TriCo Bancshares (NASDAQ:TCBK) Cut to Hold at Zacks Research

Zacks Research downgraded shares of TriCo Bancshares (NASDAQ:TCBK) from a strong-buy rating to a hold rating in a report published on Thursday morning,Zacks.com reports.

Several other equities research analysts also recently weighed in on TCBK. Keefe, Bruyette & Woods upped their price target on TriCo Bancshares from $46.00 to $50.00 and gave the stock a “market perform” rating in a report on Monday, October 27th. Raymond James Financial restated an “outperform” rating and issued a $46.00 price objective (up from $45.00) on shares of TriCo Bancshares in a report on Friday, October 24th. Wall Street Zen raised TriCo Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of TriCo Bancshares in a research report on Monday, December 22nd. Three research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $48.60.

TriCo Bancshares Stock Performance

NASDAQ TCBK opened at $48.31 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.86 and a current ratio of 0.86. TriCo Bancshares has a fifty-two week low of $35.20 and a fifty-two week high of $50.60. The firm has a market capitalization of $1.57 billion, a P/E ratio of 13.57 and a beta of 0.64. The stock’s fifty day moving average is $46.65 and its two-hundred day moving average is $44.21.

TriCo Bancshares (NASDAQ:TCBK) last posted its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $1.04 EPS 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 the consensus estimate of $107.08 million. TriCo Bancshares had a net margin of 21.87% and a return on equity of 9.27%. On average, research analysts anticipate that TriCo Bancshares will post 3.35 earnings per share for the current year.

TriCo Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were paid a $0.36 dividend. The ex-dividend date was Friday, December 5th. This represents a $1.44 dividend on an annualized basis and a yield of 3.0%. TriCo Bancshares’s payout ratio is currently 40.45%.

Hedge Funds Weigh In On TriCo Bancshares

A number of institutional investors have recently modified their holdings of TCBK. Federated Hermes Inc. boosted its stake in TriCo Bancshares by 17.7% during the 2nd quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider’s stock worth $78,000 after purchasing an additional 290 shares during the period. Larson Financial Group LLC lifted its position in TriCo Bancshares by 337.5% during the 3rd quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 459 shares during the period. Rafferty Asset Management LLC grew its stake in shares of TriCo Bancshares by 3.2% in the 3rd quarter. Rafferty Asset Management LLC now owns 17,106 shares of the financial services provider’s stock valued at $760,000 after purchasing an additional 525 shares during the last quarter. Swiss National Bank lifted its holdings in shares of TriCo Bancshares by 1.2% during the third quarter. Swiss National Bank now owns 60,500 shares of the financial services provider’s stock worth $2,687,000 after purchasing an additional 700 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in TriCo Bancshares by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,011 shares of the financial services provider’s stock valued at $760,000 after buying an additional 820 shares during the last quarter. 59.11% of the stock is owned by institutional investors and hedge funds.

TriCo Bancshares Company Profile

TriCo Bancshares, Inc is the bank holding company for Tri Counties Bank, a community-oriented financial institution headquartered in Chico, California. Through its wholly owned subsidiary, the company provides a comprehensive range of banking and financial services to individuals, small businesses, and commercial clients. Offering a full suite of deposit accounts, lending solutions and digital banking tools, TriCo Bancshares combines personalized service with modern technology to meet the evolving needs of its customers.

The company’s core products and services include commercial and consumer lending, deposit and cash management solutions, mortgage banking, and agricultural financing.