Zacks Investment Research upgraded shares of TriCo Bancshares (NASDAQ:TCBK) from a hold rating to a buy rating in a research report report published on Thursday morning. Zacks Investment Research currently has $39.00 target price on the financial services provider’s stock.
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. “
TCBK has been the subject of several other reports. ValuEngine upgraded shares of TriCo Bancshares from a sell rating to a hold rating in a report on Monday, October 29th. BidaskClub lowered shares of TriCo Bancshares from a hold rating to a sell rating in a report on Friday, September 14th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. TriCo Bancshares has a consensus rating of Buy and an average price target of $42.60.
TCBK stock opened at $34.79 on Thursday. TriCo Bancshares has a 52-week low of $31.05 and a 52-week high of $40.38. The company has a market cap of $1.06 billion, a PE ratio of 16.73, a price-to-earnings-growth ratio of 1.69 and a beta of 0.85. The company has a quick ratio of 0.83, a current ratio of 0.83 and a debt-to-equity ratio of 0.42.
TriCo Bancshares (NASDAQ:TCBK) last released its earnings results on Monday, October 29th. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.53. TriCo Bancshares had a net margin of 18.77% and a return on equity of 9.80%. The firm had revenue of $72.68 million during the quarter, compared to analyst estimates of $72.54 million. Sell-side analysts predict that TriCo Bancshares will post 2.54 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 28th. Investors of record on Friday, December 14th were given a dividend of $0.19 per share. The ex-dividend date was Thursday, December 13th. This represents a $0.76 annualized dividend and a dividend yield of 2.18%. This is an increase from TriCo Bancshares’s previous quarterly dividend of $0.17. TriCo Bancshares’s dividend payout ratio (DPR) is 36.54%.
In other TriCo Bancshares news, EVP W Virginia Walker sold 3,443 shares of TriCo Bancshares stock in a transaction that occurred on Friday, December 14th. The shares were sold at an average price of $35.48, for a total value of $122,157.64. Following the completion of the sale, the executive vice president now owns 7,078 shares of the company’s stock, valued at approximately $251,127.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 14.20% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of the business. Legal & General Group Plc grew its position in TriCo Bancshares by 31.1% in the 3rd quarter. Legal & General Group Plc now owns 4,084 shares of the financial services provider’s stock worth $157,000 after purchasing an additional 970 shares during the period. Federated Investors Inc. PA grew its position in TriCo Bancshares by 2.7% in the 3rd quarter. Federated Investors Inc. PA now owns 38,392 shares of the financial services provider’s stock worth $1,483,000 after purchasing an additional 1,002 shares during the period. Thomson Horstmann & Bryant Inc. grew its position in TriCo Bancshares by 1.4% in the 3rd quarter. Thomson Horstmann & Bryant Inc. now owns 109,945 shares of the financial services provider’s stock worth $4,246,000 after purchasing an additional 1,526 shares during the period. Rhumbline Advisers grew its position in TriCo Bancshares by 9.9% in the 2nd quarter. Rhumbline Advisers now owns 22,455 shares of the financial services provider’s stock worth $841,000 after purchasing an additional 2,025 shares during the period. Finally, SG Americas Securities LLC bought a new stake in TriCo Bancshares in the 2nd quarter worth approximately $110,000. 59.31% of the stock is owned by institutional investors and hedge funds.
About TriCo Bancshares
TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to retail customers and small to medium-sized businesses. It accepts demand, savings, and money market accounts, as well as time deposits; and provides residential and commercial real estate mortgage, consumer, commercial, agricultural, and real estate construction loans.
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