Keefe, Bruyette & Woods Boosts Third Coast Bancshares (NASDAQ:TCBX) Price Target to $48.00

Key Points

• Keefe, Bruyette & Woods raised Third Coast Bancshares’ price target from $45 to $48 while maintaining a “market perform” rating, implying roughly 7.9% upside from the reported share price.
• Analyst sentiment is broadly positive: three analysts rate the stock a Buy and two rate it a Hold, resulting in a “Moderate Buy” consensus and an average price target of $46.
• 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.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) had its target price lifted by investment analysts at Keefe, Bruyette & Woods from $45.00 to $48.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a "market perform" rating on the stock. Keefe, Bruyette & Woods' target price points to a potential upside of 7.92% from the stock's current price.

TCBX has been the topic of a number of other reports. Stephens cut their price objective on Third Coast Bancshares from $46.00 to $45.00 and set an "overweight" rating on the stock in a research report on Friday, April 24th. Raymond James Financial upgraded shares of Third Coast Bancshares from a "market perform" rating to an "outperform" rating and set a $45.00 price target on the stock in a report on Tuesday, April 7th. Three analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Third Coast Bancshares presently has a consensus rating of "Moderate Buy" and an average price target of $46.00.

Third Coast Bancshares Stock Performance

Shares of NASDAQ TCBX traded up $0.64 during trading hours on Monday, hitting $44.48. The company's stock had a trading volume of 59,732 shares, compared to its average volume of 94,786. The stock has a market cap of $738.00 million, a price-to-earnings ratio of 13.60 and a beta of 0.33. Third Coast Bancshares has a 12 month low of $35.60 and a 12 month high of $44.98. The business has a 50-day simple moving average of $40.14 and a 200-day simple moving average of $39.65.

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

Institutional Investors Weigh In On Third Coast Bancshares

Several hedge funds have recently made changes to their positions in TCBX. Adage Capital Partners GP L.L.C. raised its holdings in Third Coast Bancshares by 28.2% in the second quarter. Adage Capital Partners GP L.L.C. now owns 511,940 shares of the company's stock worth $16,725,000 after purchasing an additional 112,605 shares in the last quarter. Dimensional Fund Advisors LP grew 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 buying an additional 27,664 shares during the period. State Street Corp grew its position in shares of Third Coast Bancshares by 4.8% in the 4th quarter. State Street Corp now owns 342,489 shares of the company's stock worth $13,018,000 after buying an additional 15,835 shares during the period. Wellington Management Group LLP lifted its position in Third Coast Bancshares by 44.9% during the 4th quarter. Wellington Management Group LLP now owns 193,326 shares of the company's stock valued at $7,348,000 after acquiring an additional 59,924 shares during the period. Finally, Sei Investments Co. lifted its position in Third Coast Bancshares by 172.5% during the 1st quarter. Sei Investments Co. now owns 178,570 shares of the company's stock valued at $6,756,000 after acquiring an additional 113,043 shares during the period. 36.88% of the stock is currently owned by institutional investors.

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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