Bank of Nova Scotia Makes New Investment in TriCo Bancshares (NASDAQ:TCBK)

Bank of Nova Scotia acquired a new position in shares of TriCo Bancshares (NASDAQ:TCBK – Get Rating) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 5,746 shares of the financial services provider’s stock, valued at approximately $293,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. American Century Companies Inc. increased its position in shares of TriCo Bancshares by 208.7% during the first quarter. American Century Companies Inc. now owns 45,616 shares of the financial services provider’s stock valued at $1,826,000 after acquiring an additional 30,838 shares during the last quarter. MetLife Investment Management LLC raised its stake in shares of TriCo Bancshares by 56.0% during the 1st quarter. MetLife Investment Management LLC now owns 15,038 shares of the financial services provider’s stock worth $602,000 after purchasing an additional 5,399 shares during the period. Rhumbline Advisers boosted its holdings in shares of TriCo Bancshares by 19.7% in the 1st quarter. Rhumbline Advisers now owns 48,261 shares of the financial services provider’s stock worth $1,932,000 after buying an additional 7,933 shares during the last quarter. Dimensional Fund Advisors LP grew its position in TriCo Bancshares by 2.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,269,618 shares of the financial services provider’s stock valued at $50,824,000 after buying an additional 35,630 shares during the period. Finally, Vanguard Group Inc. grew its position in TriCo Bancshares by 3.9% during the first quarter. Vanguard Group Inc. now owns 1,418,186 shares of the financial services provider’s stock valued at $56,770,000 after buying an additional 52,760 shares during the period. 60.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on TCBK. Raymond James reduced their price target on shares of TriCo Bancshares from $45.00 to $40.00 in a research report on Thursday, April 27th. Stephens reduced their price target on shares of TriCo Bancshares from $57.00 to $56.00 and set an “overweight” rating for the company in a research report on Tuesday, January 31st. Piper Sandler reduced their price target on shares of TriCo Bancshares from $59.00 to $46.00 in a research report on Monday, May 1st. Keefe, Bruyette & Woods reduced their price target on shares of TriCo Bancshares from $61.00 to $52.00 and set a “market perform” rating for the company in a research report on Thursday, April 6th. Finally, StockNews.com began coverage on shares of TriCo Bancshares in a research report on Thursday, May 18th. They set a “sell” rating for the company.

TriCo Bancshares Price Performance

Shares of NASDAQ:TCBK opened at $34.14 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.49. The firm has a market capitalization of $1.13 billion, a PE ratio of 8.11 and a beta of 0.56. TriCo Bancshares has a twelve month low of $28.66 and a twelve month high of $58.62. The company has a 50-day moving average price of $37.34 and a two-hundred day moving average price of $46.12.

TriCo Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 23rd. Stockholders of record on Friday, June 9th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date of this dividend is Thursday, June 8th. TriCo Bancshares’s payout ratio is 28.50%.

TriCo Bancshares Company Profile

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TriCo Bancshares is a bank holding company, which engages in the provision of banking services to retail customers and small to medium-sized businesses. It offers personal and business accounts, personal and business loans and credit, and personal and business services. The company was founded on October 13, 1981 and is headquartered in Chico, CA.