Prudential Financial Inc. Makes New $1.49 Million Investment in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Prudential Financial Inc. acquired a new stake in Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 43,944 shares of the company's stock, valued at approximately $1,492,000. Prudential Financial Inc. owned 0.32% of Third Coast Bancshares at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Barclays PLC boosted its holdings in Third Coast Bancshares by 254.6% in the third quarter. Barclays PLC now owns 15,929 shares of the company's stock valued at $426,000 after purchasing an additional 11,437 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Third Coast Bancshares by 1.2% during the third quarter. Geode Capital Management LLC now owns 274,962 shares of the company's stock worth $7,363,000 after purchasing an additional 3,373 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Third Coast Bancshares by 131.6% during the third quarter. JPMorgan Chase & Co. now owns 23,350 shares of the company's stock worth $625,000 after purchasing an additional 13,270 shares during the last quarter. Wellington Management Group LLP purchased a new position in Third Coast Bancshares in the third quarter worth $1,443,000. Finally, State Street Corp raised its position in Third Coast Bancshares by 6.8% in the third quarter. State Street Corp now owns 218,514 shares of the company's stock worth $5,850,000 after acquiring an additional 13,948 shares in the last quarter. 36.88% of the stock is currently owned by hedge funds and other institutional investors.

Third Coast Bancshares Price Performance

Shares of Third Coast Bancshares stock traded down $0.85 during trading on Thursday, hitting $28.38. The stock had a trading volume of 16,905 shares, compared to its average volume of 74,497. The firm has a market cap of $391.33 million, a P/E ratio of 10.25 and a beta of 0.40. The business has a fifty day moving average of $34.16 and a two-hundred day moving average of $33.11. Third Coast Bancshares, Inc. has a fifty-two week low of $18.00 and a fifty-two week high of $39.44.

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

Insider Buying and Selling at Third Coast Bancshares

In related news, insider William Bobbora bought 2,000 shares of the business's stock in a transaction that occurred on Friday, March 14th. The stock was acquired at an average price of $32.35 per share, for a total transaction of $64,700.00. Following the transaction, the insider now directly owns 41,639 shares of the company's stock, valued at $1,347,021.65. This represents a 5.05 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 10.20% of the company's stock.

Wall Street Analysts Forecast Growth

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

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.