Third Coast Bancshares (NASDAQ:TCBX) Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of Third Coast Bancshares (NASDAQ:TCBX) from a strong-buy rating to a hold rating in a research report released on Tuesday morning,Zacks.com reports.

Separately, Keefe, Bruyette & Woods lifted their price objective on shares of Third Coast Bancshares from $38.00 to $42.00 and gave the company a “market perform” rating in a research note on Monday, July 28th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $40.00.

Third Coast Bancshares Stock Down 1.2%

Shares of NASDAQ TCBX opened at $39.01 on Tuesday. Third Coast Bancshares has a fifty-two week low of $25.00 and a fifty-two week high of $41.25. The firm’s 50-day simple moving average is $38.58 and its 200 day simple moving average is $33.96. The stock has a market cap of $540.68 million, a P/E ratio of 11.93 and a beta of 0.41.

Third Coast Bancshares (NASDAQ:TCBX) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $0.96 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.21. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. The business had revenue of $52.02 million for the quarter, compared to analysts’ expectations of $47.52 million. On average, sell-side analysts anticipate that Third Coast Bancshares will post 3.1 earnings per share for the current fiscal year.

Third Coast Bancshares declared that its Board of Directors has initiated a stock buyback program on Tuesday, June 17th that allows the company to repurchase $30.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 7.3% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other Third Coast Bancshares news, insider William Bobbora acquired 1,300 shares of the stock in a transaction dated Tuesday, July 29th. The shares were bought at an average price of $37.56 per share, with a total value of $48,828.00. Following the purchase, the insider directly owned 11,750 shares of the company’s stock, valued at approximately $441,330. This trade represents a 12.44% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 10.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Third Coast Bancshares

Hedge funds have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Third Coast Bancshares in the 1st quarter worth approximately $407,000. GAMMA Investing LLC grew its stake in shares of Third Coast Bancshares by 3,294.8% in the 1st quarter. GAMMA Investing LLC now owns 17,619 shares of the company’s stock worth $588,000 after purchasing an additional 17,100 shares during the last quarter. Nuveen Asset Management LLC grew its stake in shares of Third Coast Bancshares by 155.3% in the 4th quarter. Nuveen Asset Management LLC now owns 81,305 shares of the company’s stock worth $2,760,000 after purchasing an additional 49,461 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in Third Coast Bancshares by 24.8% during the 4th quarter. Ameriprise Financial Inc. now owns 73,271 shares of the company’s stock worth $2,488,000 after buying an additional 14,560 shares during the period. Finally, Inscription Capital LLC purchased a new stake in Third Coast Bancshares during the first quarter valued at about $1,678,000. Institutional investors and hedge funds 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.