Third Coast Bancshares (NASDAQ:TCBX) Given New $42.00 Price Target at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods increased its price target for Third Coast Bancshares (NASDAQ:TCBX) from $38.00 to $42.00, indicating a potential upside of 12.86% from the current price.
• Third Coast Bancshares reported earnings per share of $0.96 for the last quarter, beating expectations and demonstrating strong revenue performance.
• The company has authorized a stock buyback program worth $30 million, reflecting the board's belief that the shares are undervalued.

Third Coast Bancshares (NASDAQ:TCBX - Free Report) had its target price upped by Keefe, Bruyette & Woods from $38.00 to $42.00 in a report issued on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the stock.

Several other brokerages have also recently weighed in on TCBX. Raymond James Financial cut shares of Third Coast Bancshares from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Stephens reduced their price objective on shares of Third Coast Bancshares from $44.00 to $39.00 and set an "overweight" rating on the stock in a report on Friday, April 25th.

Third Coast Bancshares Stock Performance

Third Coast Bancshares stock traded down $0.74 during trading on Monday, reaching $37.65. The company had a trading volume of 107,275 shares, compared to its average volume of 70,405. The firm's 50-day simple moving average is $33.08 and its 200 day simple moving average is $32.97. Third Coast Bancshares has a 1-year low of $20.66 and a 1-year high of $39.72. The firm has a market capitalization of $520.70 million, a PE ratio of 11.51 and a beta of 0.39.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.75 by $0.21. The firm had revenue of $52.02 million for the quarter, compared to analysts' expectations of $47.52 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.26%. Analysts anticipate that Third Coast Bancshares will post 3.1 EPS for the current year.

Third Coast Bancshares announced that its Board of Directors has initiated a share buyback program on Tuesday, June 17th that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 7.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at Third Coast Bancshares

In other Third Coast Bancshares news, insider William Bobbora purchased 1,300 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were bought at an average cost of $37.56 per share, for a total transaction of $48,828.00. Following the completion of the purchase, the insider directly owned 11,750 shares of the company's stock, valued at approximately $441,330. This trade represents a 12.44% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 10.28% of the stock is owned by company insiders.

Institutional Trading of Third Coast Bancshares

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its stake in Third Coast Bancshares by 1.5% during the first quarter. Vanguard Group Inc. now owns 652,898 shares of the company's stock worth $21,787,000 after purchasing an additional 9,679 shares during the period. Alliancebernstein L.P. increased its stake in shares of Third Coast Bancshares by 22.8% during the fourth quarter. Alliancebernstein L.P. now owns 408,561 shares of the company's stock worth $13,871,000 after buying an additional 75,964 shares during the period. Adage Capital Partners GP L.L.C. increased its stake in shares of Third Coast Bancshares by 19.1% during the first quarter. Adage Capital Partners GP L.L.C. now owns 399,335 shares of the company's stock worth $13,326,000 after buying an additional 64,047 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Third Coast Bancshares by 26.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 294,411 shares of the company's stock worth $9,996,000 after buying an additional 62,019 shares during the period. Finally, Wasatch Advisors LP increased its stake in shares of Third Coast Bancshares by 3.5% during the fourth quarter. Wasatch Advisors LP now owns 263,262 shares of the company's stock worth $8,938,000 after buying an additional 8,854 shares during the period. 36.88% of the stock is currently owned by hedge funds and other 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.