Third Coast Bancshares (NASDAQ:TCBX) Shares Gap Up – Here’s What Happened

Third Coast Bancshares, Inc. (NASDAQ:TCBX)’s stock price 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 Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Raymond James Financial raised shares of Third Coast Bancshares from a “market perform” rating to an “outperform” rating and set a $45.00 target price for the company in a research note on Tuesday, April 7th. Stephens dropped their price objective on Third Coast Bancshares from $46.00 to $45.00 and set an “overweight” rating on the stock in a research note on Friday, April 24th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $45.00.

Third Coast Bancshares Price Performance

The firm has a market capitalization of $674.88 million, a price-to-earnings ratio of 12.44 and a beta of 0.33. The business’s fifty day simple moving average is $39.33 and its 200 day simple moving average is $39.40.

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

Institutional Trading of Third Coast Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the business. Hsbc Holdings PLC grew its position in Third Coast Bancshares by 6.4% in the 1st quarter. Hsbc Holdings PLC now owns 7,442 shares of the company’s stock worth $280,000 after purchasing an additional 450 shares in the last quarter. Brandywine Global Investment Management LLC increased its stake in Third Coast Bancshares by 5.1% in the 4th quarter. Brandywine Global Investment Management LLC now owns 12,390 shares of the company’s stock valued at $471,000 after buying an additional 600 shares during the last quarter. First Trust Advisors LP lifted its position in shares of Third Coast Bancshares by 7.5% during the 2nd quarter. First Trust Advisors LP now owns 8,873 shares of the company’s stock worth $290,000 after buying an additional 616 shares in the last quarter. Quantinno Capital Management LP lifted its position in shares of Third Coast Bancshares by 3.7% during the 2nd quarter. Quantinno Capital Management LP now owns 20,057 shares of the company’s stock worth $655,000 after buying an additional 708 shares in the last quarter. Finally, Advisory Services Network LLC purchased a new position in shares of Third Coast Bancshares in the 3rd quarter worth approximately $31,000. Institutional investors own 36.88% of the company’s stock.

Third Coast Bancshares Company Profile

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.