Third Coast Bancshares (NASDAQ:TCBX) Reaches New 12-Month High - Still a Buy?

Key Points

• Third Coast Bancshares shares reached a new 52-week high, trading as high as $44.10 before closing near $43.92.
• Analyst sentiment is positive, with an average “Moderate Buy” rating and a $45.00 average price target; Stephens remains overweight despite lowering its target to $45, while Raymond James upgraded the stock to outperform.
• The company authorized a $30 million share-repurchase program, allowing it to buy back up to 4.5% of outstanding shares, while institutional investors collectively own 36.88% of the stock.

Third Coast Bancshares, Inc. (NASDAQ:TCBX - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $44.10 and last traded at $43.9150, with a volume of 85237 shares traded. The stock had previously closed at $43.65.

Analysts Set New Price Targets

Several brokerages have recently weighed in on TCBX. Stephens decreased their target price on shares of 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. Raymond James Financial raised Third Coast Bancshares from a "market perform" rating to an "outperform" rating and set a $45.00 target price on the stock in a report on Tuesday, April 7th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Third Coast Bancshares has an average rating of "Moderate Buy" and an average target price of $45.00.

Third Coast Bancshares Price Performance

The stock has a market cap of $733.62 million, a price-to-earnings ratio of 13.51 and a beta of 0.33. The stock's 50-day moving average is $39.79 and its 200 day moving average is $39.53.

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

Institutional Trading of Third Coast Bancshares

A number of institutional investors have recently modified their holdings of TCBX. Adage Capital Partners GP L.L.C. lifted 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 valued at $16,725,000 after acquiring an additional 112,605 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Third Coast Bancshares by 6.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 472,808 shares of the company's stock worth $17,886,000 after purchasing an additional 27,664 shares during the period. State Street Corp increased its holdings 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 valued at $13,018,000 after purchasing an additional 15,835 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Third Coast Bancshares by 44.9% in the 4th quarter. Wellington Management Group LLP now owns 193,326 shares of the company's stock valued at $7,348,000 after purchasing an additional 59,924 shares in the last quarter. Finally, Sei Investments Co. boosted its holdings in Third Coast Bancshares by 172.5% during the first quarter. Sei Investments Co. now owns 178,570 shares of the company's stock worth $6,756,000 after buying an additional 113,043 shares in the last quarter. 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. 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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