Franklin Resources Inc. Has $3.28 Million Position in Third Coast Bancshares, Inc. $TCBX

Franklin Resources Inc. boosted its stake in shares of Third Coast Bancshares, Inc. (NASDAQ:TCBX) by 435.4% during the second quarter, HoldingsChannel.com reports. The firm owned 100,408 shares of the company’s stock after acquiring an additional 81,655 shares during the period. Franklin Resources Inc.’s holdings in Third Coast Bancshares were worth $3,280,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in shares of Third Coast Bancshares by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 652,898 shares of the company’s stock valued at $21,787,000 after buying an additional 9,679 shares during the period. Adage Capital Partners GP L.L.C. increased its stake in shares of Third Coast Bancshares by 19.1% in the first quarter. Adage Capital Partners GP L.L.C. now owns 399,335 shares of the company’s stock worth $13,326,000 after acquiring an additional 64,047 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Third Coast Bancshares by 11.1% during the second quarter. Geode Capital Management LLC now owns 313,962 shares of the company’s stock worth $10,259,000 after acquiring an additional 31,262 shares in the last quarter. American Century Companies Inc. boosted its position in Third Coast Bancshares by 38.6% during the first quarter. American Century Companies Inc. now owns 196,515 shares of the company’s stock valued at $6,558,000 after purchasing an additional 54,750 shares during the last quarter. Finally, Millennium Management LLC grew its stake in Third Coast Bancshares by 88.2% in 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 in the last quarter. Institutional investors and hedge funds own 36.88% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TCBX. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Third Coast Bancshares in a research report on Saturday, September 27th. Keefe, Bruyette & Woods increased their price objective on Third Coast Bancshares from $42.00 to $43.00 and gave the stock a “market perform” rating in a report on Thursday, October 30th. Zacks Research raised shares of Third Coast Bancshares from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 24th. Finally, Stephens boosted their target price on shares of Third Coast Bancshares from $45.00 to $46.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 28th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $42.67.

Insider Buying and Selling

In other Third Coast Bancshares news, Director W. Donald Brunson sold 1,500 shares of the business’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $38.55, for a total transaction of $57,825.00. Following the completion of the transaction, the director owned 37,268 shares of the company’s stock, valued at $1,436,681.40. The trade was a 3.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 10.28% of the stock is owned by company insiders.

Third Coast Bancshares Stock Performance

Shares of TCBX stock opened at $38.11 on Wednesday. The stock’s 50 day simple moving average is $37.77 and its 200 day simple moving average is $36.36. Third Coast Bancshares, Inc. has a twelve month low of $25.17 and a twelve month high of $41.25. The company has a market capitalization of $529.50 million, a price-to-earnings ratio of 11.65 and a beta of 0.37.

Third Coast Bancshares (NASDAQ:TCBX) last announced its quarterly earnings results on Tuesday, November 4th. The company reported $1.03 EPS for the quarter. Third Coast Bancshares had a return on equity of 12.05% and a net margin of 16.30%.The company had revenue of $54.48 million for the quarter. On average, analysts forecast that Third Coast Bancshares, Inc. will post 3.1 EPS for the current fiscal year.

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.