Third Coast Bancshares (NASDAQ: TCBX) received an upgrade in its target price from analysts at Stephens, who raised their forecast from $45.00 to $46.00. This announcement, made in a research note to investors on October 24, 2023, reflects Stephens’ current “overweight” rating on the stock, indicating a positive outlook for the bank holding company.
Other analysts have also provided insights regarding Third Coast Bancshares in recent reports. Zacks Research upgraded the stock from a “hold” rating to a “strong-buy” rating. Weiss Ratings maintained a “buy (b)” rating, emphasizing confidence in the company’s performance. Furthermore, Keefe, Bruyette & Woods increased their price target from $38.00 to $42.00 while assigning a “market perform” rating in their update on July 28, 2023.
As of now, the consensus rating for Third Coast Bancshares is a “Moderate Buy,” according to MarketBeat, with a consensus target price of $42.67. This positive sentiment is bolstered by a mix of ratings from various research analysts: one has rated the stock as a Strong Buy, two as Buy, and two as Hold.
Institutional Investment Activity
Recent trading activity shows that several large investors are adjusting their positions in Third Coast Bancshares. Notably, Wealth Enhancement Advisory Services LLC acquired a new stake in the company valued at approximately $407,000 during the first quarter of this year.
Additionally, Bank of New York Mellon Corp increased its stake by 2.6%, now holding 36,085 shares valued at around $1,204,000 after purchasing an additional 903 shares in the last quarter. Y Intercept Hong Kong Ltd also entered the scene by acquiring a new stake valued at about $246,000.
Another significant move came from 1492 Capital Management LLC, which raised its stake by an impressive 63.0%, owning 58,332 shares valued at $1,947,000 after adding 22,553 shares. Vanguard Group Inc. also increased its holdings by 1.5%, now owning 652,898 shares valued at approximately $21,787,000.
Currently, institutional investors own 36.88% of Third Coast Bancshares, reflecting a healthy interest from large financial entities.
About Third Coast Bancshares
Third Coast Bancshares, Inc. serves as the bank holding company for Third Coast Bank, SSB. The institution primarily offers commercial banking solutions tailored for small and medium-sized businesses, along with professionals. Its product lineup includes various deposit offerings such as checking and savings accounts, individual retirement accounts, money market accounts, and certificates of deposit.
The recent upgrades and increased institutional interest highlight a robust confidence in Third Coast Bancshares, suggesting a potentially positive trajectory for the company in the near future.
