TriCo Bancshares (NASDAQ:TCBK) Receives $48.20 Average Target Price from Brokerages

Shares of TriCo Bancshares (NASDAQ:TCBK) have been given a consensus rating of “Moderate Buy” by the six ratings firms that are currently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $48.20.

A number of research firms recently issued reports on TCBK. DA Davidson downgraded shares of TriCo Bancshares from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $50.00 to $53.00 in a report on Tuesday, November 12th. Piper Sandler lowered their price target on shares of TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating on the stock in a report on Monday, October 28th. Finally, Stephens reduced their price objective on TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating for the company in a report on Tuesday, October 29th.

Insider Activity

In other news, Director Cory W. Giese sold 5,100 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $49.47, for a total value of $252,297.00. Following the completion of the transaction, the director now directly owns 6,128 shares in the company, valued at approximately $303,152.16. This trade represents a 45.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.64% of the stock is owned by company insiders.

Institutional Investors Weigh In On TriCo Bancshares

A number of institutional investors and hedge funds have recently made changes to their positions in TCBK. Assenagon Asset Management S.A. lifted its position in TriCo Bancshares by 839.2% during the third quarter. Assenagon Asset Management S.A. now owns 130,760 shares of the financial services provider’s stock valued at $5,577,000 after purchasing an additional 116,838 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of TriCo Bancshares by 27.3% during the 2nd quarter. American Century Companies Inc. now owns 403,712 shares of the financial services provider’s stock worth $15,975,000 after acquiring an additional 86,689 shares during the last quarter. Dimensional Fund Advisors LP grew its position in TriCo Bancshares by 3.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,502,992 shares of the financial services provider’s stock worth $59,471,000 after acquiring an additional 50,358 shares in the last quarter. Barclays PLC increased its stake in TriCo Bancshares by 127.0% in the third quarter. Barclays PLC now owns 57,879 shares of the financial services provider’s stock valued at $2,468,000 after acquiring an additional 32,379 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its position in TriCo Bancshares by 6.1% during the third quarter. JPMorgan Chase & Co. now owns 446,455 shares of the financial services provider’s stock valued at $19,041,000 after purchasing an additional 25,817 shares in the last quarter. Hedge funds and other institutional investors own 59.11% of the company’s stock.

TriCo Bancshares Price Performance

Shares of NASDAQ TCBK opened at $43.35 on Friday. The company has a market capitalization of $1.43 billion, a PE ratio of 12.90 and a beta of 0.58. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.30. The stock’s 50 day moving average price is $45.71 and its 200-day moving average price is $44.35. TriCo Bancshares has a twelve month low of $31.73 and a twelve month high of $51.06.

TriCo Bancshares (NASDAQ:TCBK) last posted its quarterly earnings data on Thursday, October 24th. The financial services provider reported $0.88 earnings per share for the quarter, topping the consensus estimate of $0.82 by $0.06. TriCo Bancshares had a return on equity of 9.45% and a net margin of 21.12%. The business had revenue of $133.84 million for the quarter, compared to analysts’ expectations of $98.65 million. On average, equities analysts anticipate that TriCo Bancshares will post 3.38 EPS for the current year.

TriCo Bancshares Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, December 6th were given a dividend of $0.33 per share. The ex-dividend date was Friday, December 6th. This represents a $1.32 annualized dividend and a dividend yield of 3.04%. TriCo Bancshares’s dividend payout ratio is currently 39.29%.

About TriCo Bancshares

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.