Third Coast Bancshares (NASDAQ:TCBX) Price Target Raised to $48.00

Third Coast Bancshares (NASDAQ:TCBX) had its price objective raised by Keefe, Bruyette & Woods from $45.00 to $48.00 in a research note released on Monday morning,Benzinga reports. They currently have a market perform rating on the stock.

TCBX has been the subject of several other research reports. Raymond James Financial raised shares of Third Coast Bancshares from a “market perform” rating to an “outperform” rating and set a $45.00 target price for the company in a report on Tuesday, April 7th. Stephens decreased their price target on Third Coast Bancshares from $46.00 to $45.00 and set an “overweight” rating on the stock in a report on Friday, April 24th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Third Coast Bancshares has an average rating of “Moderate Buy” and a consensus target price of $46.00.

Third Coast Bancshares Price Performance

Shares of NASDAQ TCBX opened at $44.17 on Monday. The firm has a fifty day moving average price of $40.49 and a 200-day moving average price of $39.77. The stock has a market cap of $732.85 million, a PE ratio of 13.51 and a beta of 0.33. Third Coast Bancshares has a 1 year low of $35.60 and a 1 year high of $44.98.

Third Coast Bancshares declared that its board has authorized a stock buyback program on Thursday, July 2nd that allows the company to repurchase $30.00 million in shares. This repurchase authorization allows the company to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Third Coast Bancshares

Institutional investors and hedge funds have recently modified their holdings of the stock. Adage Capital Partners GP L.L.C. lifted its holdings 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 worth $16,725,000 after buying an additional 112,605 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Third Coast Bancshares by 6.2% during the first quarter. Dimensional Fund Advisors LP now owns 472,808 shares of the company’s stock valued at $17,886,000 after acquiring an additional 27,664 shares in the last quarter. State Street Corp grew its stake in Third Coast Bancshares by 4.8% during the fourth quarter. State Street Corp now owns 342,489 shares of the company’s stock valued at $13,018,000 after acquiring an additional 15,835 shares in the last quarter. Wellington Management Group LLP increased its holdings in Third Coast Bancshares by 44.9% in the 4th quarter. Wellington Management Group LLP now owns 193,326 shares of the company’s stock valued at $7,348,000 after acquiring an additional 59,924 shares during the last quarter. Finally, Sei Investments Co. increased its holdings in Third Coast Bancshares by 172.5% in the 1st quarter. Sei Investments Co. now owns 178,570 shares of the company’s stock valued at $6,756,000 after acquiring an additional 113,043 shares during the last quarter. Institutional investors own 36.88% of the company’s stock.

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.