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

Hillsdale Investment Management Inc. decreased its position in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) by 8.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 148,600 shares of the company’s stock after selling 13,500 shares during the period. Hillsdale Investment Management Inc. owned 0.90% of Third Coast Bancshares worth $5,622,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of TCBX. Quantbot Technologies LP acquired a new position in shares of Third Coast Bancshares during the 2nd quarter worth about $29,000. Advisory Services Network LLC bought a new stake in Third Coast Bancshares during the 3rd quarter valued at approximately $31,000. State of Alaska Department of Revenue grew its holdings in Third Coast Bancshares by 257.2% in the 4th quarter. State of Alaska Department of Revenue now owns 1,993 shares of the company’s stock valued at $75,000 after buying an additional 1,435 shares during the last quarter. Mariner LLC acquired a new stake in Third Coast Bancshares in the 4th quarter valued at approximately $201,000. Finally, Waterway Wealth Management LLC bought a new position in Third Coast Bancshares in the 1st quarter worth approximately $208,000. 36.88% of the stock is currently owned by institutional investors.

Third Coast Bancshares Stock Down 1.1%

NASDAQ:TCBX opened at $40.22 on Wednesday. The firm has a market capitalization of $667.35 million, a PE ratio of 12.30 and a beta of 0.33. Third Coast Bancshares, Inc. has a 12-month low of $33.95 and a 12-month high of $43.84. The firm has a 50-day moving average price of $38.98 and a 200 day moving average price of $39.32.

Third Coast Bancshares declared that its board has initiated a share repurchase plan on Thursday, July 2nd that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the company to reacquire up to 4.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

TCBX has been the subject of a number of research analyst reports. Zacks Research lowered Third Coast Bancshares from a “strong-buy” rating to a “hold” rating in a report on Monday, March 23rd. Raymond James Financial upgraded shares of Third Coast Bancshares from a “market perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research note on Tuesday, April 7th. Finally, Stephens dropped 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. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $45.00.

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. 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.