Third Coast Bancshares (NASDAQ:TCBX) Issues Earnings Results, Beats Estimates By $0.06 EPS

Third Coast Bancshares (NASDAQ:TCBX) released its quarterly earnings data on Wednesday. The company reported $1.06 earnings per share (EPS) for the quarter, topping 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 net margin of 16.30% and a return on equity of 12.05%.

Third Coast Bancshares Stock Performance

NASDAQ TCBX traded down $0.35 during trading hours on Friday, hitting $39.65. The company had a trading volume of 6,027 shares, compared to its average volume of 96,517. Third Coast Bancshares has a 52 week low of $35.73 and a 52 week high of $46.35. The firm has a market capitalization of $657.94 million, a price-to-earnings ratio of 12.16 and a beta of 0.33. The firm has a 50 day simple moving average of $43.66 and a 200 day simple moving average of $41.37.

Third Coast Bancshares declared that its board has approved 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 purchase up to 4.5% of its shares through open market purchases. Share repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

About Third Coast Bancshares

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.