Zacks Investment Research upgraded shares of TriCo Bancshares (NASDAQ:TCBK) from a hold rating to a buy rating in a report issued on Wednesday, Zacks.com reports. Zacks Investment Research currently has $31.00 price objective on the financial services provider’s stock.
According to Zacks, “TriCo Bancshares is a bank holding company for Tri Counties Bank. The Bank conducts a commercial banking business including accepting demand, savings and time deposits and making commercial, real estate, and consumer loans. “
TCBK has been the topic of several other research reports. BidaskClub raised shares of TriCo Bancshares from a strong sell rating to a sell rating in a research report on Wednesday, October 7th. ValuEngine lowered shares of TriCo Bancshares from a hold rating to a sell rating in a research report on Monday, August 3rd. Finally, Piper Sandler cut their price objective on shares of TriCo Bancshares from $32.00 to $29.00 and set a neutral rating on the stock in a research report on Thursday, October 1st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. TriCo Bancshares presently has a consensus rating of Hold and a consensus target price of $34.75.
TriCo Bancshares (NASDAQ:TCBK) last issued its quarterly earnings data on Tuesday, July 28th. The financial services provider reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.22). The business had revenue of $76.32 million for the quarter, compared to the consensus estimate of $76.50 million. TriCo Bancshares had a net margin of 21.67% and a return on equity of 7.86%. On average, sell-side analysts anticipate that TriCo Bancshares will post 2.09 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 11th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date was Thursday, September 10th. TriCo Bancshares’s dividend payout ratio is 29.33%.
In other news, CEO Richard P. Smith sold 10,000 shares of TriCo Bancshares stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $28.65, for a total value of $286,500.00. Following the transaction, the chief executive officer now owns 226,108 shares of the company’s stock, valued at $6,477,994.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 9.65% of the company’s stock.
A number of hedge funds have recently made changes to their positions in TCBK. AJO LP bought a new position in TriCo Bancshares during the second quarter worth $37,000. FinTrust Capital Advisors LLC bought a new stake in shares of TriCo Bancshares in the first quarter valued at about $86,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of TriCo Bancshares by 41.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,936 shares of the financial services provider’s stock valued at $150,000 after buying an additional 1,457 shares during the period. BNP Paribas Arbitrage SA lifted its stake in shares of TriCo Bancshares by 23.7% in the first quarter. BNP Paribas Arbitrage SA now owns 8,283 shares of the financial services provider’s stock valued at $247,000 after buying an additional 1,587 shares during the period. Finally, Stifel Financial Corp bought a new stake in shares of TriCo Bancshares in the second quarter valued at about $284,000. 64.97% of the stock is currently owned by institutional investors and hedge funds.
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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