Third Coast Bancshares (NASDAQ:TCBX) Declares Stock Buyback Program

Third Coast Bancshares (NASDAQ:TCBX) declared that its Board of Directors has authorized a share buyback plan on Thursday, July 2nd, RTT News reports. The company plans 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 plans are often an indication that the company’s management believes its stock is undervalued.

Third Coast Bancshares Trading Up 0.3%

Shares of Third Coast Bancshares stock traded up $0.10 during midday trading on Friday, reaching $40.10. The company had a trading volume of 143,449 shares, compared to its average volume of 89,345. The stock has a fifty day simple moving average of $38.66 and a 200 day simple moving average of $39.35. Third Coast Bancshares has a 1-year low of $33.95 and a 1-year high of $43.84. The company has a market capitalization of $665.42 million, a price-to-earnings ratio of 12.26 and a beta of 0.33.

Analysts Set New Price Targets

TCBX has been the topic of several research analyst reports. Stephens decreased their target price on Third Coast Bancshares from $46.00 to $45.00 and set an “overweight” rating on the stock in a report on Friday, April 24th. Zacks Research cut Third Coast Bancshares from a “strong-buy” rating to a “hold” rating in a report on Monday, March 23rd. Finally, Raymond James Financial upgraded shares of Third Coast Bancshares from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Tuesday, April 7th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

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.