TriCo Bancshares (NASDAQ:TCBK) Stock Now Rated "Hold" by Sell-Side Analysts

Key Points

• TriCo Bancshares carries a consensus “Hold” rating from seven analysts, with five holds and two buys. The average 12-month price target is $55.30, modestly above the reported share price of $52.59.
• Institutional investors and hedge funds own 59.11% of the stock, with major second-quarter purchases from BlackRock, Davis Asset Management, and other institutions.
• The company exceeded quarterly expectations, reporting $1.06 in earnings per share versus the $1.03 consensus estimate and $111.88 million in revenue. TriCo also paid a quarterly dividend of $0.36, equivalent to a 2.7% annualized yield.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) has earned a consensus rating of "Hold" from the seven ratings firms that are presently covering the stock, MarketBeat reports. Five analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $55.30.

A number of brokerages have weighed in on TCBK. DA Davidson lowered their price target on TriCo Bancshares from $66.00 to $65.00 and set a "neutral" rating on the stock in a research report on Monday, July 27th. Weiss Ratings reissued a "buy (b)" rating on shares of TriCo Bancshares in a report on Wednesday, July 8th. Piper Sandler cut their price objective on TriCo Bancshares from $63.00 to $56.50 and set a "neutral" rating for the company in a report on Thursday. Raymond James Financial downgraded shares of TriCo Bancshares from an "outperform" rating to a "market perform" rating in a research note on Tuesday, July 14th. Finally, Stephens raised shares of TriCo Bancshares from an "equal weight" rating to an "overweight" rating in a report on Thursday, August 6th.

Institutional Investors Weigh In On TriCo Bancshares

A number of hedge funds and other institutional investors have recently bought and sold shares of TCBK. BlackRock Inc. acquired a new position in shares of TriCo Bancshares during the second quarter valued at $137,197,000. Davis Asset Management L.P. bought a new stake in shares of TriCo Bancshares during the second quarter worth approximately $56,376,000. The Manufacturers Life Insurance Company acquired a new position in TriCo Bancshares in the second quarter valued at approximately $22,526,000. Heartland Advisors Inc. bought a new stake in shares of TriCo Bancshares during the 2nd quarter valued at $13,462,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of TriCo Bancshares in the 2nd quarter valued at $8,378,000. 59.11% of the stock is owned by institutional investors and hedge funds.

TriCo Bancshares Price Performance

NASDAQ:TCBK opened at $52.59 on Friday. The company has a market capitalization of $1.68 billion, a price-to-earnings ratio of 12.61 and a beta of 0.66. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.87 and a current ratio of 0.87. TriCo Bancshares has a 52 week low of $40.44 and a 52 week high of $61.71. The company has a 50-day moving average of $54.85 and a 200-day moving average of $52.61.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last released its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.03. TriCo Bancshares had a return on equity of 10.23% and a net margin of 24.67%.The company had revenue of $111.88 million for the quarter, compared to analyst estimates of $110.99 million. As a group, equities research analysts anticipate that TriCo Bancshares will post 4.28 earnings per share for the current fiscal year.

TriCo Bancshares Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 25th. Stockholders of record on Friday, September 11th were issued a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, September 11th. TriCo Bancshares's payout ratio is presently 34.53%.

TriCo Bancshares Company Profile

TriCo Bancshares is a bank holding company headquartered in Chico, California. Its principal subsidiary, Tri Counties Bank, provides banking and financial services to individuals, families, businesses, agricultural customers and public-sector organizations.

Tri Counties Bank offers deposit accounts, consumer and business loans, residential and commercial real estate financing, cash-management services, online and mobile banking, and other treasury services. The bank also provides wealth management, investment and fiduciary services through its affiliated offerings.

Founded in 1975, Tri Counties Bank has developed a community-banking presence across Northern and Central California.

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