Third Coast Bancshares (NASDAQ:TCBX) Releases Earnings Results

Key Points

• Third Coast Bancshares beat earnings expectations, reporting quarterly EPS of $1.06 versus the $1.00 consensus estimate. Revenue totaled $65.87 million, slightly below analysts’ $66.83 million forecast.
• The stock fell 3.0% to $39.53 following the results. The company’s board also authorized a $30 million share buyback, allowing repurchases of up to 4.5% of outstanding shares.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $47.60; individual targets range from $47 to $53.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) issued its quarterly earnings data on Wednesday. The company reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.06, reports. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. The business had revenue of $65.87 million during the quarter, compared to analysts' expectations of $66.83 million.

Third Coast Bancshares Trading Down 3.0%

TCBX traded down $1.23 during midday trading on Thursday, hitting $39.53. 31,975 shares of the company traded hands, compared to its average volume of 95,878. The company has a market capitalization of $655.96 million, a price-to-earnings ratio of 12.09 and a beta of 0.33. Third Coast Bancshares has a 52-week low of $35.73 and a 52-week high of $46.35. The business has a 50 day simple moving average of $43.78 and a two-hundred day simple moving average of $41.36.

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

Analysts Set New Price Targets

Several research analysts recently weighed in on TCBX shares. Keefe, Bruyette & Woods lifted their price target 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. Brean Capital began coverage on Third Coast Bancshares in a research report on Wednesday, September 30th. They issued a "neutral" rating and a $47.00 price objective on the stock. Benchmark raised shares of Third Coast Bancshares to a "strong-buy" rating in a research note on Thursday, September 24th. Finally, Piper Sandler assumed coverage on shares of Third Coast Bancshares in a report on Thursday, August 27th. They set an "overweight" rating and a $53.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $47.60.

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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