AlphaQuest LLC Has $414,000 Holdings in TriCo Bancshares $TCBK

Key Points

• AlphaQuest LLC reduced its holdings in TriCo Bancshares by 38.9%, now owning 10,368 shares worth approximately $414,000 after selling 6,603 shares in the first quarter.
• TriCo Bancshares increased its quarterly dividend from $0.33 to $0.36 per share, resulting in an annualized dividend of $1.44 and a dividend yield of 3.2%.
• Wall Street analysts have raised target prices for TriCo Bancshares, with a consensus price target now at $47.60 and three analysts giving the stock a "Buy" rating.

AlphaQuest LLC lessened its stake in shares of TriCo Bancshares (NASDAQ:TCBK - Free Report) by 38.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,368 shares of the financial services provider's stock after selling 6,603 shares during the quarter. AlphaQuest LLC's holdings in TriCo Bancshares were worth $414,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Abound Financial LLC bought a new position in shares of TriCo Bancshares during the 1st quarter worth approximately $36,000. CWM LLC raised its position in TriCo Bancshares by 59.2% in the 1st quarter. CWM LLC now owns 1,116 shares of the financial services provider's stock valued at $45,000 after purchasing an additional 415 shares during the last quarter. KBC Group NV bought a new position in TriCo Bancshares in the 1st quarter valued at $61,000. Aquatic Capital Management LLC raised its position in TriCo Bancshares by 129.5% in the 4th quarter. Aquatic Capital Management LLC now owns 2,295 shares of the financial services provider's stock valued at $100,000 after purchasing an additional 1,295 shares during the last quarter. Finally, Public Employees Retirement System of Ohio raised its position in TriCo Bancshares by 591.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 2,951 shares of the financial services provider's stock valued at $129,000 after purchasing an additional 2,524 shares during the last quarter. Institutional investors own 59.11% of the company's stock.

TriCo Bancshares Trading Down 0.5%

Shares of NASDAQ TCBK traded down $0.25 during midday trading on Friday, hitting $45.42. The stock had a trading volume of 57,137 shares, compared to its average volume of 85,448. The company's 50-day simple moving average is $42.41 and its 200 day simple moving average is $40.93. The firm has a market cap of $1.48 billion, a P/E ratio of 13.36 and a beta of 0.64. TriCo Bancshares has a fifty-two week low of $35.20 and a fifty-two week high of $51.06. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.86 and a quick ratio of 0.86.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last released its earnings results on Thursday, July 24th. The financial services provider reported $0.84 EPS for the quarter, beating the consensus estimate of $0.82 by $0.02. The company had revenue of $103.61 million during the quarter, compared to analysts' expectations of $101.15 million. TriCo Bancshares had a return on equity of 8.99% and a net margin of 21.11%. Research analysts anticipate that TriCo Bancshares will post 3.35 EPS for the current year.

TriCo Bancshares Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.2%. This is a boost from TriCo Bancshares's previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Friday, September 5th. TriCo Bancshares's payout ratio is presently 42.35%.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Zacks Research upgraded TriCo Bancshares from a "hold" rating to a "strong-buy" rating in a research report on Thursday. DA Davidson lifted their price objective on TriCo Bancshares from $43.00 to $45.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Raymond James Financial reiterated an "outperform" rating and issued a $45.00 price objective (up previously from $43.00) on shares of TriCo Bancshares in a research report on Friday, July 25th. Finally, Piper Sandler lifted their price objective on TriCo Bancshares from $52.00 to $55.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.60.

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.