Third Coast Bancshares (NASDAQ:TCBX) Hits New 1-Year High – Here’s Why

Shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) hit 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. The stock had previously closed at $43.65.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on TCBX shares. Stephens lowered their price objective on Third Coast Bancshares from $46.00 to $45.00 and set an “overweight” rating on the stock in a research report on Friday, April 24th. Raymond James Financial raised shares of Third Coast Bancshares from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Tuesday, April 7th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, Third Coast Bancshares presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.00.

Third Coast Bancshares Price Performance

The company’s 50-day simple moving average is $40.03 and its 200 day simple moving average is $39.61. The firm has a market cap of $723.38 million, a P/E ratio of 13.33 and a beta of 0.33.

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

Hedge Funds Weigh In On Third Coast Bancshares

Large investors have recently modified their holdings of the stock. Sei Investments Co. lifted its position in Third Coast Bancshares by 172.5% in the first quarter. Sei Investments Co. now owns 178,570 shares of the company’s stock worth $6,756,000 after buying an additional 113,043 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its position in Third Coast Bancshares by 28.2% during 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 acquiring an additional 112,605 shares during the last quarter. Millennium Management LLC raised its stake in shares of Third Coast Bancshares by 88.2% in the first quarter. Millennium Management LLC now owns 177,521 shares of the company’s stock valued at $5,924,000 after acquiring an additional 83,209 shares during the period. Invesco Ltd. lifted its holdings in shares of Third Coast Bancshares by 397.9% in the 4th quarter. Invesco Ltd. now owns 90,739 shares of the company’s stock worth $3,449,000 after acquiring an additional 72,513 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in shares of Third Coast Bancshares by 44.9% during the 4th quarter. Wellington Management Group LLP now owns 193,326 shares of the company’s stock worth $7,348,000 after purchasing an additional 59,924 shares during the period. 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.