Franklin Resources Inc. Takes Position in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Franklin Resources Inc. purchased a new stake in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 18,900 shares of the company's stock, valued at approximately $642,000. Franklin Resources Inc. owned about 0.14% of Third Coast Bancshares at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in TCBX. State Street Corp raised its stake in Third Coast Bancshares by 6.8% during the 3rd quarter. State Street Corp now owns 218,514 shares of the company's stock valued at $5,850,000 after acquiring an additional 13,948 shares in the last quarter. Wellington Management Group LLP bought a new stake in shares of Third Coast Bancshares during the third quarter valued at about $1,443,000. Public Employees Retirement System of Ohio lifted its holdings in Third Coast Bancshares by 150.8% in the third quarter. Public Employees Retirement System of Ohio now owns 4,081 shares of the company's stock worth $109,000 after purchasing an additional 2,454 shares during the period. Barclays PLC grew its position in Third Coast Bancshares by 254.6% in the 3rd quarter. Barclays PLC now owns 15,929 shares of the company's stock valued at $426,000 after buying an additional 11,437 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Third Coast Bancshares by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 274,962 shares of the company's stock valued at $7,363,000 after buying an additional 3,373 shares during the period. 36.88% of the stock is currently owned by institutional investors and hedge funds.

Third Coast Bancshares Trading Up 1.3 %

Shares of TCBX traded up $0.38 during midday trading on Friday, hitting $29.15. The stock had a trading volume of 58,166 shares, compared to its average volume of 59,436. The firm has a market cap of $401.95 million, a P/E ratio of 10.52 and a beta of 0.40. Third Coast Bancshares, Inc. has a fifty-two week low of $18.82 and a fifty-two week high of $39.45. The business has a 50-day simple moving average of $32.88 and a two-hundred day simple moving average of $33.22.

Third Coast Bancshares (NASDAQ:TCBX - Get Free Report) last announced its earnings results on Wednesday, January 22nd. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.11. Third Coast Bancshares had a net margin of 14.06% and a return on equity of 10.93%. On average, analysts expect that Third Coast Bancshares, Inc. will post 3.1 earnings per share for the current fiscal year.

Insider Activity

In related news, insider William Bobbora acquired 2,000 shares of the stock in a transaction that occurred on Friday, March 14th. The shares were purchased at an average cost of $32.35 per share, with a total value of $64,700.00. Following the completion of the transaction, the insider now owns 41,639 shares of the company's stock, valued at approximately $1,347,021.65. This trade represents a 5.05 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. 10.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

TCBX has been the subject of a number of research reports. Keefe, Bruyette & Woods lowered Third Coast Bancshares from an "outperform" rating to a "market perform" rating and increased their price target for the company from $40.00 to $42.00 in a research note on Wednesday, January 29th. Raymond James lowered Third Coast Bancshares from an "outperform" rating to a "market perform" rating in a report on Wednesday, April 2nd. Finally, Stephens restated an "overweight" rating and set a $42.00 price objective on shares of Third Coast Bancshares in a research report on Thursday, January 23rd.

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.