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

1492 Capital Management LLC lifted its position in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) by 63.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 58,332 shares of the company's stock after acquiring an additional 22,553 shares during the quarter. 1492 Capital Management LLC owned approximately 0.42% of Third Coast Bancshares worth $1,947,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of TCBX. Arrowstreet Capital Limited Partnership acquired a new stake in Third Coast Bancshares during the 4th quarter worth $3,040,000. Millennium Management LLC raised its position in shares of Third Coast Bancshares by 432.3% in 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 period. Alliancebernstein L.P. raised its position in shares of Third Coast Bancshares by 22.8% in the 4th quarter. Alliancebernstein L.P. now owns 408,561 shares of the company's stock valued at $13,871,000 after acquiring an additional 75,964 shares during the period. American Century Companies Inc. raised its position in shares of Third Coast Bancshares by 82.6% in the 4th quarter. American Century Companies Inc. now owns 141,765 shares of the company's stock valued at $4,813,000 after acquiring an additional 64,148 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of Third Coast Bancshares by 26.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 294,411 shares of the company's stock valued at $9,996,000 after acquiring an additional 62,019 shares during the period. Institutional investors and hedge funds own 36.88% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on TCBX shares. Raymond James Financial downgraded shares of Third Coast Bancshares from an "outperform" rating to a "market perform" rating in a research report on Wednesday, April 2nd. Keefe, Bruyette & Woods cut 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. Finally, Stephens cut 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.

Third Coast Bancshares Stock Down 1.8%

TCBX traded down $0.68 during trading on Friday, hitting $36.60. The company had a trading volume of 75,382 shares, compared to its average volume of 68,504. The company has a market capitalization of $506.18 million, a PE ratio of 11.19 and a beta of 0.39. Third Coast Bancshares, Inc. has a one year low of $20.66 and a one year high of $39.44. The firm's 50-day moving average price is $32.83 and its 200 day moving average price is $32.88.

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

Third Coast Bancshares announced that its board has approved a stock buyback plan on Tuesday, June 17th that permits the company to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 7.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling

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 purchased at an average price of $28.51 per share, for a total transaction of $68,424.00. Following the purchase, the insider owned 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 hyperlink. Insiders own 10.28% of the company's stock.

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.