TriCo Bancshares’ (TCBK) “Neutral” Rating Reaffirmed at DA Davidson

TriCo Bancshares (NASDAQ:TCBK)‘s stock had its “neutral” rating reiterated by equities researchers at DA Davidson in a research report issued on Tuesday, Benzinga reports. They currently have a $55.00 price target on the financial services provider’s stock. DA Davidson‘s price target points to a potential upside of 4.38% from the stock’s current price.

TCBK has been the topic of a number of other reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of TriCo Bancshares in a report on Friday, October 2nd. Raymond James Financial downgraded TriCo Bancshares from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 14th. Stephens raised TriCo Bancshares from an “equal weight” rating to an “overweight” rating in a report on Thursday, August 6th. Finally, Piper Sandler downgraded TriCo Bancshares from a “neutral” rating to a “hold” rating in a report on Monday. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, TriCo Bancshares presently has an average rating of “Hold” and a consensus price target of $55.63.

TriCo Bancshares Stock Performance

Shares of NASDAQ:TCBK traded down $0.14 during midday trading on Tuesday, reaching $52.69. 299,493 shares of the company’s stock traded hands, compared to its average volume of 221,650. The company has a market cap of $1.68 billion, a price-to-earnings ratio of 12.23 and a beta of 0.66. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. TriCo Bancshares has a one year low of $43.08 and a one year high of $61.71. The stock has a 50 day moving average of $53.13 and a 200 day moving average of $51.86.

TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.09. The firm had revenue of $116.71 million for the quarter, compared to the consensus estimate of $114.63 million. TriCo Bancshares had a return on equity of 10.47% and a net margin of 25.10%. As a group, equities research analysts anticipate that TriCo Bancshares will post 4.32 EPS for the current fiscal year.

Institutional Investors Weigh In On TriCo Bancshares

Hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of TriCo Bancshares during the 2nd quarter valued at $137,197,000. Dimensional Fund Advisors LP raised its stake in shares of TriCo Bancshares by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,696,463 shares of the financial services provider’s stock worth $80,650,000 after buying an additional 11,298 shares during the period. Davis Asset Management L.P. bought a new position in shares of TriCo Bancshares in the second quarter worth about $56,376,000. The Manufacturers Life Insurance Company bought a new position in shares of TriCo Bancshares in the second quarter worth about $22,526,000. Finally, Heartland Advisors Inc. bought a new position in shares of TriCo Bancshares in the second quarter worth about $13,462,000. Institutional investors own 59.11% of the company’s stock.

About TriCo Bancshares

TriCo Bancshares (NASDAQ: TCBK) is a bank holding company headquartered in Chico, California. Through its principal subsidiary, Tri Counties Bank, the company provides community banking services to individuals, businesses, nonprofit organizations and public entities.

Tri Counties Bank offers deposit accounts, residential and commercial real estate loans, consumer lending, business financing, treasury and cash-management services, online and mobile banking, and other financial services.