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

Third Coast Bancshares, Inc. (NASDAQ:TCBX) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $45.12 and last traded at $44.9650, with a volume of 81691 shares trading hands. The stock had previously closed at $44.28.

Analysts Set New Price Targets

TCBX has been the subject of several research analyst reports. Keefe, Bruyette & Woods upped their price objective on shares of Third Coast Bancshares from $45.00 to $48.00 and gave the stock a “market perform” rating in a report on Monday, August 3rd. Stephens dropped 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 analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, Third Coast Bancshares currently has an average rating of “Moderate Buy” and an average price target of $46.00.

Third Coast Bancshares Stock Performance

The business has a 50 day simple moving average of $41.14 and a 200-day simple moving average of $39.96. The stock has a market capitalization of $754.19 million, a P/E ratio of 13.90 and a beta of 0.32.

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

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Quantbot Technologies LP bought a new stake in Third Coast Bancshares in the second quarter worth about $29,000. Advisory Services Network LLC bought a new position in shares of Third Coast Bancshares during the 3rd quarter valued at about $31,000. State of Alaska Department of Revenue boosted its position 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 valued at $75,000 after purchasing an additional 1,435 shares in the last quarter. Mariner LLC acquired a new position in shares of Third Coast Bancshares in the 4th quarter worth approximately $201,000. Finally, Waterway Wealth Management LLC acquired a new position in shares of Third Coast Bancshares in the 1st quarter worth approximately $208,000. Institutional investors 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.