TriCo Bancshares (NASDAQ:TCBK) Stock Price Expected to Rise, DA Davidson Analyst Says

TriCo Bancshares (NASDAQ:TCBK) had its price target lifted by DA Davidson from $55.00 to $66.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the financial services provider’s stock. DA Davidson’s target price suggests a potential upside of 12.02% from the company’s previous close.

TCBK has been the topic of a number of other reports. Weiss Ratings reissued a “buy (b)” rating on shares of TriCo Bancshares in a report on Wednesday, July 8th. Raymond James Financial downgraded TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research report on Tuesday. Piper Sandler lowered TriCo Bancshares from an “overweight” rating to a “neutral” rating and set a $61.00 price objective for the company. in a research note on Tuesday. Finally, Zacks Research cut TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 5th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, TriCo Bancshares currently has an average rating of “Hold” and an average price target of $56.60.

TriCo Bancshares Price Performance

NASDAQ:TCBK traded down $1.15 during trading hours on Tuesday, hitting $58.92. 399,113 shares of the stock traded hands, compared to its average volume of 171,635. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. TriCo Bancshares has a 1 year low of $39.69 and a 1 year high of $60.42. The company has a market cap of $1.88 billion, a price-to-earnings ratio of 14.92 and a beta of 0.60. The stock has a 50 day moving average price of $51.72 and a 200 day moving average price of $49.97.

TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings data on Monday, March 2nd. The financial services provider reported $1.03 earnings per share (EPS) for the quarter. The firm had revenue of $111.21 million during the quarter. TriCo Bancshares had a net margin of 23.71% and a return on equity of 9.87%. Sell-side analysts forecast that TriCo Bancshares will post 4.22 EPS for the current fiscal year.

Institutional Trading of TriCo Bancshares

Several hedge funds have recently bought and sold shares of the stock. Fermata Advisors LLC bought a new position in shares of TriCo Bancshares during the 2nd quarter valued at about $209,000. Parallel Advisors LLC grew its position in shares of TriCo Bancshares by 88.5% during the first quarter. Parallel Advisors LLC now owns 1,440 shares of the financial services provider’s stock valued at $68,000 after purchasing an additional 676 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of TriCo Bancshares by 39.4% in the first quarter. Bank of America Corp DE now owns 86,742 shares of the financial services provider’s stock worth $4,124,000 after purchasing an additional 24,500 shares during the last quarter. California State Teachers Retirement System increased its holdings in shares of TriCo Bancshares by 13.3% in the first quarter. California State Teachers Retirement System now owns 32,720 shares of the financial services provider’s stock worth $1,556,000 after purchasing an additional 3,837 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its position in shares of TriCo Bancshares by 22.8% in the first quarter. Quantinno Capital Management LP now owns 10,836 shares of the financial services provider’s stock worth $515,000 after buying an additional 2,014 shares in the last quarter. Hedge funds and other institutional investors own 59.11% of the company’s stock.

Key Stories Impacting TriCo Bancshares

Here are the key news stories impacting TriCo Bancshares this week:

• Positive Sentiment: TriCo Bancshares agreed to be acquired by First Hawaiian in an all-stock deal, which is the main driver behind the stock’s strong move higher as investors price in acquisition value. First Hawaiian to Merge With TriCo Bancshares in $2 Billion All-Stock Deal
• Positive Sentiment: The announced exchange ratio implies TriCo shareholders will own a meaningful stake in the combined company, supporting the stock’s rally and signaling that the market sees real strategic value in the transaction. First Hawaiian Makes a Bid for Mainland U.S. Banking With $2B TriCo Bancshares Deal

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.