Hsbc Holdings PLC Increases Stock Position in TriCo Bancshares $TCBK

Hsbc Holdings PLC boosted its holdings in TriCo Bancshares (NASDAQ:TCBK) by 76.7% during the 1st quarter, HoldingsChannel.com reports. The fund owned 30,753 shares of the financial services provider’s stock after buying an additional 13,353 shares during the period. Hsbc Holdings PLC’s holdings in TriCo Bancshares were worth $1,465,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its stake in shares of TriCo Bancshares by 40.3% in the fourth quarter. Farther Finance Advisors LLC now owns 735 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 211 shares during the last quarter. Federated Hermes Inc. boosted its position in shares of TriCo Bancshares by 17.7% during the second quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider’s stock valued at $78,000 after buying an additional 290 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its holdings in TriCo Bancshares by 1.1% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 30,254 shares of the financial services provider’s stock worth $1,433,000 after buying an additional 329 shares in the last quarter. Sweeney & Michel LLC increased its holdings in TriCo Bancshares by 0.3% in the 1st quarter. Sweeney & Michel LLC now owns 126,082 shares of the financial services provider’s stock worth $6,318,000 after buying an additional 347 shares in the last quarter. Finally, Larson Financial Group LLC raised its position in TriCo Bancshares by 337.5% in the 3rd quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider’s stock worth $26,000 after buying an additional 459 shares during the last quarter. 59.11% of the stock is currently owned by hedge funds and other institutional investors.

TriCo Bancshares Stock Performance

Shares of TCBK opened at $57.57 on Tuesday. The firm has a market capitalization of $1.84 billion, a P/E ratio of 13.81 and a beta of 0.60. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.86. TriCo Bancshares has a one year low of $39.84 and a one year high of $61.71. The business has a fifty day moving average of $53.60 and a 200 day moving average of $50.79.

TriCo Bancshares (NASDAQ:TCBK) last posted its earnings results on Thursday, July 23rd. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.03 by $0.03. The company had revenue of $111.88 million for the quarter, compared to the consensus estimate of $110.99 million. TriCo Bancshares had a return on equity of 10.27% and a net margin of 24.67%. As a group, sell-side analysts anticipate that TriCo Bancshares will post 4.22 EPS for the current year.

TriCo Bancshares Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.44 annualized dividend and a dividend yield of 2.5%. TriCo Bancshares’s dividend payout ratio is presently 34.53%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on TCBK. Stephens cut shares of TriCo Bancshares from an “overweight” rating to an “equal weight” rating and set a $54.00 target price on the stock. in a research note on Wednesday, July 15th. Piper Sandler lifted their price target on shares of TriCo Bancshares from $61.00 to $63.00 and gave the stock a “neutral” rating in a research note on Monday. Weiss Ratings reissued a “buy (b)” rating on shares of TriCo Bancshares in a report on Wednesday, July 8th. DA Davidson lowered their price objective on shares of TriCo Bancshares from $66.00 to $65.00 and set a “neutral” rating on the stock in a research report on Monday. Finally, Zacks Research cut shares of TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a report on Friday, June 5th. One analyst has rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $56.60.

TriCo Bancshares Profile

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.