Third Coast Bancshares (NASDAQ:TCBX) Authorizes Share Buyback Plan

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) announced that its Board of Directors has initiated a share repurchase 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 buy up to 7.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

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

Third Coast Bancshares Trading Up 2.2%

NASDAQ:TCBX traded up $0.65 during trading hours on Friday, hitting $30.69. 49,383 shares of the company were exchanged, compared to its average volume of 65,031. The company has a fifty day simple moving average of $30.42 and a 200 day simple moving average of $32.85. Third Coast Bancshares has a one year low of $19.30 and a one year high of $39.45. The stock has a market capitalization of $424.44 million, a price-to-earnings ratio of 10.44 and a beta of 0.39.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last issued its quarterly earnings results on Wednesday, April 23rd. The company reported $0.78 earnings per share for the quarter, topping analysts' consensus estimates of $0.70 by $0.08. The firm had revenue of $45.90 million during the quarter, compared to the consensus estimate of $46.02 million. Third Coast Bancshares had a return on equity of 11.15% and a net margin of 14.90%. Equities research analysts predict that Third Coast Bancshares will post 3.1 earnings per share for the current fiscal year.

Insider Transactions at Third Coast Bancshares

In related news, insider William Bobbora bought 2,400 shares of the company's stock in a transaction dated Monday, April 28th. The shares were bought at an average price of $28.51 per share, for a total transaction of $68,424.00. Following the completion of the acquisition, the insider now directly owns 9,250 shares of the company's stock, valued at $263,717.50. This trade represents a 35.04% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 10.28% of the stock is owned by insiders.

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.