TriCo Bancshares (NASDAQ:TCBK) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of TriCo Bancshares (NASDAQ:TCBK) from a sell rating to a hold rating in a report released on Saturday.

Several other research firms also recently commented on TCBK. Raymond James Financial reaffirmed an “outperform” rating and issued a $46.00 price objective (up from $45.00) on shares of TriCo Bancshares in a report on Friday. Zacks Research downgraded shares of TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a report on Friday, September 26th. DA Davidson raised their price target on shares of TriCo Bancshares from $43.00 to $45.00 and gave the company a “neutral” rating in a report on Friday, July 25th. Weiss Ratings reissued a “hold (c+)” rating on shares of TriCo Bancshares in a report on Wednesday, October 8th. Finally, Piper Sandler raised their price target on shares of TriCo Bancshares from $52.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 28th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, TriCo Bancshares currently has an average rating of “Hold” and a consensus target price of $48.60.

TriCo Bancshares Stock Up 1.1%

TCBK opened at $43.75 on Friday. The company has a 50 day moving average of $44.21 and a 200 day moving average of $41.79. The company has a market cap of $1.42 billion, a PE ratio of 12.29 and a beta of 0.63. TriCo Bancshares has a 12 month low of $35.20 and a 12 month high of $51.06. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.09.

TriCo Bancshares (NASDAQ:TCBK) last released its quarterly earnings data on Thursday, October 23rd. The financial services provider reported $1.04 EPS for the quarter, topping the consensus estimate of $0.92 by $0.12. The company had revenue of $18.01 million during the quarter, compared to the consensus estimate of $107.08 million. TriCo Bancshares had a net margin of 21.87% and a return on equity of 9.37%. On average, sell-side analysts expect that TriCo Bancshares will post 3.35 EPS for the current year.

TriCo Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were given a dividend of $0.36 per share. This is an increase from TriCo Bancshares’s previous quarterly dividend of $0.33. The ex-dividend date was Friday, September 5th. This represents a $1.44 annualized dividend and a dividend yield of 3.3%. TriCo Bancshares’s dividend payout ratio is 40.45%.

Institutional Trading of TriCo Bancshares

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of TriCo Bancshares by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 1,839,668 shares of the financial services provider’s stock valued at $73,532,000 after buying an additional 27,348 shares in the last quarter. Franklin Resources Inc. raised its position in shares of TriCo Bancshares by 7.9% during the 2nd quarter. Franklin Resources Inc. now owns 1,725,857 shares of the financial services provider’s stock valued at $69,880,000 after buying an additional 126,571 shares in the last quarter. Davis Asset Management L.P. raised its position in shares of TriCo Bancshares by 2.6% during the 2nd quarter. Davis Asset Management L.P. now owns 1,046,900 shares of the financial services provider’s stock valued at $42,389,000 after buying an additional 26,100 shares in the last quarter. Goldman Sachs Group Inc. raised its position in TriCo Bancshares by 4.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 643,656 shares of the financial services provider’s stock worth $25,727,000 after purchasing an additional 27,193 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in TriCo Bancshares by 0.7% in the first quarter. The Manufacturers Life Insurance Company now owns 464,986 shares of the financial services provider’s stock worth $18,585,000 after purchasing an additional 3,147 shares during the last quarter. Hedge funds and other institutional investors own 59.11% 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. The company accepts demand, savings, and time deposits. It also provides small business loans; real estate mortgage loans, such as residential and commercial loans; consumer loans; mortgage, auto, other vehicle, and personal loans; commercial loans, including agricultural loans; and real estate construction loans.