KLP Kapitalforvaltning AS Sells 800 Shares of TriCo Bancshares $TCBK

KLP Kapitalforvaltning AS lessened its holdings in shares of TriCo Bancshares (NASDAQ:TCBK) by 11.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,100 shares of the financial services provider’s stock after selling 800 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in TriCo Bancshares were worth $247,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. SG Americas Securities LLC increased its stake in TriCo Bancshares by 21.4% in the 1st quarter. SG Americas Securities LLC now owns 14,310 shares of the financial services provider’s stock worth $572,000 after acquiring an additional 2,527 shares during the last quarter. Golden State Wealth Management LLC boosted its holdings in TriCo Bancshares by 100.9% during the 1st quarter. Golden State Wealth Management LLC now owns 9,754 shares of the financial services provider’s stock valued at $390,000 after acquiring an additional 4,898 shares during the period. KBC Group NV purchased a new stake in shares of TriCo Bancshares in the 1st quarter worth $61,000. Teacher Retirement System of Texas lifted its holdings in shares of TriCo Bancshares by 22.0% in the 1st quarter. Teacher Retirement System of Texas now owns 10,344 shares of the financial services provider’s stock worth $413,000 after buying an additional 1,864 shares during the period. Finally, Abound Financial LLC purchased a new stake in shares of TriCo Bancshares in the 1st quarter worth $36,000. Institutional investors own 59.11% of the company’s stock.

TriCo Bancshares Price Performance

NASDAQ:TCBK opened at $42.31 on Tuesday. The stock has a 50 day moving average price of $44.22 and a 200 day moving average price of $41.58. 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 cap of $1.38 billion, a PE ratio of 12.44 and a beta of 0.63. TriCo Bancshares has a one year low of $35.20 and a one year high of $51.06.

TriCo Bancshares (NASDAQ:TCBK) last posted its earnings results on Thursday, July 24th. The financial services provider reported $0.84 earnings per share (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 analysts’ expectations of $101.15 million. TriCo Bancshares had a return on equity of 8.99% and a net margin of 21.11%. Equities research analysts expect that TriCo Bancshares will post 3.35 EPS for the current fiscal year.

TriCo Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were paid a $0.36 dividend. The ex-dividend date of this dividend was Friday, September 5th. This is a boost from TriCo Bancshares’s previous quarterly dividend of $0.33. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.4%. TriCo Bancshares’s payout ratio is presently 42.35%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Piper Sandler raised their price objective on TriCo Bancshares from $52.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, July 28th. Weiss Ratings reissued a “hold (c+)” rating on shares of TriCo Bancshares in a report on Wednesday, October 8th. DA Davidson increased their price objective on TriCo Bancshares from $43.00 to $45.00 and gave the company a “neutral” rating in a report on Friday, July 25th. Zacks Research downgraded TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 26th. Finally, Raymond James Financial reiterated an “outperform” rating and set a $45.00 price target (up previously from $43.00) on shares of TriCo Bancshares in a research report on Friday, July 25th. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, TriCo Bancshares presently has a consensus rating of “Hold” and an average price target of $47.60.

TriCo Bancshares 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.