TriCo Bancshares $TCBK Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. trimmed its position in shares of TriCo Bancshares (NASDAQ:TCBK) by 4.0% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 45,732 shares of the financial services provider’s stock after selling 1,910 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.14% of TriCo Bancshares worth $1,852,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in TCBK. Bank of New York Mellon Corp raised its stake in TriCo Bancshares by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 168,355 shares of the financial services provider’s stock valued at $6,817,000 after acquiring an additional 2,347 shares in the last quarter. Freestone Capital Holdings LLC bought a new stake in shares of TriCo Bancshares during the second quarter valued at about $491,000. Assetmark Inc. bought a new stake in shares of TriCo Bancshares during the second quarter valued at about $396,000. Bolthouse Investments LLC lifted its holdings in TriCo Bancshares by 0.7% in the second quarter. Bolthouse Investments LLC now owns 356,211 shares of the financial services provider’s stock worth $14,423,000 after purchasing an additional 2,493 shares during the period. Finally, Woodward Diversified Capital LLC bought a new position in TriCo Bancshares in the 2nd quarter valued at about $995,000. Institutional investors and hedge funds own 59.11% of the company’s stock.

Analyst Ratings Changes

TCBK has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of TriCo Bancshares from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. Zacks Research raised TriCo Bancshares from a “hold” rating to a “strong-buy” rating in a report on Monday, October 27th. Piper Sandler increased their price target on TriCo Bancshares from $52.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, July 28th. DA Davidson lifted their price target on TriCo Bancshares from $43.00 to $45.00 and gave the company a “neutral” rating in a research report on Friday, July 25th. Finally, 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 report on Friday, October 24th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.60.

TriCo Bancshares Price Performance

NASDAQ TCBK opened at $45.74 on Monday. TriCo Bancshares has a 1 year low of $35.20 and a 1 year high of $51.06. The business’s fifty day moving average is $44.23 and its two-hundred day moving average is $42.53. The stock has a market capitalization of $1.49 billion, a P/E ratio of 12.85 and a beta of 0.69. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.86 and a current ratio of 0.86.

TriCo Bancshares (NASDAQ:TCBK) last released its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $1.04 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.12. The business had revenue of $107.56 million during the quarter, compared to analyst estimates of $107.08 million. TriCo Bancshares had a return on equity of 9.37% and a net margin of 21.87%. On average, research analysts forecast that TriCo Bancshares will post 3.35 earnings per share for the current fiscal year.

TriCo Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were paid a $0.36 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.44 dividend on an annualized basis and a yield of 3.1%. This is an increase from TriCo Bancshares’s previous quarterly dividend of $0.33. TriCo Bancshares’s dividend payout ratio (DPR) is 40.45%.

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.