Third Coast Bancshares (NASDAQ:TCBX) Stock Rating Upgraded by Piper Sandler

Third Coast Bancshares (NASDAQ:TCBX) was upgraded by analysts at Piper Sandler to a “strong-buy” rating in a report released on Thursday,Zacks.com reports.

Separately, Keefe, Bruyette & Woods upped their price objective on Third Coast Bancshares from $45.00 to $48.00 and gave the company a “market perform” rating in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.75.

Third Coast Bancshares Stock Performance

Shares of TCBX stock opened at $45.22 on Thursday. The firm has a market cap of $750.22 million, a price-to-earnings ratio of 13.83 and a beta of 0.32. Third Coast Bancshares has a 52 week low of $35.73 and a 52 week high of $46.35. The firm’s 50-day simple moving average is $42.44 and its two-hundred day simple moving average is $40.27.

Third Coast Bancshares (NASDAQ:TCBX) last released its earnings results on Wednesday, July 22nd. The company reported $1.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.18. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. The firm had revenue of $67.99 million for the quarter, compared to analysts’ expectations of $62.75 million. Analysts forecast that Third Coast Bancshares will post 3.1 earnings per share for the current year.

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

Hedge Funds Weigh In On Third Coast Bancshares

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. purchased a new position in shares of Third Coast Bancshares in the second quarter worth about $46,829,000. Adage Capital Partners GP L.L.C. raised its position in shares of Third Coast Bancshares by 28.2% in the second quarter. Adage Capital Partners GP L.L.C. now owns 511,940 shares of the company’s stock valued at $16,725,000 after purchasing an additional 112,605 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Third Coast Bancshares by 6.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 472,808 shares of the company’s stock valued at $17,886,000 after buying an additional 27,664 shares in the last quarter. State Street Corp lifted its stake in shares of Third Coast Bancshares by 4.8% during the 4th quarter. State Street Corp now owns 342,489 shares of the company’s stock valued at $13,018,000 after buying an additional 15,835 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Third Coast Bancshares in the 2nd quarter worth approximately $13,553,000. 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.