Third Coast Bancshares (NASDAQ:TCBX) Hits New 1-Year High After Analyst Upgrade

Third Coast Bancshares, Inc. (NASDAQ:TCBX – Get Free Report) hit a new 52-week high during trading on Tuesday after Keefe, Bruyette & Woods raised their price target on the stock from $45.00 to $48.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Third Coast Bancshares traded as high as $44.98 and last traded at $44.08, with a volume of 132565 shares traded. The stock had previously closed at $43.84.

Other equities analysts have also recently issued reports about the stock. Stephens cut 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 note on Friday, April 24th. Raymond James Financial raised shares of Third Coast Bancshares from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Tuesday, April 7th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Third Coast Bancshares presently has an average rating of “Moderate Buy” and an average target price of $46.00.

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Hedge Funds Weigh In On Third Coast Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. AQR Capital Management LLC increased its stake in Third Coast Bancshares by 21.7% in 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 period. Millennium Management LLC boosted its holdings in Third Coast Bancshares by 88.2% during the first quarter. Millennium Management LLC now owns 177,521 shares of the company’s stock valued at $5,924,000 after purchasing an additional 83,209 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Third Coast Bancshares by 43.6% in the 1st quarter. Empowered Funds LLC now owns 42,604 shares of the company’s stock valued at $1,422,000 after purchasing an additional 12,945 shares during the period. Focus Partners Wealth raised its holdings in shares of Third Coast Bancshares by 32,994.4% in the 1st 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 lifted its position in shares of Third Coast Bancshares by 16.4% during the 2nd quarter. Rhumbline Advisers now owns 19,657 shares of the company’s stock worth $642,000 after buying an additional 2,775 shares during the period. 36.88% of the stock is owned by institutional investors.

Third Coast Bancshares Stock Up 0.1%

The business has a 50-day simple moving average of $40.49 and a two-hundred day simple moving average of $39.77. The stock has a market capitalization of $732.85 million, a P/E ratio of 13.51 and a beta of 0.33.

Third Coast Bancshares announced that its Board of Directors has initiated a share repurchase 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 stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Third Coast Bancshares Company Profile

(Get Free Report)

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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