Third Coast Bancshares’ (TCBX) “Outperform” Rating Reaffirmed at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods reaffirmed their outperform rating on shares of Third Coast Bancshares (NASDAQ:TCBX) in a research report released on Monday morning, Benzinga reports. The brokerage currently has a $28.00 target price on the stock, up from their prior target price of $26.00.

Third Coast Bancshares Stock Performance

TCBX opened at $22.46 on Monday. Third Coast Bancshares has a fifty-two week low of $14.09 and a fifty-two week high of $26.38. The stock has a market cap of $306.58 million, a price-to-earnings ratio of 11.05 and a beta of 0.30. The firm’s fifty day moving average is $21.39 and its 200 day moving average is $20.25.

Third Coast Bancshares (NASDAQ:TCBX) last announced its quarterly earnings data on Wednesday, July 24th. The company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.55 by $0.08. Third Coast Bancshares had a return on equity of 8.84% and a net margin of 11.54%. The business had revenue of $84.11 million for the quarter, compared to the consensus estimate of $41.00 million. During the same period in the previous year, the business earned $0.53 earnings per share. On average, equities research analysts predict that Third Coast Bancshares will post 2.28 earnings per share for the current year.

Insider Buying and Selling at Third Coast Bancshares

In related news, insider William Bobbora bought 1,500 shares of the stock in a transaction dated Thursday, May 16th. The shares were purchased at an average price of $21.32 per share, with a total value of $31,980.00. Following the completion of the acquisition, the insider now owns 2,600 shares of the company’s stock, valued at $55,432. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 10.20% of the company’s stock.

Institutional Investors Weigh In On Third Coast Bancshares

Several large investors have recently made changes to their positions in TCBX. Russell Investments Group Ltd. boosted its stake in Third Coast Bancshares by 121.7% during the first quarter. Russell Investments Group Ltd. now owns 1,822 shares of the company’s stock valued at $36,000 after buying an additional 1,000 shares during the last quarter. Acadian Asset Management LLC purchased a new position in shares of Third Coast Bancshares in the first quarter valued at $54,000. New York State Common Retirement Fund increased its position in Third Coast Bancshares by 56.5% in the fourth quarter. New York State Common Retirement Fund now owns 5,013 shares of the company’s stock worth $100,000 after purchasing an additional 1,810 shares during the last quarter. SG Americas Securities LLC bought a new stake in Third Coast Bancshares in the fourth quarter worth $134,000. Finally, Quadrature Capital Ltd purchased a new stake in Third Coast Bancshares during the fourth quarter valued at $409,000. 36.88% of the stock is owned by institutional investors.

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.