1492 Capital Management LLC Grows Holdings in Third Coast Bancshares, Inc. $TCBX

1492 Capital Management LLC grew its position in Third Coast Bancshares, Inc. (NASDAQ:TCBX) by 63.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 132,762 shares of the company’s stock after acquiring an additional 51,636 shares during the period. Third Coast Bancshares comprises approximately 1.9% of 1492 Capital Management LLC’s investment portfolio, making the stock its 14th biggest position. 1492 Capital Management LLC’s holdings in Third Coast Bancshares were worth $5,022,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the company. Waterway Wealth Management LLC acquired a new position in shares of Third Coast Bancshares during the 1st quarter worth approximately $208,000. Nottingham Advisors Inc. purchased a new stake in shares of Third Coast Bancshares during the first quarter worth about $1,416,000. Krilogy Financial LLC raised its position in shares of Third Coast Bancshares by 32.6% during the 1st quarter. Krilogy Financial LLC now owns 8,132 shares of the company’s stock worth $334,000 after purchasing an additional 1,999 shares during the last quarter. Hsbc Holdings PLC acquired a new position in shares of Third Coast Bancshares during the 4th quarter worth about $265,000. Finally, Invesco Ltd. raised its position in shares of Third Coast Bancshares by 397.9% during the 4th quarter. Invesco Ltd. now owns 90,739 shares of the company’s stock worth $3,449,000 after purchasing an additional 72,513 shares during the last quarter. 36.88% of the stock is owned by hedge funds and other institutional investors.

Third Coast Bancshares Trading Up 1.3%

Shares of TCBX stock opened at $40.89 on Friday. The company’s 50-day moving average price is $38.74 and its 200-day moving average price is $39.31. Third Coast Bancshares, Inc. has a twelve month low of $32.48 and a twelve month high of $43.84. The stock has a market cap of $678.43 million, a price-to-earnings ratio of 12.50 and a beta of 0.33.

Wall Street Analysts Forecast Growth

TCBX has been the topic of several research analyst reports. Raymond James Financial upgraded Third Coast Bancshares from a “market perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a report on Tuesday, April 7th. Stephens reduced their target price on Third Coast Bancshares from $46.00 to $45.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Finally, Zacks Research downgraded Third Coast Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 23rd. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $45.00.

About Third Coast Bancshares

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. It also offers commercial and industrial loans, equipment loans, working capital lines of credit, guaranteed loans, auto finance, letters of credit, commercial and residential real estate, and construction, development, and other loans.