Third Coast Bancshares (NASDAQ:TCBX) Posts Earnings Results

Third Coast Bancshares (NASDAQ:TCBX) announced its earnings results on Wednesday. The company reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.06, reports. The business had revenue of $65.87 million during the quarter, compared to analysts’ expectations 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

Shares of NASDAQ:TCBX traded down $1.23 during midday trading on Thursday, hitting $39.53. The company had a trading volume of 31,975 shares, compared to its average volume of 95,878. Third Coast Bancshares has a twelve month low of $35.73 and a twelve month high of $46.35. The stock has a market cap of $655.96 million, a price-to-earnings ratio of 12.09 and a beta of 0.33. The business’s 50-day simple moving average is $43.78 and its 200-day simple moving average is $41.36.

Third Coast Bancshares announced that its board has approved a stock repurchase plan on Thursday, July 2nd that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 4.5% of its shares through open market purchases. Share repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several brokerages recently commented on TCBX. Brean Capital began coverage on Third Coast Bancshares in a research report on Wednesday, September 30th. They set a “neutral” rating and a $47.00 price target for the company. Piper Sandler assumed coverage on Third Coast Bancshares in a report on Thursday, August 27th. They issued an “overweight” rating and a $53.00 price objective on the stock. Keefe, Bruyette & Woods raised their price objective on Third Coast Bancshares from $45.00 to $48.00 and gave the company a “market perform” rating in a report on Monday, August 3rd. Finally, Benchmark raised shares of Third Coast Bancshares to a “strong-buy” rating in a research note on Thursday, September 24th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.60.

Third Coast Bancshares Company Profile

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.