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

Third Coast Bancshares (NASDAQ:TCBX) had its price objective lifted by Keefe, Bruyette & Woods from $38.00 to $42.00 in a research report report published on Monday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the stock.

Several other analysts have also recently commented on TCBX. Raymond James Financial cut Third Coast Bancshares from an “outperform” rating to a “market perform” rating in a report on Wednesday, April 2nd. Stephens decreased their price objective on shares of Third Coast Bancshares from $44.00 to $39.00 and set an “overweight” rating on the stock in a report on Friday, April 25th.

Third Coast Bancshares Trading Down 1.6%

Shares of Third Coast Bancshares stock opened at $38.39 on Monday. The stock has a market capitalization of $530.93 million, a price-to-earnings ratio of 11.74 and a beta of 0.39. Third Coast Bancshares has a 1-year low of $20.66 and a 1-year high of $39.72. The firm’s 50-day moving average price is $33.08 and its two-hundred day moving average price is $32.97.

Third Coast Bancshares (NASDAQ:TCBX) last announced its earnings results on Wednesday, July 23rd. The company reported $0.96 EPS for the quarter, topping the consensus estimate of $0.75 by $0.21. Third Coast Bancshares had a return on equity of 12.26% and a net margin of 16.30%. The business had revenue of $52.02 million for the quarter, compared to the consensus estimate of $47.52 million. As a group, equities research analysts predict that Third Coast Bancshares will post 3.1 EPS for the current year.

Third Coast Bancshares announced that its board has approved a stock buyback plan on Tuesday, June 17th that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the company to purchase up to 7.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Third Coast Bancshares

In other news, insider William Bobbora purchased 1,300 shares of the business’s stock in a transaction dated Tuesday, July 29th. The shares were acquired at an average price of $37.56 per share, with a total value of $48,828.00. Following the completion of the purchase, the insider directly owned 11,750 shares of the company’s stock, valued at $441,330. The trade was a 12.44% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 10.28% of the stock is currently owned by insiders.

Institutional Trading of Third Coast Bancshares

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TCBX. Wealth Enhancement Advisory Services LLC acquired a new position in Third Coast Bancshares during the 1st quarter valued at about $407,000. GAMMA Investing LLC raised its stake in shares of Third Coast Bancshares by 3,294.8% during the first quarter. GAMMA Investing LLC now owns 17,619 shares of the company’s stock worth $588,000 after buying an additional 17,100 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in Third Coast Bancshares by 24.8% in the fourth quarter. Ameriprise Financial Inc. now owns 73,271 shares of the company’s stock valued at $2,488,000 after buying an additional 14,560 shares during the period. Nuveen Asset Management LLC boosted its stake in Third Coast Bancshares by 155.3% in the fourth quarter. Nuveen Asset Management LLC now owns 81,305 shares of the company’s stock valued at $2,760,000 after acquiring an additional 49,461 shares during the last quarter. Finally, Inscription Capital LLC bought a new position in Third Coast Bancshares in the first quarter valued at approximately $1,678,000. 36.88% of the stock is currently owned by institutional investors and hedge funds.

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.