Bank of New York Mellon Corp Buys Shares of 155,587 TriCo Bancshares $TCBK

Key Points

• Bank of New York Mellon initiated a position in TriCo Bancshares during the second quarter, purchasing 155,587 shares valued at approximately $8.4 million, or about 0.49% of the company.
• Analyst sentiment is mixed, with two Buy ratings and five Holds, resulting in a consensus Hold rating and an average price target of $56.60.
• TriCo Bancshares exceeded quarterly earnings expectations, reporting $1.06 in EPS versus $1.03 forecast, and declared a quarterly dividend of $0.36, equivalent to a 2.7% annualized yield.

Bank of New York Mellon Corp purchased a new position in TriCo Bancshares (NASDAQ:TCBK - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 155,587 shares of the financial services provider's stock, valued at approximately $8,378,000. Bank of New York Mellon Corp owned approximately 0.49% of TriCo Bancshares at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Farther Finance Advisors LLC lifted its stake in TriCo Bancshares by 40.3% during the fourth 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 during the last quarter. Federated Hermes Inc. boosted its stake in TriCo Bancshares by 17.7% in the second 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 in the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in 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 worth $1,433,000 after buying an additional 329 shares in the last quarter. Sweeney & Michel LLC grew its position in TriCo Bancshares by 0.3% during 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 during the last quarter. Finally, Larson Financial Group LLC raised its stake 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 worth $26,000 after acquiring an additional 459 shares in the last quarter. Institutional investors own 59.11% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on TCBK shares. Zacks Research cut shares of TriCo Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 5th. Stephens upgraded shares of TriCo Bancshares from an "equal weight" rating to an "overweight" rating in a research report on Thursday, August 6th. Piper Sandler lifted their price objective on TriCo Bancshares from $61.00 to $63.00 and gave the stock a "neutral" rating in a report on Monday, July 27th. Raymond James Financial lowered TriCo Bancshares from an "outperform" rating to a "market perform" rating in a research note on Tuesday, July 14th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of TriCo Bancshares in a report on Wednesday, July 8th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $56.60.

TriCo Bancshares Trading Up 0.9%

TCBK opened at $54.31 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 $1.74 billion, a PE ratio of 13.02 and a beta of 0.59. The business has a 50 day moving average of $56.40 and a 200-day moving average of $52.01.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last announced its quarterly earnings data on Wednesday, July 22nd. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate 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. Equities research analysts predict that TriCo Bancshares will post 4.28 earnings per share for the current fiscal year.

TriCo Bancshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be paid a $0.36 dividend. The ex-dividend date is Friday, September 11th. This represents a $1.44 annualized dividend and a dividend yield of 2.7%. TriCo Bancshares's dividend payout ratio is presently 34.53%.

TriCo Bancshares Company 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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