New York Life Investment Management LLC Purchases New Shares in TriCo Bancshares $TCBK

New York Life Investment Management LLC purchased a new stake in TriCo Bancshares (NASDAQ:TCBK) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 43,148 shares of the financial services provider’s stock, valued at approximately $2,209,000.

A number of other hedge funds and other institutional investors have also modified their holdings of TCBK. Bell Investment Advisors Inc acquired a new position in TriCo Bancshares during the 3rd quarter worth $123,000. ProShare Advisors LLC boosted its position in TriCo Bancshares by 150.8% in the 3rd quarter. ProShare Advisors LLC now owns 9,850 shares of the financial services provider’s stock valued at $504,000 after buying an additional 5,923 shares during the last quarter. Nisa Investment Advisors LLC boosted its position in TriCo Bancshares by 69.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,964 shares of the financial services provider’s stock valued at $101,000 after buying an additional 802 shares during the last quarter. Squarepoint Ops LLC increased its stake in shares of TriCo Bancshares by 85.3% in the 2nd quarter. Squarepoint Ops LLC now owns 20,777 shares of the financial services provider’s stock valued at $1,119,000 after buying an additional 9,562 shares during the period. Finally, Allworth Financial LP increased its stake in shares of TriCo Bancshares by 1.7% in the 2nd quarter. Allworth Financial LP now owns 129,979 shares of the financial services provider’s stock valued at $6,999,000 after buying an additional 2,134 shares during the period. Institutional investors and hedge funds own 59.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TCBK. Weiss Ratings restated a “buy (b)” rating on shares of TriCo Bancshares in a research report on Friday, October 2nd. Piper Sandler cut TriCo Bancshares from a “neutral” rating to a “hold” rating in a report on Monday, October 26th. DA Davidson reiterated a “neutral” rating and issued a $55.00 price target on shares of TriCo Bancshares in a report on Tuesday, October 27th. Finally, Stephens upgraded TriCo Bancshares from an “equal weight” rating to an “overweight” rating in a research report on Thursday, August 6th. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $55.62.

TriCo Bancshares Trading Up 0.4%

Shares of NASDAQ:TCBK traded up $0.21 during trading on Friday, hitting $51.79. 88,179 shares of the company’s stock were exchanged, compared to its average volume of 278,305. The company has a current ratio of 0.89, a quick ratio of 0.87 and a debt-to-equity ratio of 0.03. The firm has a market cap of $1.66 billion, a P/E ratio of 12.02 and a beta of 0.67. The firm has a 50-day moving average price of $52.57 and a two-hundred day moving average price of $52.11. TriCo Bancshares has a 1-year low of $44.38 and a 1-year high of $61.71.

TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings data on Wednesday, October 21st. The financial services provider reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.09. TriCo Bancshares had a net margin of 25.10% and a return on equity of 10.48%. The business had revenue of $116.71 million for the quarter, compared to analyst estimates of $114.63 million. Equities analysts predict that TriCo Bancshares will post 4.39 earnings per share for the current year.

TriCo Bancshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 27th. Shareholders of record on Monday, November 16th will be issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Monday, November 16th. TriCo Bancshares’s payout ratio is currently 33.41%.

TriCo Bancshares Company Profile

TriCo Bancshares is a bank holding company whose principal subsidiary is Tri Counties Bank. The bank offers personal and business banking services, including checking and savings accounts, loans, credit cards, and online and mobile banking. For businesses, Tri Counties Bank provides commercial lending, deposit accounts, cash management, and related financial services. It also offers wealth management and trust services to individuals and organizations. Founded in 1975 and headquartered in Chico, California, Tri Counties Bank serves communities across Northern and Central California, including the Sacramento region and the Central Valley.