Bank of America Corp DE Grows Position in TriCo Bancshares $TCBK

Key Points

• Bank of America increased its TriCo Bancshares position by 39.4% in the first quarter, reaching 86,742 shares valued at approximately $4.1 million. Institutional investors collectively own 59.11% of the company.
• TriCo Bancshares exceeded quarterly expectations, reporting $1.06 in earnings per share versus the $1.03 consensus estimate and revenue of $111.88 million. The company also declared a quarterly dividend of $0.36 per share, representing a 2.7% annualized yield.
• Shares opened at $53.81, while analysts maintained a consensus “Hold” rating with an average price target of $56.60; recent recommendations have ranged from “Overweight” to “Neutral.”

Bank of America Corp DE lifted its position in TriCo Bancshares (NASDAQ:TCBK - Free Report) by 39.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 86,742 shares of the financial services provider's stock after purchasing an additional 24,500 shares during the period. Bank of America Corp DE owned about 0.27% of TriCo Bancshares worth $4,124,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Farther Finance Advisors LLC increased its position in shares of TriCo Bancshares by 40.3% in the fourth quarter. Farther Finance Advisors LLC now owns 735 shares of the financial services provider's stock valued at $35,000 after acquiring an additional 211 shares during the period. Federated Hermes Inc. increased its holdings in TriCo Bancshares by 17.7% during the 2nd quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider's stock valued at $78,000 after purchasing an additional 290 shares during the period. Jacobs Levy Equity Management Inc. raised its position in TriCo Bancshares by 1.1% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 30,254 shares of the financial services provider's stock valued at $1,433,000 after purchasing an additional 329 shares during the last quarter. Sweeney & Michel LLC raised its position in TriCo Bancshares by 0.3% during the 1st quarter. Sweeney & Michel LLC now owns 126,082 shares of the financial services provider's stock valued at $6,318,000 after purchasing an additional 347 shares during the last quarter. Finally, Larson Financial Group LLC raised its position in TriCo Bancshares by 337.5% during the 3rd quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 459 shares during the last quarter. 59.11% of the stock is owned by hedge funds and other institutional investors.

TriCo Bancshares Trading Down 0.1%

TCBK opened at $53.81 on Friday. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. TriCo Bancshares has a 52 week low of $40.44 and a 52 week high of $61.71. The stock has a market cap of $1.72 billion, a PE ratio of 12.90 and a beta of 0.60. The business has a 50 day moving average of $56.34 and a 200-day moving average of $51.93.

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 for the quarter, topping the consensus estimate of $1.03 by $0.03. The company had revenue of $111.88 million for the quarter, compared to analysts' expectations of $110.99 million. TriCo Bancshares had a return on equity of 10.23% and a net margin of 24.67%. Equities research analysts predict 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 will be paid on Friday, September 25th. Stockholders of record on Friday, September 11th will be given a $0.36 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.7%. TriCo Bancshares's dividend payout ratio is currently 34.53%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Raymond James Financial lowered TriCo Bancshares from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 14th. Zacks Research downgraded TriCo Bancshares from a "strong-buy" rating to a "hold" rating in a report on Friday, June 5th. Stephens raised TriCo Bancshares from an "equal weight" rating to an "overweight" rating in a research note on Thursday, August 6th. Piper Sandler raised their price target on TriCo Bancshares from $61.00 to $63.00 and gave the stock a "neutral" rating in a research note on Monday, July 27th. Finally, DA Davidson cut their price target on shares of TriCo Bancshares from $66.00 to $65.00 and set a "neutral" rating on the stock in a report on Monday, July 27th. 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 presently has a consensus rating of "Hold" and an average target price of $56.60.

TriCo Bancshares Profile

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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