Bank of America Corp DE Acquires New Shares in TriCo Bancshares $TCBK

Key Points

• Bank of America acquired 82,746 TriCo Bancshares shares worth approximately $4.46 million, giving it a 0.26% stake. Institutional investors collectively own 59.11% of TCBK, with BlackRock also making a significant new investment.
• TriCo Bancshares exceeded quarterly expectations, reporting $1.06 EPS versus the $1.03 consensus and revenue of $111.88 million. Analysts expect full-year EPS of $4.28.
• The company maintains a quarterly dividend of $0.36 per share, equivalent to a 2.8% yield. Despite some upgrades, analysts’ overall rating remains “Hold,” with a consensus price target of $56.60 versus the reported share price of $51.89.

Bank of America Corp DE acquired a new stake in TriCo Bancshares (NASDAQ:TCBK - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 82,746 shares of the financial services provider's stock, valued at approximately $4,456,000. Bank of America Corp DE owned about 0.26% of TriCo Bancshares as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in TriCo Bancshares during the 2nd quarter valued at $137,197,000. Dimensional Fund Advisors LP raised its position in shares of TriCo Bancshares by 0.7% in the first quarter. Dimensional Fund Advisors LP now owns 1,696,463 shares of the financial services provider's stock valued at $80,650,000 after purchasing an additional 11,298 shares during the period. Davis Asset Management L.P. bought a new position in shares of TriCo Bancshares in the second quarter valued at about $56,376,000. The Manufacturers Life Insurance Company acquired a new stake in shares of TriCo Bancshares during the 2nd quarter worth about $22,526,000. Finally, Heartland Advisors Inc. bought a new stake in shares of TriCo Bancshares during the 2nd quarter worth about $13,462,000. 59.11% of the stock is currently owned by institutional investors.

TriCo Bancshares Stock Down 0.9%

Shares of TCBK opened at $51.89 on Tuesday. TriCo Bancshares has a 12 month low of $40.44 and a 12 month high of $61.71. The firm's 50 day moving average is $55.45 and its 200-day moving average is $52.51. The stock has a market capitalization of $1.66 billion, a PE ratio of 12.44 and a beta of 0.59. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of 0.04.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last issued its quarterly earnings results on Wednesday, July 22nd. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $110.99 million. Equities research analysts forecast that TriCo Bancshares will post 4.28 EPS for the current year.

TriCo Bancshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 25th. Investors of record on Friday, September 11th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Friday, September 11th. TriCo Bancshares's dividend payout ratio is currently 34.53%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Stephens raised shares of TriCo Bancshares from an "equal weight" rating to an "overweight" rating in a report on Thursday, August 6th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of TriCo Bancshares in a research report on Wednesday, July 8th. DA Davidson lowered their target price on TriCo Bancshares from $66.00 to $65.00 and set a "neutral" rating on the stock in a research note on Monday, July 27th. Piper Sandler lifted their price target on TriCo Bancshares from $61.00 to $63.00 and gave the stock a "neutral" rating in a report on Monday, July 27th. Finally, Zacks Research downgraded TriCo Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 5th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $56.60.

About TriCo Bancshares

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

The bank offers deposit accounts, residential and commercial real estate loans, consumer lending, business loans, cash-management services and online and mobile banking. It also provides wealth management, trust and investment-related services through affiliated or specialized banking operations.

Tri Counties Bank was established in 1975 and serves communities across Northern and Central California through a network of branches and other delivery channels.

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