Third Coast Bancshares (NASDAQ:TCBX) Stock Gets Price Target Reduction from Keefe, Bruyette & Woods

Third Coast Bancshares (NASDAQ:TCBX) had its price target lowered by Keefe, Bruyette & Woods from $48.00 to $46.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a market perform rating on the stock.

A number of other brokerages have also issued reports on TCBX. Brean Capital started coverage on shares of Third Coast Bancshares in a research note on Wednesday, September 30th. They set a “neutral” rating and a $47.00 price target on the stock. Piper Sandler initiated coverage on shares of Third Coast Bancshares in a research note on Thursday, August 27th. They set an “overweight” rating and a $53.00 price objective for the company. Finally, Benchmark raised shares of Third Coast Bancshares to a “strong-buy” rating in a report on Thursday, September 24th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.20.

Third Coast Bancshares Stock Performance

Third Coast Bancshares stock opened at $39.13 on Tuesday. Third Coast Bancshares has a one year low of $35.73 and a one year high of $46.35. The stock has a market cap of $649.33 million, a PE ratio of 11.97 and a beta of 0.33. The stock has a 50-day moving average of $42.59 and a two-hundred day moving average of $40.90.

Third Coast Bancshares (NASDAQ:TCBX) last announced its quarterly earnings data on Wednesday, October 21st. The company reported $1.06 EPS for the quarter, beating the consensus estimate of $1.00 by $0.06. The firm had revenue of $65.87 million during the quarter, compared to analyst estimates of $66.83 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. As a group, sell-side analysts predict that Third Coast Bancshares will post 3.10 EPS for the current fiscal year.

Insider Activity at Third Coast Bancshares

In related news, insider William Bobbora bought 1,000 shares of the stock in a transaction dated Monday, October 26th. The shares were purchased at an average price of $40.34 per share, for a total transaction of $40,340.00. Following the completion of the purchase, the insider directly owned 52,855 shares of the company’s stock, valued at $2,132,170.70. This represents a 1.93% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 10.48% of the stock is owned by insiders.

Institutional Investors Weigh In On Third Coast Bancshares

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ameritas Advisory Services LLC acquired a new stake in Third Coast Bancshares in the 2nd quarter valued at $40,000. Legal & General Group Plc purchased a new stake in Third Coast Bancshares in the 2nd quarter worth $61,000. IFP Advisors Inc increased its holdings in Third Coast Bancshares by 20,909.1% in the 2nd quarter. IFP Advisors Inc now owns 4,622 shares of the company’s stock worth $187,000 after acquiring an additional 4,600 shares in the last quarter. Commonwealth Equity Services LLC acquired a new position in Third Coast Bancshares during the third quarter worth $203,000. Finally, Public Employees Retirement System of Ohio acquired a new position in Third Coast Bancshares during the second quarter worth $286,000. Institutional investors and hedge funds own 36.88% of the company’s stock.

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.