TriCo Bancshares (NASDAQ:TCBK) Price Target Raised to $50.00 at Keefe, Bruyette & Woods

TriCo Bancshares (NASDAQ:TCBK) had its target price hoisted by Keefe, Bruyette & Woods from $46.00 to $50.00 in a research report report published on Monday morning,Benzinga reports. They currently have a market perform rating on the financial services provider’s stock.

Several other research firms have also commented on TCBK. Zacks Research lowered TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 26th. Weiss Ratings restated a “hold (c+)” rating on shares of TriCo Bancshares in a research report on Wednesday, October 8th. Raymond James Financial restated an “outperform” rating and issued a $46.00 price objective (up previously from $45.00) on shares of TriCo Bancshares in a research report on Friday. Wall Street Zen upgraded TriCo Bancshares from a “sell” rating to a “hold” rating in a research report on Saturday. Finally, Piper Sandler upped their price objective on TriCo Bancshares from $52.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 28th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $48.60.

TriCo Bancshares Trading Up 1.1%

TriCo Bancshares stock opened at $43.75 on Monday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.09. TriCo Bancshares has a 52 week low of $35.20 and a 52 week high of $51.06. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of 12.29 and a beta of 0.63. The stock has a 50-day moving average price of $44.21 and a 200 day moving average price of $41.79.

TriCo Bancshares (NASDAQ:TCBK) last released its quarterly earnings data on Thursday, October 23rd. The financial services provider reported $1.04 EPS for the quarter, topping the consensus estimate of $0.92 by $0.12. TriCo Bancshares had a return on equity of 9.37% and a net margin of 21.87%.The business had revenue of $18.01 million for the quarter, compared to analyst estimates of $107.08 million. Sell-side analysts anticipate that TriCo Bancshares will post 3.35 EPS for the current year.

TriCo Bancshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 3.3%. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change from TriCo Bancshares’s previous quarterly dividend of $0.33. TriCo Bancshares’s dividend payout ratio is currently 40.45%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Roof Eidam Maycock Peralta LLC acquired a new position in shares of TriCo Bancshares during the 3rd quarter worth approximately $222,000. State of Alaska Department of Revenue acquired a new position in TriCo Bancshares in the 3rd quarter valued at $58,000. SG Americas Securities LLC raised its stake in TriCo Bancshares by 85.7% in the 3rd quarter. SG Americas Securities LLC now owns 8,609 shares of the financial services provider’s stock valued at $382,000 after purchasing an additional 3,972 shares during the last quarter. CWM LLC raised its stake in TriCo Bancshares by 74.0% in the 3rd quarter. CWM LLC now owns 2,001 shares of the financial services provider’s stock valued at $89,000 after purchasing an additional 851 shares during the last quarter. Finally, Hohimer Wealth Management LLC acquired a new position in TriCo Bancshares in the 2nd quarter valued at $242,000. 59.11% of the stock is owned by institutional investors and hedge funds.

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.