Third Coast Bancshares (NASDAQ:TCBX) Reaches New 52-Week High – Still a Buy?

Third Coast Bancshares, Inc. (NASDAQ:TCBX)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $46.25 and last traded at $45.7360, with a volume of 51337 shares. The stock had previously closed at $46.13.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on TCBX shares. Keefe, Bruyette & Woods increased their target price on shares of Third Coast Bancshares from $45.00 to $48.00 and gave the stock a “market perform” rating in a research report on Monday, August 3rd. Stephens reduced their price target on shares of Third Coast Bancshares from $46.00 to $45.00 and set an “overweight” rating on the stock in a research report on Friday, April 24th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Third Coast Bancshares has an average rating of “Moderate Buy” and an average price target of $46.00.

Third Coast Bancshares Price Performance

The firm has a 50-day moving average of $41.41 and a 200 day moving average of $40.04. The stock has a market capitalization of $759.08 million, a price-to-earnings ratio of 13.99 and a beta of 0.32.

Third Coast Bancshares declared that its board has authorized a stock buyback program on Thursday, July 2nd that authorizes the company to buyback $30.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 4.5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Third Coast Bancshares

Several large investors have recently made changes to their positions in the stock. Quantbot Technologies LP bought a new stake in Third Coast Bancshares during the second quarter worth $29,000. Advisory Services Network LLC acquired a new stake in Third Coast Bancshares in the third quarter valued at $31,000. Legal & General Group Plc bought a new position in shares of Third Coast Bancshares in the 2nd quarter valued at about $61,000. State of Alaska Department of Revenue increased its stake in shares of Third Coast Bancshares by 257.2% during the 4th quarter. State of Alaska Department of Revenue now owns 1,993 shares of the company’s stock worth $75,000 after purchasing an additional 1,435 shares during the last quarter. Finally, Mariner LLC acquired a new position in shares of Third Coast Bancshares during the 4th quarter worth about $201,000. Institutional investors and hedge funds own 36.88% of the company’s stock.

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.