Third Coast Bancshares (NASDAQ:TCBX) Upgraded to “Strong-Buy” at Piper Sandler

Piper Sandler upgraded shares of Third Coast Bancshares (NASDAQ:TCBX) to a strong-buy rating in a research report report published on Thursday,Zacks.com reports.

Separately, Keefe, Bruyette & Woods increased their target price on Third Coast Bancshares from $45.00 to $48.00 and gave the company a “market perform” rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $47.75.

Third Coast Bancshares Stock Performance

NASDAQ TCBX opened at $45.22 on Thursday. Third Coast Bancshares has a one year low of $35.73 and a one year high of $46.35. The company has a market capitalization of $750.22 million, a price-to-earnings ratio of 13.83 and a beta of 0.32. The company’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 announced its quarterly earnings results on Wednesday, July 22nd. The company reported $1.08 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $62.75 million. Equities analysts expect that Third Coast Bancshares will post 3.1 earnings per share for the current fiscal year.

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

Institutional Investors Weigh In On Third Coast Bancshares

Several institutional investors have recently bought and sold shares of TCBX. Advisory Services Network LLC acquired a new position in shares of Third Coast Bancshares during the third quarter worth $31,000. Quantbot Technologies LP acquired a new stake in shares of Third Coast Bancshares in the 2nd quarter worth $29,000. Ameritas Advisory Services LLC acquired a new stake in shares of Third Coast Bancshares in the 2nd quarter worth $40,000. Legal & General Group Plc purchased a new position in Third Coast Bancshares during the 2nd quarter worth $61,000. Finally, Mariner LLC purchased a new position in Third Coast Bancshares during the 4th quarter worth $201,000. 36.88% of the stock is currently owned by institutional investors and hedge funds.

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.