TriCo Bancshares (NASDAQ:TCBK) Receives $56.60 Consensus PT from Analysts

Shares of TriCo Bancshares (NASDAQ:TCBK) have earned an average rating of “Hold” from the seven brokerages that are covering the stock, MarketBeat reports. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $56.60.

TCBK has been the topic of a number of recent analyst reports. Stephens upgraded TriCo Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Thursday, August 6th. Zacks Research cut TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 5th. Raymond James Financial downgraded TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 14th. Piper Sandler increased their target price on TriCo Bancshares from $61.00 to $63.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Finally, DA Davidson dropped their price target on shares of TriCo Bancshares from $66.00 to $65.00 and set a “neutral” rating on the stock in a research note on Monday, July 27th.

TriCo Bancshares Trading Down 0.3%

Shares of TriCo Bancshares stock opened at $53.53 on Wednesday. The firm has a 50-day simple moving average of $56.37 and a two-hundred day simple moving average of $52.15. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. TriCo Bancshares has a fifty-two week low of $40.44 and a fifty-two week high of $61.71. The company has a market cap of $1.71 billion, a P/E ratio of 12.84 and a beta of 0.59.

TriCo Bancshares (NASDAQ:TCBK) last posted its earnings results on Wednesday, July 22nd. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. TriCo Bancshares had a return on equity of 10.23% and a net margin of 24.67%.The firm had revenue of $111.88 million for the quarter, compared to analysts’ expectations of $110.99 million. As a group, equities analysts predict that TriCo Bancshares will post 4.28 earnings per share for the current fiscal year.

TriCo Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Friday, September 11th. TriCo Bancshares’s dividend payout ratio is 34.53%.

Institutional Investors Weigh In On TriCo Bancshares

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new position in TriCo Bancshares in the 2nd quarter valued at $137,197,000. California State Teachers Retirement System grew its holdings in shares of TriCo Bancshares by 5,128.3% during the second quarter. California State Teachers Retirement System now owns 1,710,707 shares of the financial services provider’s stock worth $92,122,000 after buying an additional 1,677,987 shares in the last quarter. Davis Asset Management L.P. purchased a new stake in shares of TriCo Bancshares during the second quarter worth $56,376,000. North Reef Capital Management LP acquired a new stake in shares of TriCo Bancshares in the fourth quarter valued at about $22,994,000. Finally, The Manufacturers Life Insurance Company purchased a new position in shares of TriCo Bancshares in the second quarter worth about $22,526,000. 59.11% of the stock is currently owned by institutional investors and hedge funds.

About TriCo Bancshares

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.