Third Coast Bancshares (NASDAQ:TCBX) Sets New 1-Year High on Analyst Upgrade

Third Coast Bancshares, Inc. (NASDAQ:TCBX) hit a new 52-week high during mid-day trading on Tuesday after Keefe, Bruyette & Woods raised their price target on the stock from $45.00 to $48.00. Keefe, Bruyette & Woods currently has a market perform rating on the stock. Third Coast Bancshares traded as high as $44.98 and last traded at $44.08, with a volume of 132565 shares trading hands. The stock had previously closed at $43.84.

Several other research analysts have also commented on the company. Stephens decreased their target price on Third Coast Bancshares from $46.00 to $45.00 and set an “overweight” rating for the company in a research report on Friday, April 24th. 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 report on Tuesday, April 7th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $46.00.

Institutional Investors Weigh In On Third Coast Bancshares

Institutional investors and hedge funds have recently bought and sold shares of the business. AQR Capital Management LLC lifted its holdings in Third Coast Bancshares by 21.7% in the first quarter. AQR Capital Management LLC now owns 38,431 shares of the company’s stock worth $1,282,000 after acquiring an additional 6,857 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Third Coast Bancshares by 88.2% during the first quarter. Millennium Management LLC now owns 177,521 shares of the company’s stock valued at $5,924,000 after purchasing an additional 83,209 shares during the last quarter. Empowered Funds LLC raised its position in shares of Third Coast Bancshares by 43.6% during the 1st quarter. Empowered Funds LLC now owns 42,604 shares of the company’s stock worth $1,422,000 after purchasing an additional 12,945 shares during the period. Focus Partners Wealth raised its position in shares of Third Coast Bancshares by 32,994.4% during the 1st quarter. Focus Partners Wealth now owns 41,699 shares of the company’s stock worth $1,391,000 after purchasing an additional 41,573 shares during the period. Finally, Rhumbline Advisers raised its position in shares of Third Coast Bancshares by 16.4% during the 2nd quarter. Rhumbline Advisers now owns 19,657 shares of the company’s stock worth $642,000 after purchasing an additional 2,775 shares during the period. Institutional investors and hedge funds own 36.88% of the company’s stock.

Third Coast Bancshares Stock Performance

The firm has a market cap of $732.49 million, a P/E ratio of 13.50 and a beta of 0.33. The firm has a fifty day moving average of $40.37 and a 200-day moving average of $39.73.

Third Coast Bancshares declared that its Board of Directors has approved a share buyback program on Thursday, July 2nd that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the company to repurchase up to 4.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Third Coast Bancshares Company Profile

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.