Brean Capital Begins Coverage on Third Coast Bancshares (NASDAQ:TCBX)

Brean Capital began coverage on shares of Third Coast Bancshares (NASDAQ:TCBX) in a research report issued on Wednesday, Briefing.com reports. The firm set a “neutral” rating and a $47.00 price target on the stock. Brean Capital’s target price points to a potential upside of 10.25% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Benchmark raised shares of Third Coast Bancshares to a “strong-buy” rating in a research report on Thursday, September 24th. Keefe, Bruyette & Woods increased their price objective on shares of Third Coast Bancshares from $45.00 to $48.00 and gave the stock a “market perform” rating in a research report on Monday, August 3rd. Finally, Piper Sandler started coverage on shares of Third Coast Bancshares in a research note on Thursday, August 27th. They issued an “overweight” rating and a $53.00 target price on the stock. 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 currently has an average rating of “Moderate Buy” and an average price target of $47.60.

Third Coast Bancshares Price Performance

Shares of NASDAQ:TCBX opened at $42.63 on Wednesday. The firm has a market capitalization of $707.30 million, a PE ratio of 13.04 and a beta of 0.32. The business has a 50-day moving average of $44.36 and a two-hundred day moving average of $40.88. Third Coast Bancshares has a 12 month low of $35.73 and a 12 month high of $46.35.

Third Coast Bancshares (NASDAQ:TCBX) last released its quarterly earnings data on Wednesday, July 22nd. The company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.18. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%.The business had revenue of $67.99 million for the quarter, compared to analyst estimates of $62.75 million. As a group, research analysts anticipate that Third Coast Bancshares will post 3.1 earnings per share for the current year.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Ameritas Advisory Services LLC acquired a new stake in Third Coast Bancshares during the 2nd quarter valued at $40,000. Legal & General Group Plc acquired a new position in Third Coast Bancshares in the 2nd quarter worth $61,000. IFP Advisors Inc lifted 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 buying an additional 4,600 shares in the last quarter. Waterway Wealth Management LLC purchased a new position in Third Coast Bancshares in the 1st quarter valued at about $208,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Third Coast Bancshares in the 2nd quarter valued at about $286,000. 36.88% of the stock is currently owned by hedge funds and other institutional investors.

About Third Coast Bancshares

Third Coast Bancshares, Inc is the bank holding company for Third Coast Bank SSB, a Texas-based community bank founded in 2008. The bank focuses primarily on serving privately owned businesses, entrepreneurs, professionals and individuals through relationship-based banking.

Third Coast Bank provides commercial and consumer banking products, including business and personal checking and savings accounts, commercial real estate and business loans, residential and consumer lending, treasury management, cash management, online and mobile banking, and other deposit and payment services.

The bank operates a Texas-focused banking franchise serving customers in major markets including the greater Houston, Dallas-Fort Worth and Austin areas.