Allworth Financial LP Makes New Investment in TriCo Bancshares $TCBK

Key Points

• Allworth Financial LP initiated a position in TriCo Bancshares, buying 129,979 shares valued at approximately $7 million, or about 0.41% of the company. Institutional investors collectively own 59.11% of TCBK.
• TriCo Bancshares exceeded quarterly earnings expectations, reporting $1.06 EPS versus the $1.03 consensus estimate and revenue of $111.88 million. Analysts expect full-year EPS of $4.28.
• TCBK shares opened at $55.68, near the analyst consensus price target of $56.60. The stock carries a consensus “Hold” rating, with two Buy ratings and five Hold ratings.

Allworth Financial LP bought a new position in TriCo Bancshares (NASDAQ:TCBK - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 129,979 shares of the financial services provider's stock, valued at approximately $6,999,000. Allworth Financial LP owned approximately 0.41% of TriCo Bancshares at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in TCBK. Farther Finance Advisors LLC grew its position in TriCo Bancshares by 40.3% in the 4th quarter. Farther Finance Advisors LLC now owns 735 shares of the financial services provider's stock worth $35,000 after purchasing an additional 211 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of TriCo Bancshares by 17.7% in the 2nd quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider's stock worth $78,000 after buying an additional 290 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its holdings in shares of TriCo Bancshares by 1.1% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 30,254 shares of the financial services provider's stock valued at $1,433,000 after acquiring an additional 329 shares in the last quarter. Sweeney & Michel LLC grew its holdings in shares of TriCo Bancshares by 0.3% in the first quarter. Sweeney & Michel LLC now owns 126,082 shares of the financial services provider's stock valued at $6,318,000 after acquiring an additional 347 shares in the last quarter. Finally, Larson Financial Group LLC increased its position in shares of TriCo Bancshares by 337.5% during the third quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 459 shares during the last quarter. Hedge funds and other institutional investors own 59.11% of the company's stock.

TriCo Bancshares Stock Performance

Shares of TCBK opened at $55.68 on Friday. The stock's 50-day simple moving average is $56.02 and its 200 day simple moving average is $51.83. The stock has a market capitalization of $1.78 billion, a price-to-earnings ratio of 13.35 and a beta of 0.60. 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.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $1.03 by $0.03. TriCo Bancshares had a return on equity of 10.23% and a net margin of 24.67%.The business had revenue of $111.88 million during the quarter, compared to analyst estimates of $110.99 million. Research analysts forecast that TriCo Bancshares will post 4.28 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

TCBK has been the subject of several research analyst reports. DA Davidson decreased their target price on TriCo Bancshares from $66.00 to $65.00 and set a "neutral" rating for the company in a research report on Monday, July 27th. Zacks Research downgraded shares of TriCo Bancshares from a "strong-buy" rating to a "hold" rating in a report on Friday, June 5th. 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. Stephens upgraded shares of TriCo Bancshares from an "equal weight" rating to an "overweight" rating in a report on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of TriCo Bancshares in a research report on Wednesday, July 8th. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, TriCo Bancshares currently has a consensus rating of "Hold" and a consensus price target of $56.60.

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.

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