Rhumbline Advisers Reduces Holdings in TriCo Bancshares $TCBK

Rhumbline Advisers reduced its stake in shares of TriCo Bancshares (NASDAQ:TCBK) by 1.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,216 shares of the financial services provider’s stock after selling 817 shares during the period. Rhumbline Advisers owned about 0.18% of TriCo Bancshares worth $2,327,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in TCBK. Hotchkis & Wiley Capital Management LLC acquired a new position in TriCo Bancshares during the 1st quarter worth $8,810,000. Sweeney & Michel LLC acquired a new position in shares of TriCo Bancshares in the 1st quarter valued at about $4,963,000. Nuveen LLC acquired a new position in shares of TriCo Bancshares in the 1st quarter valued at about $3,568,000. Jane Street Group LLC boosted its holdings in shares of TriCo Bancshares by 280.1% in the 1st quarter. Jane Street Group LLC now owns 49,452 shares of the financial services provider’s stock valued at $1,977,000 after buying an additional 36,443 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in shares of TriCo Bancshares by 5,584.8% in the 1st quarter. GAMMA Investing LLC now owns 29,618 shares of the financial services provider’s stock valued at $1,184,000 after buying an additional 29,097 shares during the period. 59.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently commented on TCBK shares. Raymond James Financial reaffirmed an “outperform” rating and issued a $45.00 price target (up from $43.00) on shares of TriCo Bancshares in a report on Friday, July 25th. Piper Sandler lifted their price objective on shares of TriCo Bancshares from $52.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, July 28th. DA Davidson lifted their price objective on shares of TriCo Bancshares from $43.00 to $45.00 and gave the company a “neutral” rating in a research report on Friday, July 25th. Finally, Zacks Research upgraded shares of TriCo Bancshares from a “hold” rating to a “strong-buy” rating in a research report on Thursday, August 28th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $47.60.

TriCo Bancshares Stock Performance

Shares of TCBK opened at $44.70 on Wednesday. The company has a market capitalization of $1.46 billion, a PE ratio of 13.15 and a beta of 0.68. 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 company’s 50 day moving average price is $43.32 and its 200 day moving average price is $41.03. TriCo Bancshares has a 52 week low of $35.20 and a 52 week high of $51.06.

TriCo Bancshares (NASDAQ:TCBK) last posted its earnings results on Thursday, July 24th. The financial services provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.82 by $0.02. The company had revenue of $103.61 million during the quarter, compared to the consensus estimate of $101.15 million. TriCo Bancshares had a net margin of 21.11% and a return on equity of 8.99%. Research analysts expect that TriCo Bancshares will post 3.35 EPS for the current fiscal year.

TriCo Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be paid a dividend of $0.36 per share. 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 currently 42.35%.

TriCo Bancshares Company Profile

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.