TriCo Bancshares (NASDAQ:TCBK) Cut to “Sell” at BidaskClub

TriCo Bancshares (NASDAQ:TCBK) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Saturday, BidAskClub reports.

Several other research analysts also recently issued reports on the stock. Raymond James dropped their target price on shares of TriCo Bancshares from $42.00 to $41.00 and set an “outperform” rating on the stock in a research note on Thursday, August 29th. ValuEngine downgraded shares of TriCo Bancshares from a “hold” rating to a “sell” rating in a research note on Monday, July 22nd. Stephens restated a “neutral” rating on shares of TriCo Bancshares in a research report on Monday, July 29th. Zacks Investment Research downgraded shares of TriCo Bancshares from a “hold” rating to a “sell” rating in a research report on Thursday. Finally, Piper Jaffray Companies assumed coverage on shares of TriCo Bancshares in a research report on Friday, July 12th. They set a “neutral” rating and a $41.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $41.50.

Shares of NASDAQ TCBK opened at $35.64 on Friday. The firm’s 50 day moving average price is $35.84 and its 200-day moving average price is $37.78. The company has a market cap of $1.07 billion, a PE ratio of 13.25 and a beta of 0.88. TriCo Bancshares has a 52-week low of $31.05 and a 52-week high of $41.31. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.80 and a current ratio of 0.80.

TriCo Bancshares (NASDAQ:TCBK) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.02. The firm had revenue of $77.89 million for the quarter, compared to the consensus estimate of $77.76 million. TriCo Bancshares had a net margin of 26.74% and a return on equity of 10.14%. On average, analysts forecast that TriCo Bancshares will post 2.94 earnings per share for the current fiscal year.

In related news, EVP Craig B. Carney sold 5,122 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $36.38, for a total transaction of $186,338.36. Following the transaction, the executive vice president now owns 20,896 shares in the company, valued at $760,196.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Michael W. Koehnen acquired 15,000 shares of the stock in a transaction that occurred on Wednesday, August 7th. The shares were bought at an average price of $35.83 per share, for a total transaction of $537,450.00. Following the transaction, the director now owns 95,732 shares of the company’s stock, valued at $3,430,077.56. The disclosure for this purchase can be found here. 10.30% of the stock is owned by corporate insiders.

A number of institutional investors have recently modified their holdings of TCBK. Denali Advisors LLC bought a new position in TriCo Bancshares during the second quarter valued at approximately $38,000. NEXT Financial Group Inc bought a new position in TriCo Bancshares in the second quarter worth approximately $138,000. Aperio Group LLC bought a new position in TriCo Bancshares in the second quarter worth approximately $231,000. Macquarie Group Ltd. bought a new position in TriCo Bancshares in the second quarter worth approximately $242,000. Finally, Meeder Asset Management Inc. raised its position in TriCo Bancshares by 32.2% in the second quarter. Meeder Asset Management Inc. now owns 8,471 shares of the financial services provider’s stock worth $319,000 after acquiring an additional 2,063 shares during the period. Institutional investors own 60.86% of the company’s stock.

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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