Third Coast Bancshares (NASDAQ:TCBX) to Buyback $30.00 million in Shares

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) announced that its Board of Directors has initiated a share buyback program on Tuesday, June 17th, RTT News reports. The company plans to buyback $30.00 million in shares. This buyback authorization permits the company to reacquire up to 7.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms recently weighed in on TCBX. Keefe, Bruyette & Woods dropped their target price on shares of Third Coast Bancshares from $39.00 to $36.00 and set a "market perform" rating for the company in a report on Friday, April 25th. Raymond James Financial lowered Third Coast Bancshares from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Finally, Stephens lowered their target price on shares of Third Coast Bancshares from $44.00 to $39.00 and set an "overweight" rating for the company in a research note on Friday, April 25th.

Third Coast Bancshares Stock Performance

TCBX stock traded up $0.35 on Wednesday, reaching $30.04. The company had a trading volume of 97,916 shares, compared to its average volume of 64,892. The company's fifty day moving average is $30.31 and its 200 day moving average is $32.92. The company has a market cap of $415.45 million, a P/E ratio of 10.22 and a beta of 0.39. Third Coast Bancshares has a 1 year low of $18.82 and a 1 year high of $39.45.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last released its earnings results on Wednesday, April 23rd. The company reported $0.78 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.70 by $0.08. Third Coast Bancshares had a net margin of 14.90% and a return on equity of 11.15%. The company had revenue of $45.90 million for the quarter, compared to analyst estimates of $46.02 million. On average, sell-side analysts predict that Third Coast Bancshares will post 3.1 earnings per share for the current year.

Insider Activity at Third Coast Bancshares

In other Third Coast Bancshares news, insider William Bobbora acquired 2,400 shares of the firm's stock in a transaction on Monday, April 28th. The stock was bought at an average cost of $28.51 per share, for a total transaction of $68,424.00. Following the completion of the purchase, the insider now directly owns 9,250 shares in the company, valued at $263,717.50. This represents a 35.04% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 10.28% of the stock is owned by insiders.

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.

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