Stock Repurchase Plan Declared by Third Coast Bancshares (NASDAQ:TCBX) Board of Directors

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

Wall Street Analyst Weigh In

Several analysts recently weighed in on TCBX shares. Zacks Research downgraded shares of Third Coast Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 23rd. Raymond James Financial raised shares of Third Coast Bancshares from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Tuesday, April 7th. Finally, Stephens dropped their price objective 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. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $45.00.

Third Coast Bancshares Stock Performance

Shares of TCBX traded up $0.10 on Friday, reaching $40.10. The stock had a trading volume of 143,449 shares, compared to its average volume of 89,345. Third Coast Bancshares has a 12-month low of $33.95 and a 12-month high of $43.84. The firm has a market capitalization of $665.42 million, a price-to-earnings ratio of 12.26 and a beta of 0.33. The company has a 50-day simple moving average of $38.66 and a 200-day simple moving average of $39.35.

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.