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

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.

Shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Get Free Report) reached a new 52-week high 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.

Analyst Ratings Changes

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

Third Coast Bancshares Trading Up 0.0%

The stock's 50-day moving average price is $36.15 and its 200-day moving average price is $33.41. The company has a market cap of $554.26 million, a P/E ratio of 12.23 and a beta of 0.41.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The company reported $0.96 earnings per share 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 the consensus estimate of $47.52 million. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. On average, research analysts anticipate that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current fiscal year.

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

Insider Activity

In other Third Coast Bancshares news, insider William Bobbora purchased 1,300 shares of Third Coast Bancshares stock in a transaction that occurred on Tuesday, July 29th. The stock was acquired at an average price of $37.56 per share, with a total value of $48,828.00. Following the transaction, the insider owned 11,750 shares in the company, valued at $441,330. This trade represents a 12.44% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.28% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in TCBX. Squarepoint Ops LLC grew its holdings in shares of Third Coast Bancshares by 8.0% during the second quarter. Squarepoint Ops LLC now owns 43,579 shares of the company's stock valued at $1,424,000 after buying an additional 3,224 shares during the last quarter. Corient Private Wealth LLC lifted its position in Third Coast Bancshares by 127.6% in the 2nd quarter. Corient Private Wealth LLC now owns 40,324 shares of the company's stock valued at $1,317,000 after acquiring an additional 22,605 shares in the last quarter. Man Group plc acquired a new position in Third Coast Bancshares during the 2nd quarter valued at about $219,000. BNP Paribas Financial Markets boosted its stake in Third Coast Bancshares by 79.4% during the 2nd quarter. BNP Paribas Financial Markets now owns 17,051 shares of the company's stock valued at $557,000 after purchasing an additional 7,548 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its holdings in Third Coast Bancshares by 28.2% during the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 511,940 shares of the company's stock worth $16,725,000 after purchasing an additional 112,605 shares in the last quarter. 36.88% of the stock is owned by 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.

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