TriCo Bancshares (TCBK) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research downgraded shares of TriCo Bancshares (NASDAQ:TCBK) from a buy rating to a hold rating in a research report report published on Friday morning.
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 TCBK. BidaskClub upgraded TriCo Bancshares from a strong sell rating to a sell rating in a research note on Wednesday, August 9th. ValuEngine upgraded TriCo Bancshares from a hold rating to a buy rating in a research note on Friday, June 2nd. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $39.00.
Shares of TriCo Bancshares (NASDAQ TCBK) opened at 37.07 on Friday. TriCo Bancshares has a 12-month low of $25.43 and a 12-month high of $38.58. The firm has a market cap of $849.83 million, a P/E ratio of 17.08 and a beta of 0.90. The company’s 50 day moving average price is $35.88 and its 200-day moving average price is $35.45.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $0.68 dividend on an annualized basis and a yield of 1.83%. TriCo Bancshares’s dividend payout ratio is presently 31.34%.
In other TriCo Bancshares news, EVP Craig B. Carney sold 5,000 shares of the stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $36.00, for a total transaction of $180,000.00. Following the completion of the sale, the executive vice president now directly owns 18,294 shares of the company’s stock, valued at approximately $658,584. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 9.10% of the company’s stock.
Institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC acquired a new stake in TriCo Bancshares during the 2nd quarter worth approximately $129,000. Raymond James Financial Services Advisors Inc. acquired a new stake in TriCo Bancshares during the 2nd quarter worth approximately $211,000. ClariVest Asset Management LLC acquired a new stake in TriCo Bancshares during the 1st quarter worth approximately $228,000. Karp Capital Management Corp acquired a new stake in TriCo Bancshares during the 1st quarter worth approximately $245,000. Finally, Trexquant Investment LP acquired a new stake in TriCo Bancshares during the 2nd quarter worth approximately $243,000. 68.87% of the stock is owned by institutional investors.
TriCo Bancshares Company Profile
TriCo Bancshares is a bank holding company. The Company’s principal subsidiary is Tri Counties Bank, a California-chartered commercial bank (the Bank). The Bank offers banking services to retail customers and small to medium-sized businesses through 68 branch offices in Northern and Central California.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.