Hillsdale Investment Management Inc. Sells 13,500 Shares of Third Coast Bancshares, Inc. $TCBX

Hillsdale Investment Management Inc. lessened its holdings in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) by 8.3% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 148,600 shares of the company’s stock after selling 13,500 shares during the period. Hillsdale Investment Management Inc.’s holdings in Third Coast Bancshares were worth $5,622,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in TCBX. Adage Capital Partners GP L.L.C. increased its position in Third Coast Bancshares by 28.2% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 511,940 shares of the company’s stock valued at $16,725,000 after acquiring an additional 112,605 shares in the last quarter. Millennium Management LLC grew its stake in shares of Third Coast Bancshares by 88.2% during the first quarter. Millennium Management LLC now owns 177,521 shares of the company’s stock valued at $5,924,000 after purchasing an additional 83,209 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Third Coast Bancshares by 397.9% in the fourth quarter. Invesco Ltd. now owns 90,739 shares of the company’s stock valued at $3,449,000 after purchasing an additional 72,513 shares in the last quarter. Wellington Management Group LLP raised its position in Third Coast Bancshares by 44.9% in the 4th quarter. Wellington Management Group LLP now owns 193,326 shares of the company’s stock worth $7,348,000 after purchasing an additional 59,924 shares during the last quarter. Finally, 1492 Capital Management LLC lifted its holdings in Third Coast Bancshares by 63.6% during the 1st quarter. 1492 Capital Management LLC now owns 132,762 shares of the company’s stock worth $5,022,000 after buying an additional 51,636 shares in the last quarter. 36.88% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on TCBX shares. Raymond James Financial raised Third Coast Bancshares from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Tuesday, April 7th. Stephens cut their target price on shares of Third Coast Bancshares from $46.00 to $45.00 and set an “overweight” rating on the stock in a research report on Friday, April 24th. Finally, Zacks Research cut shares of Third Coast Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Monday, March 23rd. Three analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Third Coast Bancshares currently has a consensus rating of “Moderate Buy” and an average price target of $45.00.

Third Coast Bancshares Stock Down 1.1%

Shares of TCBX opened at $40.22 on Wednesday. Third Coast Bancshares, Inc. has a twelve month low of $33.95 and a twelve month high of $43.84. The stock has a market capitalization of $667.35 million, a P/E ratio of 12.30 and a beta of 0.33. The company has a 50 day moving average of $38.98 and a 200-day moving average of $39.32.

Third Coast Bancshares declared that its Board of Directors has approved a stock repurchase plan on Thursday, July 2nd that authorizes the company to buyback $30.00 million in shares. This buyback authorization authorizes the company to purchase up to 4.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is 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. 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.