Third Coast Bancshares (NASDAQ:TCBX) Reaches New 1-Year High - Here's Why

Key Points

• Third Coast Bancshares shares reached a new 52-week high, trading as high as $45.12 and closing near $44.97, above the previous close of $44.28.
• Analyst sentiment remains positive overall: three analysts rate the stock Buy and two rate it Hold, resulting in a “Moderate Buy” consensus and a $46.00 average price target.
• The company authorized a $30 million share-repurchase program, allowing it to buy back up to 4.5% of outstanding shares; institutional investors own 36.88% of the stock.

Third Coast Bancshares, Inc. (NASDAQ:TCBX - Get Free Report)'s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $45.12 and last traded at $44.9650, with a volume of 81691 shares changing hands. The stock had previously closed at $44.28.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on TCBX. Keefe, Bruyette & Woods raised their target price on Third Coast Bancshares from $45.00 to $48.00 and gave the stock a "market perform" rating in a research report on Monday, August 3rd. Stephens cut their price target on Third Coast Bancshares from $46.00 to $45.00 and set an "overweight" rating for the company in a research note on Friday, April 24th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $46.00.

Third Coast Bancshares Stock Performance

The stock's 50 day moving average is $40.85 and its 200 day moving average is $39.90. The company has a market capitalization of $746.06 million, a PE ratio of 13.75 and a beta of 0.32.

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

Hedge Funds Weigh In On Third Coast Bancshares

A number of large investors have recently made changes to their positions in the stock. Quantbot Technologies LP bought a new position in Third Coast Bancshares in the 2nd quarter worth about $29,000. Advisory Services Network LLC bought a new position in shares of Third Coast Bancshares in the third quarter valued at approximately $31,000. State of Alaska Department of Revenue grew its stake in Third Coast Bancshares by 257.2% during the fourth quarter. State of Alaska Department of Revenue now owns 1,993 shares of the company's stock valued at $75,000 after acquiring an additional 1,435 shares in the last quarter. Mariner LLC purchased a new position in Third Coast Bancshares during the fourth quarter valued at approximately $201,000. Finally, Waterway Wealth Management LLC bought a new stake in Third Coast Bancshares during the 1st quarter worth approximately $208,000. 36.88% of the stock is owned by institutional investors.

About Third Coast Bancshares

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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