Stephens Downgrades TriCo Bancshares (NASDAQ:TCBK) to Equal Weight

Stephens downgraded shares of TriCo Bancshares (NASDAQ:TCBK) from an overweight rating to an equal weight rating in a research note released on Tuesday morning, BenzingaRatingsTable reports. Stephens currently has $40.00 price objective on the financial services provider’s stock.

A number of other brokerages have also issued reports on TCBK. BidaskClub lowered shares of Zebra Technologies from a hold rating to a sell rating in a report on Friday, May 24th. Zacks Investment Research lowered shares of Zynerba Pharmaceuticals from a buy rating to a hold rating in a report on Saturday, June 8th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. The company presently has an average rating of Hold and an average price target of $41.67.

Shares of TriCo Bancshares stock opened at $38.10 on Tuesday. The company has a market cap of $1.15 billion, a price-to-earnings ratio of 14.16, a PEG ratio of 1.79 and a beta of 0.85. TriCo Bancshares has a 12-month low of $31.05 and a 12-month high of $41.31. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.80 and a current ratio of 0.80. The stock has a fifty day moving average price of $38.12.

TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings results on Thursday, April 25th. The financial services provider reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.03. The business had revenue of $75.73 million for the quarter, compared to analyst estimates of $77.05 million. TriCo Bancshares had a net margin of 25.94% and a return on equity of 10.37%. As a group, sell-side analysts expect that TriCo Bancshares will post 3 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a $0.19 dividend. This represents a $0.76 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date of this dividend was Thursday, June 13th. TriCo Bancshares’s dividend payout ratio (DPR) is presently 28.25%.

Several large investors have recently bought and sold shares of the company. Acadian Asset Management LLC acquired a new stake in shares of TriCo Bancshares in the fourth quarter valued at approximately $114,000. BlackRock Inc. raised its position in shares of TriCo Bancshares by 3.5% in the fourth quarter. BlackRock Inc. now owns 1,887,967 shares of the financial services provider’s stock valued at $63,794,000 after buying an additional 64,370 shares in the last quarter. Northern Trust Corp raised its position in shares of TriCo Bancshares by 1.3% in the fourth quarter. Northern Trust Corp now owns 627,085 shares of the financial services provider’s stock valued at $21,189,000 after buying an additional 7,887 shares in the last quarter. Employees Retirement System of Texas bought a new position in TriCo Bancshares in the fourth quarter valued at approximately $1,014,000. Finally, Bessemer Group Inc. increased its stake in TriCo Bancshares by 533.3% in the fourth quarter. Bessemer Group Inc. now owns 39,900 shares of the financial services provider’s stock valued at $1,348,000 after acquiring an additional 33,600 shares during the last quarter. 60.73% of the stock is owned by hedge funds and other institutional investors.

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. It accepts demand, savings, and money market accounts, as well as time deposits. It also provides small business loans; real estate mortgage loans, such as residential and commercial loans; consumer loans; commercial loans, including agricultural loans; and real estate construction loans.

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