Third Coast Bancshares (NASDAQ:TCBX) Reaches New 12-Month High on Analyst Upgrade

Key Points

• Third Coast Bancshares shares reached a new 52-week high, trading as high as $44.98 after Keefe, Bruyette & Woods raised its price target from $45 to $48 while maintaining a Market Perform rating.
• Analyst sentiment is generally positive, with three Buy ratings and two Hold ratings producing a consensus “Moderate Buy” rating and an average price target of $46.
• The company approved 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, Inc. (NASDAQ:TCBX - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday after Keefe, Bruyette & Woods raised their price target on the stock from $45.00 to $48.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Third Coast Bancshares traded as high as $44.98 and last traded at $44.08, with a volume of 132565 shares trading hands. The stock had previously closed at $43.84.

TCBX has been the subject of several other research reports. Raymond James Financial upgraded Third Coast Bancshares from a "market perform" rating to an "outperform" rating and set a $45.00 target price for the company in a research note on Tuesday, April 7th. Stephens decreased their price target 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. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $46.00.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in TCBX. Quantbot Technologies LP bought a new position in shares of Third Coast Bancshares in the second quarter worth $29,000. Advisory Services Network LLC purchased a new position in Third Coast Bancshares during the third quarter worth about $31,000. State of Alaska Department of Revenue increased its stake in Third Coast Bancshares by 257.2% in the 4th quarter. State of Alaska Department of Revenue now owns 1,993 shares of the company's stock worth $75,000 after acquiring an additional 1,435 shares during the last quarter. Mariner LLC bought a new position in Third Coast Bancshares in the 4th quarter worth about $201,000. Finally, Waterway Wealth Management LLC bought a new position in Third Coast Bancshares in the 1st quarter worth about $208,000. 36.88% of the stock is currently owned by hedge funds and other institutional investors.

Third Coast Bancshares Trading Up 0.5%

The firm has a fifty day simple moving average of $40.26 and a two-hundred day simple moving average of $39.69. The stock has a market cap of $731.38 million, a PE ratio of 13.48 and a beta of 0.33.

Third Coast Bancshares declared that its Board of Directors has approved a stock buyback program on Thursday, July 2nd that allows the company to buyback $30.00 million in shares. This buyback authorization allows the company to reacquire up to 4.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

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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