TriCo Bancshares (NASDAQ:TCBK) Rating Lowered to “Neutral” at DA Davidson

DA Davidson cut shares of TriCo Bancshares (NASDAQ:TCBK) from a buy rating to a neutral rating in a research note released on Tuesday morning, Marketbeat Ratings reports. They currently have $53.00 price target on the financial services provider’s stock, up from their previous price target of $50.00.

Several other equities analysts have also recently weighed in on the company. Janney Montgomery Scott reissued a “neutral” rating on shares of TriCo Bancshares in a research report on Friday, July 26th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $48.00 price objective (up previously from $42.00) on shares of TriCo Bancshares in a research report on Monday, July 29th. Piper Sandler cut their price objective on TriCo Bancshares from $53.00 to $50.00 and set an “overweight” rating for the company in a research report on Monday, October 28th. Finally, Stephens cut their price objective on TriCo Bancshares from $52.00 to $50.00 and set an “overweight” rating for the company in a research report on Tuesday, October 29th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, TriCo Bancshares has an average rating of “Hold” and an average target price of $48.20.

TriCo Bancshares Price Performance

Shares of NASDAQ:TCBK opened at $47.59 on Tuesday. TriCo Bancshares has a fifty-two week low of $31.73 and a fifty-two week high of $50.63. The business has a 50-day moving average of $43.76 and a two-hundred day moving average of $41.61. The stock has a market capitalization of $1.57 billion, a P/E ratio of 14.16 and a beta of 0.54. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.86 and a quick ratio of 0.86.

TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings results on Thursday, October 24th. The financial services provider reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. TriCo Bancshares had a return on equity of 9.45% and a net margin of 21.12%. The company had revenue of $133.84 million during the quarter, compared to analysts’ expectations of $98.65 million. On average, equities research analysts predict that TriCo Bancshares will post 3.38 EPS for the current fiscal year.

TriCo Bancshares Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, September 6th were paid a dividend of $0.33 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.32 annualized dividend and a yield of 2.77%. TriCo Bancshares’s dividend payout ratio is 39.29%.

Insider Activity at TriCo Bancshares

In related news, Director Michael W. Koehnen sold 1,400 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $45.20, for a total transaction of $63,280.00. Following the transaction, the director now directly owns 3,000 shares in the company, valued at $135,600. The trade was a 31.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 4.64% of the company’s stock.

Institutional Investors Weigh In On TriCo Bancshares

Large investors have recently modified their holdings of the stock. BNP Paribas Financial Markets grew its stake in shares of TriCo Bancshares by 200.3% in the 1st quarter. BNP Paribas Financial Markets now owns 24,384 shares of the financial services provider’s stock valued at $897,000 after purchasing an additional 16,263 shares during the period. Russell Investments Group Ltd. grew its stake in shares of TriCo Bancshares by 58.5% in the 1st quarter. Russell Investments Group Ltd. now owns 98,469 shares of the financial services provider’s stock valued at $3,622,000 after purchasing an additional 36,362 shares during the period. Empowered Funds LLC grew its stake in shares of TriCo Bancshares by 135.1% in the 1st quarter. Empowered Funds LLC now owns 46,554 shares of the financial services provider’s stock valued at $1,712,000 after purchasing an additional 26,751 shares during the period. Quadrature Capital Ltd bought a new stake in shares of TriCo Bancshares in the 1st quarter valued at approximately $489,000. Finally, State Board of Administration of Florida Retirement System grew its position in TriCo Bancshares by 88.0% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 16,686 shares of the financial services provider’s stock worth $614,000 after acquiring an additional 7,810 shares during the last quarter. 59.11% of the stock is currently owned by institutional investors.

About TriCo Bancshares

TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to individual and corporate customers. The company accepts demand, savings, and time deposits. It also provides small business loans; real estate mortgage loans, such as residential and commercial loans; consumer loans; mortgage, auto, other vehicle, and personal loans; commercial loans, including agricultural loans; and real estate construction loans.