TriCo Bancshares (NASDAQ:TCBK) Price Target Raised to $55.00 at Keefe, Bruyette & Woods

TriCo Bancshares (NASDAQ:TCBK) had its target price increased by Keefe, Bruyette & Woods from $50.00 to $55.00 in a report issued on Monday morning,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the financial services provider’s stock.

Several other research firms also recently commented on TCBK. Zacks Research downgraded TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Thursday, December 25th. Weiss Ratings restated a “hold (c+)” rating on shares of TriCo Bancshares in a research note on Monday, December 29th. Wall Street Zen upgraded TriCo Bancshares from a “sell” rating to a “hold” rating in a research report on Saturday, October 25th. DA Davidson boosted their target price on shares of TriCo Bancshares from $51.00 to $54.00 and gave the company a “neutral” rating in a research report on Friday. Finally, Piper Sandler raised their price target on shares of TriCo Bancshares from $57.00 to $59.00 and gave the stock an “overweight” rating in a research report on Monday. Three analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $53.80.

TriCo Bancshares Stock Down 1.0%

TriCo Bancshares stock opened at $49.48 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.86 and a quick ratio of 0.86. The company’s 50-day moving average is $48.48 and its 200-day moving average is $45.37. The firm has a market capitalization of $1.61 billion, a PE ratio of 13.34 and a beta of 0.63. TriCo Bancshares has a fifty-two week low of $35.20 and a fifty-two week high of $52.05.

TriCo Bancshares (NASDAQ:TCBK) last posted its quarterly earnings results on Thursday, January 22nd. The financial services provider reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.02. The business had revenue of $109.40 million for the quarter, compared to analysts’ expectations of $108.19 million. TriCo Bancshares had a return on equity of 9.53% and a net margin of 22.56%. Sell-side 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. Investors of record on Friday, December 5th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $1.44 annualized dividend and a yield of 2.9%. TriCo Bancshares’s dividend payout ratio is currently 38.81%.

Hedge Funds Weigh In On TriCo Bancshares

Several hedge funds have recently bought and sold shares of TCBK. Mercer Global Advisors Inc. ADV acquired a new position in shares of TriCo Bancshares in the 3rd quarter valued at approximately $6,972,000. ProShare Advisors LLC increased its stake in TriCo Bancshares by 2,137.5% in the second quarter. ProShare Advisors LLC now owns 154,969 shares of the financial services provider’s stock valued at $6,275,000 after acquiring an additional 148,043 shares during the last quarter. Franklin Resources Inc. raised its position in TriCo Bancshares by 7.9% during the second quarter. Franklin Resources Inc. now owns 1,725,857 shares of the financial services provider’s stock valued at $69,880,000 after purchasing an additional 126,571 shares in the last quarter. Allworth Financial LP lifted its stake in TriCo Bancshares by 1,339.5% during the second quarter. Allworth Financial LP now owns 119,393 shares of the financial services provider’s stock worth $4,834,000 after purchasing an additional 111,099 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of TriCo Bancshares by 292.7% in the 3rd quarter. Millennium Management LLC now owns 135,318 shares of the financial services provider’s stock valued at $6,009,000 after purchasing an additional 100,858 shares in the last quarter. 59.11% of the stock is owned by institutional investors.

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.