TriCo Bancshares (NASDAQ:TCBK) Price Target Raised to $66.00

TriCo Bancshares (NASDAQ:TCBK) had its price objective upped by DA Davidson from $55.00 to $66.00 in a research report sent to investors on Tuesday morning, Marketbeat.com reports. The brokerage currently has a neutral rating on the financial services provider’s stock.

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

TriCo Bancshares Trading Up 3.7%

Shares of TCBK stock opened at $61.62 on Tuesday. The company has a market cap of $1.97 billion, a price-to-earnings ratio of 15.60 and a beta of 0.60. The stock has a 50 day simple moving average of $52.27 and a 200-day simple moving average of $50.21. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.86. TriCo Bancshares has a 1-year low of $39.84 and a 1-year high of $61.71.

TriCo Bancshares (NASDAQ:TCBK) last issued its quarterly earnings results on Monday, March 2nd. The financial services provider reported $1.03 earnings per share for the quarter. TriCo Bancshares had a net margin of 23.71% and a return on equity of 9.87%. The firm had revenue of $111.21 million for the quarter. On average, equities research analysts expect that TriCo Bancshares will post 4.22 EPS for the current fiscal year.

TriCo Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Shareholders of record on Friday, June 5th were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend was Friday, June 5th. TriCo Bancshares’s payout ratio is 36.46%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of TriCo Bancshares by 2.0% in the 4th quarter. Vanguard Group Inc. now owns 1,922,988 shares of the financial services provider’s stock valued at $91,092,000 after acquiring an additional 38,311 shares during the period. Dimensional Fund Advisors LP raised its position in TriCo Bancshares by 0.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,696,463 shares of the financial services provider’s stock valued at $80,650,000 after purchasing an additional 11,298 shares during the last quarter. Geode Capital Management LLC boosted its stake in TriCo Bancshares by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 777,826 shares of the financial services provider’s stock worth $36,851,000 after purchasing an additional 6,793 shares during the period. Goldman Sachs Group Inc. grew its position in TriCo Bancshares by 6.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 672,905 shares of the financial services provider’s stock worth $31,876,000 after purchasing an additional 43,417 shares during the last quarter. Finally, North Reef Capital Management LP purchased a new position in TriCo Bancshares during the 4th quarter worth $22,994,000. 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.