TriCo Bancshares (NASDAQ:TCBK) Upgraded at Zacks Research

Zacks Research upgraded shares of TriCo Bancshares (NASDAQ:TCBK) from a hold rating to a strong-buy rating in a report published on Thursday morning,Zacks.com reports.

Several other equities research analysts have also issued reports on TCBK. Piper Sandler increased their target price on shares of TriCo Bancshares from $52.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 28th. DA Davidson lifted 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. Finally, Raymond James Financial reissued an “outperform” rating and issued a $45.00 price objective (up from $43.00) on shares of TriCo Bancshares in a research note on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, TriCo Bancshares has an average rating of “Moderate Buy” and a consensus target price of $47.60.

TriCo Bancshares Price Performance

TCBK opened at $45.42 on Thursday. The company’s 50-day simple moving average is $42.41 and its two-hundred day simple moving average is $40.93. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $1.48 billion, a P/E ratio of 13.36 and a beta of 0.64. TriCo Bancshares has a 52-week low of $35.20 and a 52-week high of $51.06.

TriCo Bancshares (NASDAQ:TCBK) last released its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.02. TriCo Bancshares had a return on equity of 8.99% and a net margin of 21.11%.The firm had revenue of $103.61 million for the quarter, compared to analysts’ expectations of $101.15 million. As a group, analysts predict that TriCo Bancshares will post 3.35 EPS for the current year.

TriCo Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 3.2%. The ex-dividend date is Friday, September 5th. This is an increase from TriCo Bancshares’s previous quarterly dividend of $0.33. TriCo Bancshares’s dividend payout ratio is presently 38.82%.

Institutional Trading of TriCo Bancshares

Hedge funds have recently modified their holdings of the company. Hotchkis & Wiley Capital Management LLC purchased a new position in shares of TriCo Bancshares in the 1st quarter worth approximately $8,810,000. ProShare Advisors LLC lifted its position in TriCo Bancshares by 2,137.5% in the second quarter. ProShare Advisors LLC now owns 154,969 shares of the financial services provider’s stock worth $6,275,000 after buying an additional 148,043 shares during the last quarter. Franklin Resources Inc. boosted its stake in TriCo Bancshares by 7.9% during the second quarter. Franklin Resources Inc. now owns 1,725,857 shares of the financial services provider’s stock worth $69,880,000 after buying an additional 126,571 shares during the period. Sweeney & Michel LLC bought a new position in TriCo Bancshares during the first quarter valued at $4,963,000. Finally, Allworth Financial LP raised its stake in shares of TriCo Bancshares by 1,339.5% in the second quarter. Allworth Financial LP now owns 119,393 shares of the financial services provider’s stock valued at $4,834,000 after acquiring an additional 111,099 shares during the period. 59.11% of the stock is owned by hedge funds and other institutional investors.

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.