TriCo Bancshares (NASDAQ:TCBK) Cut to “Equal Weight” at Stephens

Stephens lowered shares of TriCo Bancshares (NASDAQ:TCBK) from an overweight rating to an equal weight rating in a research note issued to investors on Wednesday, Marketbeat reports. They currently have $54.00 price objective on the financial services provider’s stock.

Several other equities research analysts also recently issued reports on TCBK. DA Davidson raised their target price on shares of TriCo Bancshares from $55.00 to $66.00 and gave the company a “neutral” rating in a research note on Tuesday. Raymond James Financial downgraded TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Zacks Research lowered TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 5th. Piper Sandler cut TriCo Bancshares from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $63.00 to $61.00 in a research report on Tuesday. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of TriCo Bancshares in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, TriCo Bancshares has an average rating of “Hold” and an average target price of $56.40.

TriCo Bancshares Stock Performance

NASDAQ TCBK opened at $60.52 on Wednesday. The firm has a market capitalization of $1.93 billion, a P/E ratio of 15.32 and a beta of 0.60. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.04. The firm’s fifty day moving average price is $52.46 and its two-hundred day moving average price is $50.28. TriCo Bancshares has a 1 year low of $39.84 and a 1 year high of $61.71.

TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings data on Monday, March 2nd. The financial services provider reported $1.03 EPS for the quarter. The company had revenue of $111.21 million during the quarter. TriCo Bancshares had a net margin of 23.71% and a return on equity of 9.87%. As a group, research analysts anticipate that TriCo Bancshares will post 4.22 EPS for the current year.

TriCo Bancshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Friday, June 5th. TriCo Bancshares’s dividend payout ratio (DPR) is currently 36.46%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Larson Financial Group LLC lifted its position in TriCo Bancshares by 337.5% during the third 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 last quarter. Danske Bank A S acquired a new position in shares of TriCo Bancshares in the fourth quarter valued at approximately $28,000. Farther Finance Advisors LLC grew its position in shares of TriCo Bancshares by 40.3% in the fourth quarter. Farther Finance Advisors LLC now owns 735 shares of the financial services provider’s stock valued at $35,000 after purchasing an additional 211 shares during the last quarter. Abound Financial LLC bought a new position in shares of TriCo Bancshares during the fourth quarter worth approximately $43,000. Finally, Parallel Advisors LLC increased its stake in shares of TriCo Bancshares by 88.5% during the first quarter. Parallel Advisors LLC now owns 1,440 shares of the financial services provider’s stock worth $68,000 after purchasing an additional 676 shares during the period. Institutional investors and hedge funds own 59.11% of the company’s stock.

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.