Third Coast Bancshares (NASDAQ:TCBX) Reaches New 52-Week High - Here's Why

Key Points

• Third Coast Bancshares shares hit a new 52-week high at $40.66, with a market cap of $554.26 million and current trading at approximately $39.99.
• Analyst ratings for the stock include a price target increase from Keefe, Bruyette & Woods, raising it from $38.00 to $42.00, with a consensus rating of "Hold."
• The company reported quarterly earnings of $0.96 per share, exceeding estimates, and has initiated a $30 million share repurchase program, indicating potential undervaluation of its shares.

Third Coast Bancshares, Inc. (NASDAQ:TCBX - Get Free Report) hit a new 52-week high during trading on Thursday . The stock traded as high as $40.66 and last traded at $39.99, with a volume of 82646 shares traded. The stock had previously closed at $39.98.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods boosted their price objective on Third Coast Bancshares from $38.00 to $42.00 and gave the stock a "market perform" rating in a report on Monday, July 28th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Third Coast Bancshares has an average rating of "Hold" and an average target price of $40.00.

Third Coast Bancshares Trading Down 1.4%

The stock has a 50 day simple moving average of $36.69 and a 200 day simple moving average of $33.39. The firm has a market capitalization of $544.56 million, a PE ratio of 12.02 and a beta of 0.41.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The company reported $0.96 EPS for the quarter, topping analysts' consensus estimates of $0.75 by $0.21. The business had revenue of $52.02 million for the quarter, compared to analysts' expectations of $47.52 million. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. As a group, equities analysts anticipate that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current year.

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

Insider Buying and Selling

In related news, insider William Bobbora purchased 1,300 shares of the firm's stock in a transaction on Tuesday, July 29th. The shares were acquired at an average cost of $37.56 per share, with a total value of $48,828.00. Following 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 purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 10.28% of the stock is owned by company insiders.

Hedge Funds Weigh In On Third Coast Bancshares

Several hedge funds have recently made changes to their positions in TCBX. Wells Fargo & Company MN increased its stake in shares of Third Coast Bancshares by 27.9% during the fourth quarter. Wells Fargo & Company MN now owns 6,660 shares of the company's stock valued at $226,000 after buying an additional 1,451 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Third Coast Bancshares during the fourth quarter valued at approximately $797,000. Barclays PLC grew its stake in Third Coast Bancshares by 16.1% in the fourth quarter. Barclays PLC now owns 18,486 shares of the company's stock worth $627,000 after purchasing an additional 2,557 shares during the period. Dimensional Fund Advisors LP grew its stake in Third Coast Bancshares by 26.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 294,411 shares of the company's stock worth $9,996,000 after purchasing an additional 62,019 shares during the period. Finally, Tudor Investment Corp ET AL purchased a new stake in Third Coast Bancshares in the fourth quarter worth $679,000. 36.88% of the stock is 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.