1492 Capital Management LLC Acquires 22,553 Shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX)

1492 Capital Management LLC raised its position in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 63.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 58,332 shares of the company's stock after purchasing an additional 22,553 shares during the quarter. 1492 Capital Management LLC owned 0.42% of Third Coast Bancshares worth $1,947,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership bought a new stake in shares of Third Coast Bancshares in the fourth quarter valued at about $3,040,000. Millennium Management LLC lifted its stake in Third Coast Bancshares by 432.3% during the fourth quarter. Millennium Management LLC now owns 94,312 shares of the company's stock worth $3,202,000 after purchasing an additional 76,594 shares during the period. Alliancebernstein L.P. lifted its stake in Third Coast Bancshares by 22.8% during the fourth quarter. Alliancebernstein L.P. now owns 408,561 shares of the company's stock worth $13,871,000 after purchasing an additional 75,964 shares during the period. American Century Companies Inc. lifted its stake in Third Coast Bancshares by 82.6% during the fourth quarter. American Century Companies Inc. now owns 141,765 shares of the company's stock worth $4,813,000 after purchasing an additional 64,148 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Third Coast Bancshares by 26.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 294,411 shares of the company's stock worth $9,996,000 after purchasing an additional 62,019 shares during the period. 36.88% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider William Bobbora purchased 2,400 shares of the stock in a transaction that occurred 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 acquisition, the insider directly owned 9,250 shares of the company's stock, valued at $263,717.50. This represents a 35.04% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 10.28% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

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

Third Coast Bancshares Price Performance

Shares of TCBX traded down $0.68 during trading hours on Friday, hitting $36.60. 75,382 shares of the stock were exchanged, compared to its average volume of 68,504. Third Coast Bancshares, Inc. has a fifty-two week low of $20.66 and a fifty-two week high of $39.44. The business has a 50-day moving average of $32.83 and a 200-day moving average of $32.88. The firm has a market capitalization of $506.18 million, a P/E ratio of 11.19 and a beta of 0.39.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $0.96 earnings per share for the quarter, beating analysts' consensus estimates of $0.75 by $0.21. The company had revenue of $52.02 million for the quarter, compared to analyst estimates of $47.52 million. Third Coast Bancshares had a net margin of 16.30% and a return on equity of 12.26%. As a group, analysts forecast that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current fiscal year.

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

Third Coast Bancshares 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.