TriCo Bancshares (NASDAQ:TCBK) Lifted to Buy at Janney Montgomery Scott

TriCo Bancshares (NASDAQ:TCBKGet Rating) was upgraded by investment analysts at Janney Montgomery Scott from a “neutral” rating to a “buy” rating in a research note issued to investors on Tuesday, The Fly reports.

Several other analysts have also recently weighed in on TCBK. Zacks Investment Research upgraded TriCo Bancshares from a “hold” rating to a “buy” rating and set a $44.00 price target on the stock in a report on Wednesday, April 6th. Raymond James upped their target price on TriCo Bancshares from $47.00 to $49.00 and gave the company an “outperform” rating in a report on Wednesday, January 26th. Finally, StockNews.com assumed coverage on TriCo Bancshares in a report on Thursday, March 31st. They issued a “hold” rating on the stock. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, TriCo Bancshares has a consensus rating of “Buy” and a consensus price target of $47.25.

NASDAQ:TCBK opened at $38.42 on Tuesday. The stock has a market cap of $1.30 billion, a P/E ratio of 11.04 and a beta of 0.55. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 0.11. The stock’s 50-day moving average is $40.71 and its 200-day moving average is $42.85. TriCo Bancshares has a 1-year low of $37.41 and a 1-year high of $48.96.

TriCo Bancshares (NASDAQ:TCBKGet Rating) last released its quarterly earnings results on Thursday, April 28th. The financial services provider reported $0.73 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.09. TriCo Bancshares had a return on equity of 10.62% and a net margin of 30.61%. As a group, equities analysts forecast that TriCo Bancshares will post 3.51 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. lifted its stake in TriCo Bancshares by 2.3% in the fourth quarter. BlackRock Inc. now owns 2,302,574 shares of the financial services provider’s stock valued at $98,920,000 after buying an additional 51,537 shares during the period. Franklin Resources Inc. lifted its stake in TriCo Bancshares by 0.6% in the third quarter. Franklin Resources Inc. now owns 1,247,047 shares of the financial services provider’s stock valued at $54,122,000 after buying an additional 7,354 shares during the period. Dimensional Fund Advisors LP lifted its stake in TriCo Bancshares by 0.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,233,988 shares of the financial services provider’s stock valued at $53,011,000 after buying an additional 5,343 shares during the period. Goldman Sachs Group Inc. lifted its stake in TriCo Bancshares by 1.3% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,036,585 shares of the financial services provider’s stock valued at $44,532,000 after buying an additional 13,664 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in TriCo Bancshares by 1.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 855,582 shares of the financial services provider’s stock valued at $36,756,000 after buying an additional 9,754 shares during the period. 57.69% of the stock is currently owned by hedge funds and other institutional investors.

About TriCo Bancshares (Get Rating)

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; commercial loans, including agricultural loans; and real estate construction loans.

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