TriCo Bancshares (NASDAQ:TCBK) Rating Lowered to “Neutral” at DA Davidson

DA Davidson downgraded shares of TriCo Bancshares (NASDAQ:TCBK) from a buy rating to a neutral rating in a research report report published on Tuesday, Marketbeat Ratings reports. The firm currently has $53.00 target price on the financial services provider’s stock, up from their previous target price of $50.00.

A number of other analysts have also recently weighed in on TCBK. Piper Sandler reduced their target price on shares of TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, October 28th. Stephens reduced their price objective on TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating for the company in a research note on Tuesday, October 29th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $48.00 target price (up from $42.00) on shares of TriCo Bancshares in a research report on Monday, July 29th. Finally, Janney Montgomery Scott reiterated a “neutral” rating on shares of TriCo Bancshares in a research report on Friday, July 26th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $48.20.

TriCo Bancshares Price Performance

NASDAQ TCBK opened at $47.59 on Tuesday. TriCo Bancshares has a 12 month low of $31.73 and a 12 month high of $50.63. The firm has a market capitalization of $1.57 billion, a PE ratio of 14.16 and a beta of 0.54. The company’s 50 day simple moving average is $43.76 and its 200 day simple moving average is $41.61. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.86 and a quick ratio of 0.86.

TriCo Bancshares (NASDAQ:TCBK) last issued its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.06. The company had revenue of $133.84 million for the quarter, compared to analysts’ expectations of $98.65 million. TriCo Bancshares had a return on equity of 9.45% and a net margin of 21.12%. As a group, equities research analysts forecast that TriCo Bancshares will post 3.38 EPS for the current fiscal year.

TriCo Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, September 6th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 2.77%. TriCo Bancshares’s dividend payout ratio is 39.29%.

Insider Buying and Selling

In other news, Director Michael W. Koehnen sold 1,400 shares of the stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $45.20, for a total value of $63,280.00. Following the completion of the sale, the director now directly owns 3,000 shares of the company’s stock, valued at $135,600. This represents a 31.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 4.64% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sweeney & Michel LLC acquired a new position in TriCo Bancshares in the 1st quarter worth about $5,015,000. Assenagon Asset Management S.A. grew its stake in shares of TriCo Bancshares by 839.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 130,760 shares of the financial services provider’s stock valued at $5,577,000 after buying an additional 116,838 shares in the last quarter. American Century Companies Inc. increased its holdings in TriCo Bancshares by 27.3% in the second quarter. American Century Companies Inc. now owns 403,712 shares of the financial services provider’s stock worth $15,975,000 after buying an additional 86,689 shares during the last quarter. Dimensional Fund Advisors LP raised its position in TriCo Bancshares by 3.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,502,992 shares of the financial services provider’s stock valued at $59,471,000 after acquiring an additional 50,358 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in TriCo Bancshares by 58.5% in the first quarter. Russell Investments Group Ltd. now owns 98,469 shares of the financial services provider’s stock valued at $3,622,000 after acquiring an additional 36,362 shares during the last quarter. 59.11% 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. 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.