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

Several other hedge funds and other institutional investors also recently bought and sold shares of TCBK. Wells Fargo & Company MN grew its position in TriCo Bancshares by 23.4% in the 4th quarter. Wells Fargo & Company MN now owns 21,445 shares of the financial services provider's stock worth $937,000 after purchasing an additional 4,063 shares during the last quarter. Invesco Ltd. grew its position in TriCo Bancshares by 2.7% in the 4th quarter. Invesco Ltd. now owns 65,620 shares of the financial services provider's stock worth $2,868,000 after purchasing an additional 1,718 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in TriCo Bancshares in the 4th quarter worth $271,000. Barclays PLC grew its position in TriCo Bancshares by 7.0% in the 4th quarter. Barclays PLC now owns 61,948 shares of the financial services provider's stock worth $2,707,000 after purchasing an additional 4,069 shares during the last quarter. Finally, Mariner LLC acquired a new stake in TriCo Bancshares in the 4th quarter worth $204,000. 59.11% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

TriCo Bancshares Price Performance

Shares of TriCo Bancshares stock traded down $0.25 during trading on Monday, hitting $45.42. 57,137 shares of the company's stock traded hands, compared to its average volume of 83,554. TriCo Bancshares has a twelve month low of $35.20 and a twelve month high of $51.06. The company has a market cap of $1.48 billion, a PE ratio of 13.36 and a beta of 0.68. The firm's fifty day moving average price is $42.51 and its 200 day moving average price is $40.91. 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 announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.02. TriCo Bancshares had a net margin of 21.11% and a return on equity of 8.99%. The firm had revenue of $103.61 million during the quarter, compared to the consensus estimate of $101.15 million. Analysts forecast that TriCo Bancshares will post 3.35 earnings per share for the current year.

TriCo Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be issued a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.44 annualized dividend and a yield of 3.2%. This is an increase from TriCo Bancshares's previous quarterly dividend of $0.33. TriCo Bancshares's payout ratio is 38.82%.

TriCo Bancshares Profile

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.