Zacks Investment Research upgraded shares of TriCo Bancshares (NASDAQ:TCBK) from a hold rating to a buy rating in a report published on Thursday morning. They currently have $39.00 target price on the financial services provider’s stock.
According to Zacks, “TriCo Bancshares is a bank holding company for Tri Counties Bank. The Bank conducts a commercial banking business including accepting demand, savings and time deposits and making commercial, real estate, and consumer loans. “
Several other research analysts have also weighed in on TCBK. BidaskClub lowered shares of TriCo Bancshares from a hold rating to a sell rating in a research note on Friday, September 14th. ValuEngine lowered shares of TriCo Bancshares from a hold rating to a sell rating in a research note on Friday, October 12th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $42.60.
TCBK stock traded down $0.22 during midday trading on Thursday, hitting $34.79. The company’s stock had a trading volume of 78,752 shares, compared to its average volume of 102,386. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.42. TriCo Bancshares has a twelve month low of $31.05 and a twelve month high of $40.38. The firm has a market capitalization of $1.06 billion, a P/E ratio of 16.73, a PEG ratio of 1.69 and a beta of 0.85.
TriCo Bancshares (NASDAQ:TCBK) last released its quarterly earnings data on Monday, October 29th. The financial services provider reported $0.53 earnings per share for the quarter, hitting the consensus estimate of $0.53. The company had revenue of $72.68 million for the quarter, compared to analyst estimates of $72.54 million. TriCo Bancshares had a net margin of 18.77% and a return on equity of 9.80%. As a group, equities research analysts forecast that TriCo Bancshares will post 2.54 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 28th. Stockholders of record on Friday, December 14th were paid a dividend of $0.19 per share. The ex-dividend date was Thursday, December 13th. This is a positive change from TriCo Bancshares’s previous quarterly dividend of $0.17. This represents a $0.76 annualized dividend and a dividend yield of 2.18%. TriCo Bancshares’s payout ratio is currently 36.54%.
In other news, EVP W Virginia Walker sold 3,443 shares of the business’s stock in a transaction dated Friday, December 14th. The shares were sold at an average price of $35.48, for a total transaction of $122,157.64. Following the transaction, the executive vice president now directly owns 7,078 shares in the company, valued at approximately $251,127.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 14.20% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in TCBK. Legal & General Group Plc grew its stake in TriCo Bancshares by 31.1% in the 3rd quarter. Legal & General Group Plc now owns 4,084 shares of the financial services provider’s stock valued at $157,000 after buying an additional 970 shares during the last quarter. Federated Investors Inc. PA grew its stake in TriCo Bancshares by 2.7% in the 3rd quarter. Federated Investors Inc. PA now owns 38,392 shares of the financial services provider’s stock valued at $1,483,000 after buying an additional 1,002 shares during the last quarter. Thomson Horstmann & Bryant Inc. grew its stake in TriCo Bancshares by 1.4% in the 3rd quarter. Thomson Horstmann & Bryant Inc. now owns 109,945 shares of the financial services provider’s stock valued at $4,246,000 after buying an additional 1,526 shares during the last quarter. Rhumbline Advisers grew its stake in TriCo Bancshares by 9.9% in the 2nd quarter. Rhumbline Advisers now owns 22,455 shares of the financial services provider’s stock valued at $841,000 after buying an additional 2,025 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new position in TriCo Bancshares in the 2nd quarter valued at about $110,000. Institutional investors own 59.31% of the company’s stock.
TriCo Bancshares Company Profile
TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to retail customers and small to medium-sized businesses. It accepts demand, savings, and money market accounts, as well as time deposits; and provides residential and commercial real estate mortgage, consumer, commercial, agricultural, and real estate construction loans.
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