Franklin Resources Inc. Makes New Investment in Third Coast Bancshares, Inc. (NASDAQ:TCBX)

Franklin Resources Inc. acquired a new stake in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 18,900 shares of the company's stock, valued at approximately $642,000. Franklin Resources Inc. owned 0.14% of Third Coast Bancshares as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Picton Mahoney Asset Management purchased a new stake in shares of Third Coast Bancshares during the fourth quarter valued at $27,000. R Squared Ltd purchased a new stake in Third Coast Bancshares in the 4th quarter valued at about $40,000. US Bancorp DE bought a new position in Third Coast Bancshares in the 4th quarter worth about $73,000. Public Employees Retirement System of Ohio increased its position in shares of Third Coast Bancshares by 150.8% during the third quarter. Public Employees Retirement System of Ohio now owns 4,081 shares of the company's stock worth $109,000 after acquiring an additional 2,454 shares during the period. Finally, SG Americas Securities LLC raised its stake in shares of Third Coast Bancshares by 17.7% during the fourth quarter. SG Americas Securities LLC now owns 5,043 shares of the company's stock valued at $171,000 after acquiring an additional 760 shares in the last quarter. Institutional investors own 36.88% of the company's stock.

Insiders Place Their Bets

In related news, insider William Bobbora acquired 2,000 shares of the stock in a transaction dated Friday, March 14th. The stock was acquired at an average cost of $32.35 per share, for a total transaction of $64,700.00. Following the completion of the purchase, the insider now owns 41,639 shares of the company's stock, valued at approximately $1,347,021.65. This represents a 5.05 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.20% of the stock is owned by insiders.

Third Coast Bancshares Price Performance

NASDAQ TCBX traded up $1.42 on Tuesday, hitting $30.20. The stock had a trading volume of 75,466 shares, compared to its average volume of 59,624. The business's fifty day moving average price is $32.55 and its 200 day moving average price is $33.28. The stock has a market cap of $416.43 million, a price-to-earnings ratio of 10.90 and a beta of 0.40. Third Coast Bancshares, Inc. has a 52-week low of $18.82 and a 52-week high of $39.45.

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 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, sell-side analysts anticipate that Third Coast Bancshares, Inc. will post 3.1 EPS for the current year.

Wall Street Analyst Weigh In

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

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.