Shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX – Get Free Report) have been assigned a consensus rating of “Moderate Buy” from the six analysts that are currently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $47.75.
A number of research analysts have recently issued reports on TCBX shares. Keefe, Bruyette & Woods increased their target price on 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. Piper Sandler started coverage on shares of Third Coast Bancshares in a research report on Thursday. They set an “overweight” rating and a $53.00 price objective for the company.
Read Our Latest Report on TCBX
Third Coast Bancshares Trading Down 2.6%
Third Coast Bancshares (NASDAQ:TCBX – Get Free Report) last issued its quarterly earnings data on Wednesday, July 22nd. The company reported $1.08 EPS for the quarter, beating the consensus estimate of $0.90 by $0.18. The company had revenue of $67.99 million for the quarter, compared to analyst estimates of $62.75 million. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%. Equities analysts predict that Third Coast Bancshares will post 3.1 EPS for the current fiscal year.
Third Coast Bancshares declared that its board has authorized a stock repurchase program on Thursday, July 2nd that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the company to reacquire up to 4.5% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
Institutional Investors Weigh In On Third Coast Bancshares
Several large investors have recently bought and sold shares of the company. AQR Capital Management LLC raised its holdings in shares of Third Coast Bancshares by 21.7% during the first quarter. AQR Capital Management LLC now owns 38,431 shares of the company’s stock valued at $1,282,000 after acquiring an additional 6,857 shares during the last quarter. Millennium Management LLC boosted its stake in Third Coast Bancshares by 88.2% during the 1st quarter. Millennium Management LLC now owns 177,521 shares of the company’s stock worth $5,924,000 after purchasing an additional 83,209 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of Third Coast Bancshares by 43.6% during the first quarter. Empowered Funds LLC now owns 42,604 shares of the company’s stock worth $1,422,000 after buying an additional 12,945 shares in the last quarter. Focus Partners Wealth grew its holdings in shares of Third Coast Bancshares by 32,994.4% during the first quarter. Focus Partners Wealth now owns 41,699 shares of the company’s stock worth $1,391,000 after buying an additional 41,573 shares in the last quarter. Finally, Rhumbline Advisers raised its position in shares of Third Coast Bancshares by 16.4% in the second quarter. Rhumbline Advisers now owns 19,657 shares of the company’s stock valued at $642,000 after buying an additional 2,775 shares during the last quarter. 36.88% of the stock is currently owned by hedge funds and other institutional investors.
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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