Brokerages Set TriCo Bancshares (NASDAQ:TCBK) PT at $56.40

TriCo Bancshares (NASDAQ:TCBK) has received an average rating of “Hold” from the seven ratings firms that are covering the firm, MarketBeat.com reports. Six investment analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $56.40.

TCBK has been the subject of several recent analyst reports. Stephens cut TriCo Bancshares from an “overweight” rating to an “equal weight” rating and set a $54.00 target price for the company. in a research report on Wednesday, July 15th. Zacks Research downgraded TriCo Bancshares from a “strong-buy” rating to a “hold” rating in a research report on Friday, June 5th. DA Davidson boosted their price objective on TriCo Bancshares from $55.00 to $66.00 and gave the stock a “neutral” rating in a report on Tuesday, July 14th. Piper Sandler cut shares of TriCo Bancshares from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $63.00 to $61.00 in a research report on Tuesday, July 14th. Finally, Raymond James Financial lowered shares of TriCo Bancshares from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 14th.

TriCo Bancshares Stock Down 0.4%

Shares of NASDAQ:TCBK opened at $59.28 on Tuesday. The firm has a fifty day moving average price of $53.26 and a two-hundred day moving average price of $50.65. The company has a market cap of $1.89 billion, a price-to-earnings ratio of 15.01 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.

TriCo Bancshares (NASDAQ:TCBK) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $1.03 by $0.03. TriCo Bancshares had a net margin of 23.71% and a return on equity of 9.87%. The firm had revenue of $111.88 million for the quarter, compared to analysts’ expectations of $110.99 million. Analysts anticipate that TriCo Bancshares will post 4.22 EPS for the current fiscal year.

TriCo Bancshares Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were issued a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, June 5th. TriCo Bancshares’s payout ratio is currently 36.46%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Fermata Advisors LLC purchased a new stake in TriCo Bancshares during the second quarter valued at about $209,000. Parallel Advisors LLC boosted its holdings in shares of TriCo Bancshares by 88.5% in the 1st quarter. Parallel Advisors LLC now owns 1,440 shares of the financial services provider’s stock worth $68,000 after purchasing an additional 676 shares in the last quarter. Bank of America Corp DE boosted its holdings in shares of TriCo Bancshares by 39.4% in the 1st quarter. Bank of America Corp DE now owns 86,742 shares of the financial services provider’s stock worth $4,124,000 after purchasing an additional 24,500 shares in the last quarter. California State Teachers Retirement System increased its position in shares of TriCo Bancshares by 13.3% during the 1st quarter. California State Teachers Retirement System now owns 32,720 shares of the financial services provider’s stock valued at $1,556,000 after purchasing an additional 3,837 shares during the last quarter. Finally, Quantinno Capital Management LP raised its holdings in shares of TriCo Bancshares by 22.8% during the 1st quarter. Quantinno Capital Management LP now owns 10,836 shares of the financial services provider’s stock valued at $515,000 after buying an additional 2,014 shares in the last quarter. 59.11% of the stock is currently owned by hedge funds and other institutional investors.

About TriCo Bancshares

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.