Keefe, Bruyette & Woods Reaffirms Outperform Rating for Third Coast Bancshares (NASDAQ:TCBX)

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

Third Coast Bancshares Price Performance

Shares of NASDAQ:TCBX opened at $23.37 on Monday. The company’s fifty day moving average price is $21.37 and its 200 day moving average price is $20.22. Third Coast Bancshares has a 12 month low of $14.09 and a 12 month high of $26.38. The firm has a market capitalization of $319.07 million, a P/E ratio of 11.74 and a beta of 0.30.

Third Coast Bancshares (NASDAQ:TCBX) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.55 by $0.08. Third Coast Bancshares had a net margin of 11.54% and a return on equity of 8.84%. The firm had revenue of $84.11 million for the quarter, compared to analyst estimates of $41.00 million. During the same period last year, the business earned $0.53 EPS. On average, sell-side analysts anticipate that Third Coast Bancshares will post 2.28 EPS for the current year.

Insiders Place Their Bets

In other Third Coast Bancshares news, insider William Bobbora acquired 2,484 shares of the stock in a transaction on Tuesday, May 21st. The shares were bought at an average cost of $21.44 per share, with a total value of $53,256.96. Following the transaction, the insider now owns 35,639 shares of the company’s stock, valued at approximately $764,100.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 10.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. boosted its holdings in shares of Third Coast Bancshares by 121.7% in the first quarter. Russell Investments Group Ltd. now owns 1,822 shares of the company’s stock valued at $36,000 after acquiring an additional 1,000 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Third Coast Bancshares in the first quarter valued at about $54,000. New York State Common Retirement Fund boosted its holdings in shares of 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 valued at $100,000 after acquiring an additional 1,810 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Third Coast Bancshares in the fourth quarter valued at about $134,000. Finally, Quadrature Capital Ltd purchased a new stake in shares of Third Coast Bancshares in the fourth quarter valued at about $409,000. 36.88% of the stock is owned by hedge funds and other institutional investors.

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.