TriCo Bancshares (TCBK) Upgraded to Hold at Zacks Investment Research
TriCo Bancshares (NASDAQ:TCBK) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.
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. “
A number of other research analysts also recently issued reports on the stock. FIG Partners downgraded shares of TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research report on Tuesday, August 2nd. Keefe, Bruyette & Woods downgraded shares of TriCo Bancshares from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $30.00 to $29.00 in a research report on Friday, July 29th.
Shares of TriCo Bancshares (NASDAQ:TCBK) traded up 0.72% during mid-day trading on Wednesday, reaching $26.64. 17,025 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $26.66 and its 200 day moving average price is $26.82. The company has a market cap of $607.98 million, a PE ratio of 13.88 and a beta of 1.06. TriCo Bancshares has a 52-week low of $23.47 and a 52-week high of $29.65.
TriCo Bancshares (NASDAQ:TCBK) last issued its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.51 by $0.10. TriCo Bancshares had a return on equity of 9.65% and a net margin of 20.72%. On average, equities research analysts predict that TriCo Bancshares will post $1.84 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Wednesday, September 14th were paid a $0.15 dividend. The ex-dividend date was Monday, September 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.27%. TriCo Bancshares’s dividend payout ratio is currently 31.09%.
In other TriCo Bancshares news, COO Carol A. Ward sold 3,944 shares of the business’s stock in a transaction on Tuesday, July 12th. The shares were sold at an average price of $28.11, for a total transaction of $110,865.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Craig B. Carney sold 4,679 shares of the business’s stock in a transaction on Friday, September 9th. The shares were sold at an average price of $27.01, for a total transaction of $126,379.79. Following the sale, the executive vice president now owns 10,288 shares of the company’s stock, valued at approximately $277,878.88. The disclosure for this sale can be found here. 10.60% of the stock is currently owned by insiders.
A number of hedge funds have recently made changes to their positions in the stock. Schwab Charles Investment Management Inc. raised its stake in shares of TriCo Bancshares by 1.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 68,947 shares of the financial services provider’s stock worth $1,903,000 after buying an additional 924 shares during the period. Paloma Partners Management Co acquired a new stake in shares of TriCo Bancshares during the second quarter worth approximately $204,000. Panagora Asset Management Inc. raised its stake in shares of TriCo Bancshares by 6.6% in the second quarter. Panagora Asset Management Inc. now owns 257,058 shares of the financial services provider’s stock worth $7,095,000 after buying an additional 16,024 shares during the period. Guggenheim Capital LLC raised its stake in shares of TriCo Bancshares by 0.4% in the second quarter. Guggenheim Capital LLC now owns 33,037 shares of the financial services provider’s stock worth $912,000 after buying an additional 148 shares during the period. Finally, KCG Holdings Inc. acquired a new stake in shares of TriCo Bancshares during the second quarter worth approximately $223,000. Institutional investors and hedge funds own 66.43% of the company’s stock.
TriCo Bancshares Company Profile
TriCo Bancshares is the bank holding company of Tri Counties Bank (the Bank). The Company operates through community banking segment. The Bank is engaged in the general commercial banking business in approximately 30 counties in Northern and Central California. The Bank operates from over 50 traditional branches and over 10 in-store branches.
Receive News & Stock Ratings for TriCo Bancshares Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for TriCo Bancshares and related stocks with our FREE daily email newsletter.