Third Coast Bancshares (NASDAQ:TCBX) Reaches New 52-Week High - Still a Buy?

Key Points

• Third Coast Bancshares shares reached a new 52-week high of $46.25 and last traded near $45.74, above both its 50-day and 200-day moving averages.
• Analysts maintain a “Moderate Buy” consensus, with three Buy ratings and two Holds, although the $46.00 average price target offers limited upside from recent levels.
• The board authorized a $30 million share repurchase program, allowing the company 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 stock price reached a new 52-week high during trading on Monday . The company traded as high as $46.25 and last traded at $45.7360, with a volume of 51337 shares traded. The stock had previously closed at $46.13.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Keefe, Bruyette & Woods raised their price objective on shares of Third Coast Bancshares from $45.00 to $48.00 and gave the company a "market perform" rating in a research report on Monday, August 3rd. 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 report on Friday, April 24th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $46.00.

Third Coast Bancshares Price Performance

The stock's 50 day moving average price is $41.41 and its two-hundred day moving average price is $40.04. The firm has a market capitalization of $759.08 million, a price-to-earnings ratio of 13.99 and a beta of 0.32.

Third Coast Bancshares declared that its board has authorized a share buyback program on Thursday, July 2nd that permits the company to buyback $30.00 million in shares. This buyback authorization permits the company to buy up to 4.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Third Coast Bancshares

Several hedge funds and other institutional investors have recently made changes to their positions in TCBX. Bank of America Corp DE bought a new position in shares of Third Coast Bancshares in the second quarter worth about $3,532,000. Man Group plc bought a new stake in Third Coast Bancshares during the 2nd quarter valued at approximately $731,000. Canada Pension Plan Investment Board bought a new stake in Third Coast Bancshares during the 2nd quarter valued at approximately $469,000. Ategra Capital Management LLC acquired a new stake in Third Coast Bancshares in the 2nd quarter valued at approximately $10,560,000. Finally, Legal & General Group Plc acquired a new stake in Third Coast Bancshares in the 2nd quarter valued at approximately $61,000. 36.88% of the stock is owned by institutional investors and hedge funds.

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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