Millennium Management LLC Boosts Holdings in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Millennium Management LLC lifted its holdings in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 432.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 94,312 shares of the company's stock after buying an additional 76,594 shares during the period. Millennium Management LLC owned about 0.69% of Third Coast Bancshares worth $3,202,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in TCBX. Picton Mahoney Asset Management purchased a new stake in Third Coast Bancshares in the 4th quarter valued at about $27,000. R Squared Ltd purchased a new stake in Third Coast Bancshares in the 4th quarter valued at about $40,000. US Bancorp DE purchased a new stake in Third Coast Bancshares in the 4th quarter valued at about $73,000. SG Americas Securities LLC boosted its position in Third Coast Bancshares by 17.7% in the 4th quarter. SG Americas Securities LLC now owns 5,043 shares of the company's stock valued at $171,000 after buying an additional 760 shares during the period. Finally, Walleye Capital LLC purchased a new stake in Third Coast Bancshares in the 4th quarter valued at about $203,000. 36.88% of the stock is currently owned by institutional investors.

Insider Transactions at Third Coast Bancshares

In other news, insider William Bobbora bought 2,400 shares of the firm's stock in a transaction that occurred on Monday, April 28th. The stock was bought at an average price of $28.51 per share, with a total value of $68,424.00. Following the completion of the transaction, the insider now directly owns 9,250 shares of the company's stock, valued at approximately $263,717.50. The trade was a 35.04% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders acquired 4,470 shares of company stock valued at $135,204. Company insiders own 10.28% of the company's stock.

Third Coast Bancshares Trading Down 2.3%

Shares of TCBX traded down $0.71 during mid-day trading on Wednesday, hitting $30.60. The company's stock had a trading volume of 41,230 shares, compared to its average volume of 63,508. The company's 50-day moving average is $30.19 and its 200-day moving average is $33.27. Third Coast Bancshares, Inc. has a 52-week low of $18.82 and a 52-week high of $39.45. The firm has a market capitalization of $423.29 million, a price-to-earnings ratio of 11.05 and a beta of 0.42.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last announced its quarterly earnings results on Wednesday, April 23rd. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.08. Third Coast Bancshares had a net margin of 14.06% and a return on equity of 10.93%. The firm had revenue of $45.90 million during the quarter, compared to analysts' expectations of $46.02 million. As a group, sell-side analysts predict that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current fiscal year.

Analyst Ratings Changes

TCBX has been the subject of several research reports. Raymond James cut shares of Third Coast Bancshares from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Stephens lowered their price objective on shares of 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. Finally, Keefe, Bruyette & Woods lowered their price objective 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 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.