Citigroup Inc. Reduces Position in TriCo Bancshares (NASDAQ:TCBK)

Citigroup Inc. cut its holdings in shares of TriCo Bancshares (NASDAQ:TCBKFree Report) by 55.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,779 shares of the financial services provider’s stock after selling 14,629 shares during the quarter. Citigroup Inc.’s holdings in TriCo Bancshares were worth $377,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Point72 Middle East FZE purchased a new stake in shares of TriCo Bancshares in the second quarter worth about $28,000. Lazard Asset Management LLC purchased a new stake in shares of TriCo Bancshares during the second quarter valued at approximately $28,000. Tower Research Capital LLC TRC boosted its stake in shares of TriCo Bancshares by 631.5% during the first quarter. Tower Research Capital LLC TRC now owns 951 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 821 shares during the period. Captrust Financial Advisors boosted its stake in shares of TriCo Bancshares by 21.7% during the second quarter. Captrust Financial Advisors now owns 1,853 shares of the financial services provider’s stock valued at $85,000 after purchasing an additional 331 shares during the period. Finally, US Bancorp DE boosted its stake in shares of TriCo Bancshares by 26.8% during the second quarter. US Bancorp DE now owns 1,872 shares of the financial services provider’s stock valued at $62,000 after purchasing an additional 396 shares during the period. 62.40% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently commented on TCBK. DA Davidson dropped their price target on TriCo Bancshares from $49.00 to $45.00 and set a “buy” rating for the company in a research note on Friday, January 26th. Keefe, Bruyette & Woods lowered their price objective on TriCo Bancshares from $44.00 to $42.00 and set a “market perform” rating for the company in a research report on Friday, January 26th. Raymond James raised their price objective on TriCo Bancshares from $36.00 to $40.00 and gave the company an “outperform” rating in a research report on Friday, January 26th. Finally, StockNews.com lowered TriCo Bancshares from a “hold” rating to a “sell” rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, TriCo Bancshares has an average rating of “Hold” and an average target price of $42.00.

View Our Latest Analysis on TriCo Bancshares

TriCo Bancshares Price Performance

NASDAQ TCBK opened at $35.06 on Tuesday. TriCo Bancshares has a one year low of $28.66 and a one year high of $45.84. The stock has a 50-day moving average of $35.58 and a 200 day moving average of $35.80. The company has a market capitalization of $1.17 billion, a price-to-earnings ratio of 9.96 and a beta of 0.52. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.87 and a current ratio of 0.87.

TriCo Bancshares (NASDAQ:TCBKGet Free Report) last released its quarterly earnings data on Thursday, January 25th. The financial services provider reported $0.78 EPS for the quarter, missing the consensus estimate of $0.85 by ($0.07). TriCo Bancshares had a return on equity of 10.64% and a net margin of 23.49%. The business had revenue of $131.95 million during the quarter, compared to the consensus estimate of $101.30 million. On average, sell-side analysts forecast that TriCo Bancshares will post 3.25 EPS for the current year.

TriCo Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Friday, March 8th were given a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 3.76%. This is a boost from TriCo Bancshares’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Thursday, March 7th. TriCo Bancshares’s dividend payout ratio (DPR) is presently 37.50%.

TriCo Bancshares Profile

(Free Report)

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.

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Institutional Ownership by Quarter for TriCo Bancshares (NASDAQ:TCBK)

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