Third Coast Bancshares (NASDAQ:TCBX) Announces Share Repurchase Program

Third Coast Bancshares (NASDAQ:TCBX) announced that its Board of Directors has authorized a stock repurchase program on Thursday, July 2nd, RTT News reports. The company plans to repurchase $30.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Third Coast Bancshares Price Performance

Shares of Third Coast Bancshares stock traded up $0.10 on Friday, reaching $40.10. 143,449 shares of the company traded hands, compared to its average volume of 89,345. The company has a 50 day moving average of $38.66 and a 200 day moving average of $39.35. Third Coast Bancshares has a 52 week low of $33.95 and a 52 week high of $43.84. The firm has a market capitalization of $665.42 million, a PE ratio of 12.26 and a beta of 0.33.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Zacks Research lowered Third Coast Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 23rd. Stephens decreased their price target on shares of Third Coast Bancshares from $46.00 to $45.00 and set an “overweight” rating for the company in a research note on Friday, April 24th. Finally, Raymond James Financial upgraded Third Coast Bancshares from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Tuesday, April 7th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, Third Coast Bancshares currently 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.