Third Coast Bancshares (NASDAQ:TCBX) Sets New 1-Year High - What's Next?

Key Points

• Third Coast Bancshares reached a new 52-week high of $39.72 during trading, closing at $39.26, with a trading volume of 10,588 shares.
• Analysts from Raymond James downgraded the stock to "market perform," while Keefe, Bruyette & Woods raised its price target from $38 to $42, indicating mixed sentiment about the company's outlook.
• The company has authorized a share buyback plan worth $30 million, signaling confidence in its stock value amidst a 16.30% net margin and a 12.26% return on equity.

Shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Get Free Report) hit a new 52-week high during trading on Wednesday . The company traded as high as $39.72 and last traded at $39.26, with a volume of 10588 shares traded. The stock had previously closed at $39.00.

Analyst Ratings Changes

TCBX has been the topic of a number of analyst reports. Stephens reduced their target price on shares of Third Coast Bancshares from $44.00 to $39.00 and set an "overweight" rating on the stock in a research note on Friday, April 25th. Keefe, Bruyette & Woods upped their target price on shares of Third Coast Bancshares from $38.00 to $42.00 and gave the company a "market perform" rating in a report on Monday.

Third Coast Bancshares Trading Down 2.8%

The stock has a market capitalization of $506.08 million, a price-to-earnings ratio of 11.23 and a beta of 0.39. The stock's 50 day moving average is $33.37 and its 200 day moving average is $33.05.

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

Third Coast Bancshares declared that its Board of Directors has authorized a share repurchase plan on Tuesday, June 17th that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 7.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Third Coast Bancshares news, insider William Bobbora purchased 1,300 shares of Third Coast Bancshares stock in a transaction on Tuesday, July 29th. The shares were purchased at an average cost of $37.56 per share, with a total value of $48,828.00. Following the completion of the transaction, the insider directly owned 11,750 shares in the company, valued at approximately $441,330. This represents a 12.44% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 10.28% of the stock is currently owned by company insiders.

Institutional Trading of Third Coast Bancshares

A number of hedge funds have recently made changes to their positions in TCBX. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Third Coast Bancshares during the fourth quarter valued at approximately $28,000. Ameritas Advisory Services LLC purchased a new stake in shares of Third Coast Bancshares during the second quarter valued at approximately $33,000. Walleye Capital LLC purchased a new stake in shares of Third Coast Bancshares during the fourth quarter valued at approximately $203,000. Janus Henderson Group PLC purchased a new stake in shares of Third Coast Bancshares during the fourth quarter valued at approximately $215,000. Finally, Brandywine Global Investment Management LLC purchased a new stake in shares of Third Coast Bancshares during the fourth quarter valued at approximately $217,000. Hedge funds and other institutional investors own 36.88% of the company's stock.

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.