Third Coast Bancshares (NASDAQ:TCBX) Shares Gap Up – What’s Next?

Third Coast Bancshares, Inc. (NASDAQ:TCBX) shares gapped up prior to trading on Thursday . The stock had previously closed at $40.14, but opened at $43.00. Third Coast Bancshares shares last traded at $40.2340, with a volume of 7,056 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on TCBX shares. Raymond James Financial upgraded shares of Third Coast Bancshares from a “market perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a report on Tuesday, April 7th. Stephens lowered their target price on shares of Third Coast Bancshares from $46.00 to $45.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Three equities research analysts have rated the stock with 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 $45.00.

Third Coast Bancshares Trading Up 0.6%

The firm has a market capitalization of $707.57 million, a PE ratio of 13.04 and a beta of 0.33. The firm has a 50-day moving average of $39.54 and a two-hundred day moving average of $39.46.

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

Hedge Funds Weigh In On Third Coast Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. raised its holdings in Third Coast Bancshares by 45.8% in the third quarter. JPMorgan Chase & Co. now owns 54,721 shares of the company’s stock valued at $2,078,000 after buying an additional 17,184 shares during the period. 1492 Capital Management LLC lifted its position in Third Coast Bancshares by 63.6% during the first quarter. 1492 Capital Management LLC now owns 132,762 shares of the company’s stock valued at $5,022,000 after buying an additional 51,636 shares in the last quarter. Nottingham Advisors Inc. purchased a new stake in Third Coast Bancshares during the first quarter worth approximately $1,416,000. R Squared Ltd purchased a new stake in Third Coast Bancshares during the first quarter worth approximately $380,000. Finally, Stephens Inc. AR grew its stake in Third Coast Bancshares by 204.7% during the first quarter. Stephens Inc. AR now owns 17,064 shares of the company’s stock worth $646,000 after buying an additional 11,464 shares during the period. 36.88% of the stock is owned by institutional investors and hedge funds.

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.