday, September 24th. Brean Capital began coverage on shares of Third Coast Bancshares in a research report on Wednesday, September 30th. They set a "neutral" rating and a $47.00 price objective on the stock. Piper Sandler assumed coverage on shares of Third Coast Bancshares in a research report on Thursday, August 27th. They issued an "overweight" rating and a $53.00 target price for the company. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Third Coast Bancshares from $45.00 to $48.00 and gave the company a "market perform" rating in a research note on Monday, August 3rd.

Third Coast Bancshares Stock Up 0.3%

Shares of NASDAQ TCBX opened at $41.33 on Friday. The firm has a market cap of $685.71 million, a P/E ratio of 12.64 and a beta of 0.33. Third Coast Bancshares has a twelve month low of $35.73 and a twelve month high of $46.35. The company has a 50 day moving average of $44.07 and a 200 day moving average of $41.27.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 22nd. The company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.18. The firm 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, equities analysts expect that Third Coast Bancshares will post 3.10 earnings per share for the current fiscal year.

Third Coast Bancshares announced that its board has approved a share repurchase plan on Thursday, July 2nd that permits the company to repurchase $30.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 4.5% of its shares through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Third Coast Bancshares

Large investors have recently made changes to their positions in the company. Daytona Street Capital LLC boosted its holdings in shares of Third Coast Bancshares by 9.5% in the third quarter. Daytona Street Capital LLC now owns 45,900 shares of the company's stock worth $1,967,000 after buying an additional 4,000 shares during the last quarter. Core Capital Management & Research inc. bought a new position in Third Coast Bancshares in the second quarter worth approximately $747,000. IFP Advisors Inc boosted its stake in shares of Third Coast Bancshares by 20,909.1% during the 2nd quarter. IFP Advisors Inc now owns 4,622 shares of the company's stock worth $187,000 after acquiring an additional 4,600 shares during the last quarter. Corient Private Wealth LP boosted its stake in shares of Third Coast Bancshares by 3.2% during the 2nd quarter. Corient Private Wealth LP now owns 21,048 shares of the company's stock worth $850,000 after acquiring an additional 648 shares during the last quarter. Finally, Ameritas Advisory Services LLC bought a new stake in shares of Third Coast Bancshares during the 2nd quarter valued at $40,000. 36.88% of the stock is currently owned by institutional investors.

About Third Coast Bancshares

Third Coast Bancshares, Inc is the bank holding company for Third Coast Bank SSB, a Texas-based community bank. The company provides relationship-focused banking services to businesses, professionals and individuals through its banking operations in Texas.

Third Coast Bank offers commercial and consumer deposit products, including checking, savings and money market accounts, certificates of deposit and cash-management services. Its lending activities include commercial and industrial loans, commercial real estate financing, residential and other real estate loans, construction lending, and consumer loans.

Founded in 2008, Third Coast Bank serves communities in the Houston, Dallas-Fort Worth and other Texas markets through branch locations and digital banking channels.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.