Third Coast Bancshares (NASDAQ:TCBX) Price Target Raised to $26.00

Third Coast Bancshares (NASDAQ:TCBX) had its price target lifted by investment analysts at Deutsche Bank Aktiengesellschaft from $22.00 to $26.00 in a research report issued on Monday, Benzinga reports. The firm currently has a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft’s price objective suggests a potential upside of 8.42% from the stock’s previous close.

Separately, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $28.00 price target (up previously from $26.00) on shares of Third Coast Bancshares in a research note on Monday.

Third Coast Bancshares Price Performance

NASDAQ:TCBX traded down $0.73 during trading hours on Monday, reaching $23.98. The company had a trading volume of 11,379 shares, compared to its average volume of 31,279. Third Coast Bancshares has a 1-year low of $14.09 and a 1-year high of $26.38. The business’s 50 day moving average price is $21.27 and its 200-day moving average price is $20.16. The firm has a market cap of $327.33 million, a PE ratio of 11.81 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.08. The firm had revenue of $84.11 million for the quarter, compared to the consensus estimate of $41.00 million. Third Coast Bancshares had a net margin of 11.54% and a return on equity of 8.84%. During the same period in the prior year, the firm posted $0.53 earnings per share. On average, analysts expect that Third Coast Bancshares will post 2.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider William Bobbora purchased 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 transaction, the insider now owns 2,600 shares in the company, valued at approximately $55,432. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 10.20% of the company’s stock.

Institutional Investors Weigh In On Third Coast Bancshares

A number of institutional investors have recently made changes to their positions in TCBX. SG Americas Securities LLC acquired a new stake in shares of Third Coast Bancshares in the fourth quarter valued at $134,000. New York State Common Retirement Fund increased its stake in Third Coast Bancshares by 56.5% during 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 period. Panagora Asset Management Inc. lifted its position in shares of Third Coast Bancshares by 24.0% during the fourth quarter. Panagora Asset Management Inc. now owns 25,888 shares of the company’s stock worth $514,000 after purchasing an additional 5,017 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in shares of Third Coast Bancshares during the fourth quarter worth about $606,000. Finally, Quadrature Capital Ltd purchased a new position in Third Coast Bancshares in the 4th quarter valued at approximately $409,000. 36.88% of the stock is currently 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.