Third Coast Bancshares (NASDAQ:TCBX) Reaches New 52-Week High – Here’s Why

Shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $44.10 and last traded at $43.9150, with a volume of 85237 shares changing hands. The stock had previously closed at $43.65.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Raymond James Financial raised Third Coast Bancshares from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Tuesday, April 7th. Stephens dropped their price objective 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 research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

Third Coast Bancshares Stock Performance

The firm’s 50-day moving average is $39.79 and its 200 day moving average is $39.53. The firm has a market capitalization of $733.62 million, a PE ratio of 13.51 and a beta of 0.33.

Third Coast Bancshares declared that its board has authorized a stock buyback plan on Thursday, July 2nd that allows the company to buyback $30.00 million in shares. This buyback authorization allows the company to repurchase up to 4.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Institutional Trading of Third Coast Bancshares

Institutional investors and hedge funds have recently modified their holdings of the business. Quantbot Technologies LP acquired a new stake in shares of Third Coast Bancshares in the second quarter valued at approximately $29,000. Advisory Services Network LLC acquired a new position in shares of Third Coast Bancshares during the 3rd quarter worth approximately $31,000. State of Alaska Department of Revenue raised its position in shares of Third Coast Bancshares by 257.2% during the 4th quarter. State of Alaska Department of Revenue now owns 1,993 shares of the company’s stock worth $75,000 after purchasing an additional 1,435 shares during the last quarter. Mariner LLC purchased a new stake in Third Coast Bancshares in the 4th quarter valued at approximately $201,000. Finally, Waterway Wealth Management LLC purchased a new stake in Third Coast Bancshares in the 1st quarter valued at approximately $208,000. Hedge funds and other 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.