Zacks Investment Research upgraded shares of TriCo Bancshares (NASDAQ:TCBK) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $31.00 price objective on the financial services provider’s stock.
According to Zacks, “TriCo Bancshares is a bank holding company for Tri Counties Bank. The Bank conducts a commercial banking business including accepting demand, savings and time deposits and making commercial, real estate, and consumer loans. “
Other equities research analysts have also issued research reports about the company. ValuEngine lowered TriCo Bancshares from a hold rating to a sell rating in a research note on Monday, August 3rd. BidaskClub upgraded TriCo Bancshares from a strong sell rating to a sell rating in a research report on Wednesday, October 7th. Finally, Piper Sandler decreased their target price on TriCo Bancshares from $32.00 to $29.00 and set a neutral rating for the company in a research report on Thursday, October 1st. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. TriCo Bancshares has a consensus rating of Hold and a consensus target price of $34.75.
Shares of NASDAQ TCBK opened at $28.48 on Wednesday. TriCo Bancshares has a fifty-two week low of $23.05 and a fifty-two week high of $41.42. The business has a 50 day moving average price of $26.34 and a two-hundred day moving average price of $28.10. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.14. The firm has a market cap of $847.54 million, a PE ratio of 12.44 and a beta of 0.68.
TriCo Bancshares (NASDAQ:TCBK) last issued its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.22). TriCo Bancshares had a net margin of 21.67% and a return on equity of 7.86%. The business had revenue of $76.32 million for the quarter, compared to analyst estimates of $76.50 million. On average, analysts anticipate that TriCo Bancshares will post 2.09 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 11th were given a dividend of $0.22 per share. The ex-dividend date was Thursday, September 10th. This represents a $0.88 dividend on an annualized basis and a yield of 3.09%. TriCo Bancshares’s dividend payout ratio is currently 29.33%.
In related news, CEO Richard P. Smith sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $28.65, for a total transaction of $286,500.00. Following the completion of the transaction, the chief executive officer now owns 226,108 shares in the company, valued at approximately $6,477,994.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 9.65% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in TCBK. First Trust Advisors LP boosted its position in TriCo Bancshares by 12.5% during the 1st quarter. First Trust Advisors LP now owns 36,330 shares of the financial services provider’s stock valued at $1,427,000 after purchasing an additional 4,046 shares during the period. BNP Paribas Arbitrage SA raised its stake in TriCo Bancshares by 23.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 8,283 shares of the financial services provider’s stock valued at $247,000 after acquiring an additional 1,587 shares in the last quarter. Geode Capital Management LLC raised its stake in TriCo Bancshares by 8.7% during the 1st quarter. Geode Capital Management LLC now owns 410,856 shares of the financial services provider’s stock valued at $12,251,000 after acquiring an additional 32,878 shares in the last quarter. Wells Fargo & Company MN raised its stake in TriCo Bancshares by 41.5% during the 1st quarter. Wells Fargo & Company MN now owns 87,271 shares of the financial services provider’s stock valued at $2,602,000 after acquiring an additional 25,590 shares in the last quarter. Finally, Two Sigma Advisers LP raised its stake in TriCo Bancshares by 58.1% during the 1st quarter. Two Sigma Advisers LP now owns 22,585 shares of the financial services provider’s stock valued at $673,000 after acquiring an additional 8,300 shares in the last quarter. Institutional investors and hedge funds own 64.97% of the company’s stock.
TriCo Bancshares Company Profile
TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to individual and corporate customers. It accepts demand, savings, and money market accounts, as well as time deposits. It also provides small business loans; real estate mortgage loans, such as residential and commercial loans; consumer loans; commercial loans, including agricultural loans; and real estate construction loans.
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