Keefe, Bruyette & Woods Forecasts Strong Price Appreciation for Third Coast Bancshares (NASDAQ:TCBX) Stock

Third Coast Bancshares (NASDAQ:TCBX) had its price objective hoisted by research analysts at Keefe, Bruyette & Woods from $45.00 to $48.00 in a report released on Monday,Benzinga reports. The firm currently has a “market perform” rating on the stock. Keefe, Bruyette & Woods’ price objective would suggest a potential upside of 7.92% from the stock’s previous close.

A number of other equities research analysts also recently commented on TCBX. Raymond James Financial raised shares of Third Coast Bancshares from a “market perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research report on Tuesday, April 7th. Stephens cut their price target on 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. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $46.00.

Third Coast Bancshares Price Performance

Shares of Third Coast Bancshares stock traded up $0.64 during trading on Monday, hitting $44.48. 59,732 shares of the company’s stock traded hands, compared to its average volume of 94,786. Third Coast Bancshares has a 1 year low of $35.60 and a 1 year high of $44.98. The business has a 50-day simple moving average of $40.14 and a 200-day simple moving average of $39.65. The stock has a market capitalization of $738.00 million, a P/E ratio of 13.60 and a beta of 0.33.

Third Coast Bancshares announced that its board has approved a share buyback plan on Thursday, July 2nd that allows the company to buyback $30.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 4.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Third Coast Bancshares

Hedge funds have recently made changes to their positions in the business. Sei Investments Co. increased its holdings in Third Coast Bancshares by 172.5% in the 1st quarter. Sei Investments Co. now owns 178,570 shares of the company’s stock valued at $6,756,000 after acquiring an additional 113,043 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in shares of Third Coast Bancshares by 28.2% in the second 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 during the last quarter. Millennium Management LLC lifted its position in shares of Third Coast Bancshares by 88.2% in the first quarter. Millennium Management LLC now owns 177,521 shares of the company’s stock worth $5,924,000 after buying an additional 83,209 shares in the last quarter. Invesco Ltd. grew its holdings in Third Coast Bancshares by 397.9% during the 4th quarter. Invesco Ltd. now owns 90,739 shares of the company’s stock valued at $3,449,000 after buying an additional 72,513 shares in the last quarter. Finally, Wellington Management Group LLP increased its stake in Third Coast Bancshares by 44.9% in the 4th quarter. Wellington Management Group LLP now owns 193,326 shares of the company’s stock worth $7,348,000 after acquiring an additional 59,924 shares during the last quarter. Institutional investors own 36.88% of the company’s stock.

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.