Third Coast Bancshares (NASDAQ:TCBX – Get Free Report) announced its quarterly earnings results on Wednesday. The company reported $1.06 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.06, reports. The firm had revenue of $65.87 million for the quarter, compared to the consensus estimate of $66.83 million. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%.
Third Coast Bancshares Price Performance
NASDAQ TCBX traded down $1.06 on Thursday, reaching $39.70. The stock had a trading volume of 39,773 shares, compared to its average volume of 95,947. The firm has a fifty day moving average of $43.78 and a two-hundred day moving average of $41.36. Third Coast Bancshares has a 1-year low of $35.73 and a 1-year high of $46.35. The company has a market cap of $658.72 million, a P/E ratio of 12.15 and a beta of 0.33.
Third Coast Bancshares announced that its board has initiated a stock buyback plan on Thursday, July 2nd that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the company to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
Analyst Ratings Changes
TCBX has been the subject of a number of recent analyst reports. Brean Capital started coverage on Third Coast Bancshares in a research report on Wednesday, September 30th. They issued a “neutral” rating and a $47.00 price objective for the company. Keefe, Bruyette & Woods upped 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 report on Monday, August 3rd. Piper Sandler started coverage on shares of Third Coast Bancshares in a research report on Thursday, August 27th. They issued an “overweight” rating and a $53.00 price objective on the stock. Finally, Benchmark raised shares of Third Coast Bancshares to a “strong-buy” rating in a research report on Thursday, September 24th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.60.
Read Our Latest Stock Report on Third Coast Bancshares
About Third Coast Bancshares
Third Coast Bancshares, Inc is the bank holding company for Third Coast Bank SSB, a Texas-based community bank. The bank provides relationship-focused financial services to businesses, professionals and individuals through a network of banking offices and digital banking channels.
Its products and services include commercial and industrial loans, commercial real estate financing, construction and development loans, residential real estate lending, consumer loans and deposit accounts. The bank also offers treasury management, online and mobile banking, cash-management services and other solutions designed to support business and personal financial needs.
Founded in 2008, Third Coast Bank serves customers in key Texas markets, including the Houston, Dallas-Fort Worth and Austin areas.
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