TriCo Bancshares (NASDAQ:TCBK) Stock Rating Lowered by Zacks Research

TriCo Bancshares (NASDAQ:TCBK) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Thursday,Zacks.com reports.

A number of other analysts have also weighed in on the stock. Keefe, Bruyette & Woods raised their price target on shares of TriCo Bancshares from $46.00 to $50.00 and gave the company a “market perform” rating in a report on Monday, October 27th. Weiss Ratings reiterated a “hold (c+)” rating on shares of TriCo Bancshares in a research report on Monday. Raymond James Financial restated an “outperform” rating and set a $46.00 target price (up previously from $45.00) on shares of TriCo Bancshares in a research report on Friday, October 24th. Finally, Wall Street Zen upgraded TriCo Bancshares from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Three equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $48.60.

TriCo Bancshares Stock Down 0.2%

Shares of NASDAQ TCBK opened at $48.31 on Thursday. The firm’s 50-day simple moving average is $46.65 and its 200 day simple moving average is $44.19. The company has a market cap of $1.57 billion, a price-to-earnings ratio of 13.57 and a beta of 0.64. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.04. TriCo Bancshares has a 12-month low of $35.20 and a 12-month high of $50.60.

TriCo Bancshares (NASDAQ:TCBK) last posted its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $1.04 earnings per share for the quarter, beating the consensus estimate of $0.92 by $0.12. TriCo Bancshares had a net margin of 21.87% and a return on equity of 9.27%. The firm had revenue of $107.56 million during the quarter, compared to analysts’ expectations of $107.08 million. On average, research analysts expect that TriCo Bancshares will post 3.35 earnings per share for the current fiscal year.

Hedge Funds Weigh In On TriCo Bancshares

Institutional investors and hedge funds have recently made changes to their positions in the company. Franklin Resources Inc. increased its position in shares of TriCo Bancshares by 7.9% in the 2nd quarter. Franklin Resources Inc. now owns 1,725,857 shares of the financial services provider’s stock valued at $69,880,000 after buying an additional 126,571 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of TriCo Bancshares by 0.9% in the third quarter. Dimensional Fund Advisors LP now owns 1,683,048 shares of the financial services provider’s stock worth $74,744,000 after acquiring an additional 14,748 shares in the last quarter. Davis Asset Management L.P. raised its position in shares of TriCo Bancshares by 2.6% during the second quarter. Davis Asset Management L.P. now owns 1,046,900 shares of the financial services provider’s stock worth $42,389,000 after purchasing an additional 26,100 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of TriCo Bancshares by 4.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 643,656 shares of the financial services provider’s stock valued at $25,727,000 after purchasing an additional 27,193 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in shares of TriCo Bancshares by 0.3% during the 3rd quarter. American Century Companies Inc. now owns 466,052 shares of the financial services provider’s stock valued at $20,697,000 after purchasing an additional 1,591 shares in the last quarter. 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.