GAMMA Investing LLC Has $588,000 Stock Holdings in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

GAMMA Investing LLC boosted its position in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 3,294.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,619 shares of the company's stock after purchasing an additional 17,100 shares during the period. GAMMA Investing LLC owned approximately 0.13% of Third Coast Bancshares worth $588,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. lifted its position in shares of Third Coast Bancshares by 24.8% during the 4th quarter. Ameriprise Financial Inc. now owns 73,271 shares of the company's stock valued at $2,488,000 after acquiring an additional 14,560 shares during the last quarter. Nuveen Asset Management LLC lifted its position in shares of Third Coast Bancshares by 155.3% during the 4th quarter. Nuveen Asset Management LLC now owns 81,305 shares of the company's stock valued at $2,760,000 after acquiring an additional 49,461 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in shares of Third Coast Bancshares during the 4th quarter valued at $415,000. Millennium Management LLC lifted its position in shares of Third Coast Bancshares by 432.3% during the 4th quarter. Millennium Management LLC now owns 94,312 shares of the company's stock valued at $3,202,000 after acquiring an additional 76,594 shares during the last quarter. Finally, Two Sigma Investments LP lifted its position in shares of Third Coast Bancshares by 44.7% during the 4th quarter. Two Sigma Investments LP now owns 61,101 shares of the company's stock valued at $2,074,000 after acquiring an additional 18,870 shares during the last quarter. 36.88% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Third Coast Bancshares

In other news, insider William Bobbora bought 2,400 shares of the business's stock in a transaction on Monday, April 28th. The shares were bought at an average cost of $28.51 per share, with a total value of $68,424.00. Following the purchase, the insider now directly owns 9,250 shares in the company, valued at $263,717.50. This trade represents a 35.04% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 10.28% of the company's stock.

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 stock traded hands, compared to its average volume of 65,122. The firm has a 50 day moving average price of $30.42 and a 200 day moving average price of $32.82. Third Coast Bancshares, Inc. has a fifty-two week low of $19.52 and a fifty-two week high of $39.45. The firm has a market cap 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 announced its earnings results on Wednesday, April 23rd. The company reported $0.78 earnings per share (EPS) for the quarter, beating the consensus estimate 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 the consensus estimate of $46.02 million. Research analysts predict that Third Coast Bancshares, Inc. will post 3.1 EPS for the current year.

Third Coast Bancshares declared that its board has authorized a share buyback program on Tuesday, June 17th that authorizes the company to repurchase $30.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 7.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

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

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.