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 research report sent to investors on Monday,Zacks.com reports.

Other equities research analysts have also issued reports about the company. Keefe, Bruyette & Woods increased their target price on TriCo Bancshares from $46.00 to $50.00 and gave the stock a “market perform” rating in a research report on Monday. Wall Street Zen raised TriCo Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Raymond James Financial reissued an “outperform” rating and set a $46.00 price target (up from $45.00) on shares of TriCo Bancshares in a report on Friday, October 24th. Weiss Ratings reissued a “hold (c+)” rating on shares of TriCo Bancshares in a report on Wednesday, October 8th. Finally, DA Davidson raised their price target on TriCo Bancshares from $43.00 to $45.00 and gave the company a “neutral” rating in a report on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $48.60.

TriCo Bancshares Price Performance

Shares of NASDAQ TCBK opened at $44.06 on Monday. TriCo Bancshares has a 1-year low of $35.20 and a 1-year high of $51.06. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.86 and a quick ratio of 0.86. The business’s fifty day moving average price is $44.26 and its two-hundred day moving average price is $41.90. The firm has a market capitalization of $1.43 billion, a PE ratio of 12.38 and a beta of 0.63.

TriCo Bancshares (NASDAQ:TCBK) last issued its earnings results on Thursday, October 23rd. The financial services provider reported $1.04 earnings per share 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 firm had revenue of $18.01 million for the quarter, compared to analyst estimates of $107.08 million. On average, research analysts expect 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. Shareholders of record on Friday, September 5th were paid a dividend of $0.36 per share. This is a boost from TriCo Bancshares’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.44 annualized dividend and a yield of 3.3%. TriCo Bancshares’s dividend payout ratio (DPR) is presently 40.45%.

Hedge Funds Weigh In On TriCo Bancshares

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in shares of TriCo Bancshares by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 1,839,668 shares of the financial services provider’s stock valued at $73,532,000 after buying an additional 27,348 shares during the last quarter. Barnes Wealth Management Group Inc acquired a new stake in shares of TriCo Bancshares during the 1st quarter valued at about $303,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of TriCo Bancshares by 64.3% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,642 shares of the financial services provider’s stock valued at $1,904,000 after buying an additional 18,646 shares during the last quarter. KBC Group NV acquired a new stake in shares of TriCo Bancshares during the 1st quarter valued at about $61,000. Finally, MQS Management LLC acquired a new stake in shares of TriCo Bancshares during the 1st quarter valued at about $542,000. Hedge funds and other institutional investors own 59.11% of the company’s stock.

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.