Key Points
- Insider purchase: William Bobbora bought 1,000 Third Coast Bancshares shares at $40.34 each, investing $40,340 and increasing his stake by 1.93% to 52,855 shares.
- Quarterly performance: The company reported quarterly EPS of $1.06, beating estimates of $1.00, while revenue of $65.87 million fell short of the $66.83 million consensus.
- Investor outlook: Third Coast Bancshares authorized a $30 million share-repurchase program, and analysts have assigned a consensus “Moderate Buy” rating with a $47.60 price target.
Third Coast Bancshares, Inc. (NASDAQ:TCBX - Get Free Report) insider William Bobbora acquired 1,000 shares of Third Coast Bancshares stock in a transaction on Monday, October 26th. The shares were purchased at an average cost of $40.34 per share, with a total value of $40,340.00. Following the completion of the purchase, the insider directly owned 52,855 shares of the company's stock, valued at approximately $2,132,170.70. This represents a 1.93% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
Third Coast Bancshares Price Performance
Shares of TCBX opened at $40.19 on Tuesday. The company has a 50-day moving average of $43.42 and a two-hundred day moving average of $40.82. The stock has a market cap of $666.88 million, a price-to-earnings ratio of 12.29 and a beta of 0.33. Third Coast Bancshares, Inc. has a one year low of $35.73 and a one year high of $46.35.
Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last released its quarterly earnings results on Wednesday, October 21st. The company reported $1.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.00 by $0.06. The business had revenue of $65.87 million for the quarter, compared to analyst estimates of $66.83 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.05%. Analysts anticipate that Third Coast Bancshares, Inc. will post 3.10 earnings per share for the current year.
Third Coast Bancshares declared that its board has approved a share repurchase program on Thursday, July 2nd that permits the company to repurchase $30 million in outstanding shares. This repurchase authorization permits the company to purchase up to 4.5% of its stock through open market purchases. Share repurchase programs are generally an indication that the company's management believes its stock is undervalued.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on TCBX shares. Brean Capital started coverage on shares of Third Coast Bancshares in a research report on Wednesday, September 30th. They set a "neutral" rating and a $47.00 price objective on the stock. Piper Sandler began coverage on Third Coast Bancshares in a report on Thursday, August 27th. They issued an "overweight" rating and a $53.00 target price for the company. Benchmark raised Third Coast Bancshares to a "strong-buy" rating in a research report on Thursday, September 24th. Finally, Keefe, Bruyette & Woods lifted their price target on Third Coast Bancshares from $45.00 to $48.00 and gave the company a "market perform" rating in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.60.
Check Out Our Latest Analysis on TCBX
Hedge Funds Weigh In On Third Coast Bancshares
A number of large investors have recently made changes to their positions in the business. Bank of New York Mellon Corp purchased a new stake in shares of Third Coast Bancshares in the second quarter worth approximately $13,553,000. Ategra Capital Management LLC purchased a new position in Third Coast Bancshares during the second quarter valued at approximately $10,560,000. Bank of America Corp DE purchased a new position in Third Coast Bancshares during the second quarter valued at approximately $3,532,000. Dimensional Fund Advisors LP grew its position in Third Coast Bancshares by 6.2% during the first quarter. Dimensional Fund Advisors LP now owns 472,808 shares of the company's stock valued at $17,886,000 after purchasing an additional 27,664 shares in the last quarter. Finally, Empowered Funds LLC acquired a new position in Third Coast Bancshares in the 2nd quarter valued at approximately $2,771,000. Institutional investors and hedge funds own 36.88% of the company's stock.
Third Coast Bancshares Company Profile
(
Get Free Report)
Third Coast Bancshares, Inc is the bank holding company for Third Coast Bank SSB, a Texas-based community bank. The bank provides relationship-focused financial services to businesses, professionals and individuals through a network of banking offices and digital banking channels.
Its products and services include commercial and industrial loans, commercial real estate financing, construction and development loans, residential real estate lending, consumer loans and deposit accounts. The bank also offers treasury management, online and mobile banking, cash-management services and other solutions designed to support business and personal financial needs.
Founded in 2008, Third Coast Bank serves customers in key Texas markets, including the Houston, Dallas-Fort Worth and Austin areas.
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