Davis Asset Management L.P. Makes New Investment in TriCo Bancshares $TCBK

Davis Asset Management L.P. bought a new position in TriCo Bancshares (NASDAQ:TCBK) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 1,046,900 shares of the financial services provider’s stock, valued at approximately $56,376,000. TriCo Bancshares makes up 1.4% of Davis Asset Management L.P.’s portfolio, making the stock its 24th biggest holding.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Larson Financial Group LLC lifted its position in shares of TriCo Bancshares by 337.5% during the third quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 459 shares in the last quarter. Danske Bank A S purchased a new stake in TriCo Bancshares in the 4th quarter valued at about $28,000. Farther Finance Advisors LLC boosted its stake in shares of TriCo Bancshares by 40.3% in the 4th quarter. Farther Finance Advisors LLC now owns 735 shares of the financial services provider’s stock worth $35,000 after buying an additional 211 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of TriCo Bancshares in the 2nd quarter worth approximately $36,000. Finally, Abound Financial LLC bought a new position in shares of TriCo Bancshares in the fourth quarter valued at approximately $43,000. Hedge funds and other institutional investors own 59.11% of the company’s stock.

TriCo Bancshares Stock Performance

Shares of TCBK opened at $55.07 on Friday. TriCo Bancshares has a 52-week low of $40.44 and a 52-week high of $61.71. The stock’s 50-day simple moving average is $56.07 and its 200 day simple moving average is $51.86. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. The stock has a market capitalization of $1.76 billion, a price-to-earnings ratio of 13.21 and a beta of 0.60.

TriCo Bancshares (NASDAQ:TCBK) last posted its earnings results on Wednesday, July 22nd. The financial services provider reported $1.06 earnings per share 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 business had revenue of $111.88 million during the quarter, compared to analyst estimates of $110.99 million. Research analysts forecast that TriCo Bancshares will post 4.28 EPS for the current fiscal year.

Analyst Ratings Changes

TCBK has been the subject of a number of research analyst reports. Stephens raised TriCo Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Thursday, August 6th. Raymond James Financial downgraded TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 14th. DA Davidson decreased their target price on TriCo Bancshares from $66.00 to $65.00 and set a “neutral” rating for the company in a research report on Monday, July 27th. Zacks Research cut TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 5th. Finally, Piper Sandler boosted their price target on shares of TriCo Bancshares from $61.00 to $63.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, TriCo Bancshares currently has a consensus rating of “Hold” and an average price target of $56.60.

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.