Freestone Capital Holdings LLC Takes Position in TriCo Bancshares $TCBK

Freestone Capital Holdings LLC acquired a new stake in shares of TriCo Bancshares (NASDAQ:TCBK) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 12,116 shares of the financial services provider’s stock, valued at approximately $491,000.

Several other large investors also recently made changes to their positions in TCBK. KBC Group NV bought a new position in shares of TriCo Bancshares during the 1st quarter valued at about $61,000. Teacher Retirement System of Texas lifted its stake in TriCo Bancshares by 22.0% during the first quarter. Teacher Retirement System of Texas now owns 10,344 shares of the financial services provider’s stock valued at $413,000 after buying an additional 1,864 shares in the last quarter. Allworth Financial LP lifted its stake in TriCo Bancshares by 4.5% during the first quarter. Allworth Financial LP now owns 8,294 shares of the financial services provider’s stock valued at $327,000 after buying an additional 357 shares in the last quarter. Alps Advisors Inc. purchased a new stake in TriCo Bancshares during the first quarter valued at about $351,000. Finally, CWM LLC lifted its stake in TriCo Bancshares by 59.2% during the first quarter. CWM LLC now owns 1,116 shares of the financial services provider’s stock valued at $45,000 after buying an additional 415 shares in the last quarter. Institutional investors own 59.11% of the company’s stock.

TriCo Bancshares Trading Down 1.1%

Shares of TCBK stock opened at $44.40 on Wednesday. TriCo Bancshares has a 12 month low of $35.20 and a 12 month high of $51.06. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.09. The business’s 50 day moving average is $44.27 and its two-hundred day moving average is $42.15. The company has a market cap of $1.45 billion, a PE ratio of 12.47 and a beta of 0.63.

TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings results on Thursday, October 23rd. The financial services provider reported $1.04 EPS for the quarter, beating the consensus estimate of $0.92 by $0.12. TriCo Bancshares had a return on equity of 9.37% and a net margin of 21.87%.The company had revenue of $18.01 million for the quarter, compared to the consensus estimate of $107.08 million. Equities analysts predict that TriCo Bancshares will post 3.35 EPS for the current year.

TriCo Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were issued a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 3.2%. This is a boost from TriCo Bancshares’s previous quarterly dividend of $0.33. The ex-dividend date was Friday, September 5th. TriCo Bancshares’s dividend payout ratio is 40.45%.

Wall Street Analyst Weigh In

TCBK has been the subject of a number of analyst reports. Piper Sandler upped their price objective on shares of TriCo Bancshares from $52.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, July 28th. Raymond James Financial reaffirmed an “outperform” rating and set a $46.00 price objective (up from $45.00) on shares of TriCo Bancshares in a research note on Friday, October 24th. DA Davidson upped their price objective on shares of TriCo Bancshares from $43.00 to $45.00 and gave the company a “neutral” rating in a research note on Friday, July 25th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of TriCo Bancshares in a research note on Wednesday, October 8th. Finally, Keefe, Bruyette & Woods increased their price target on shares of TriCo Bancshares from $46.00 to $50.00 and gave the stock a “market perform” rating in a research report on Monday, October 27th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, TriCo Bancshares currently has an average rating of “Moderate Buy” and a consensus price target of $48.60.

TriCo Bancshares Company Profile

TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to individual and corporate customers. The company accepts demand, savings, and time deposits. It also provides small business loans; real estate mortgage loans, such as residential and commercial loans; consumer loans; mortgage, auto, other vehicle, and personal loans; commercial loans, including agricultural loans; and real estate construction loans.