BlackRock Inc. Buys Shares of 2,547,758 TriCo Bancshares $TCBK

Key Points

• BlackRock acquired 2.55 million TriCo Bancshares shares in the second quarter, valued at approximately $137.2 million, giving it a 7.98% stake. Institutional investors and hedge funds collectively own 59.11% of the company.
• TriCo Bancshares exceeded quarterly earnings expectations, reporting $1.06 in EPS versus the $1.03 consensus and revenue of $111.88 million. Analysts expect full-year EPS of $4.28.
• The company declared a quarterly dividend of $0.36, representing a $1.44 annualized payout and 2.7% yield. Analyst sentiment remains mixed, with a consensus “Hold” rating and a $56.60 price target.

BlackRock Inc. purchased a new position in TriCo Bancshares (NASDAQ:TCBK - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,547,758 shares of the financial services provider's stock, valued at approximately $137,197,000. BlackRock Inc. owned about 7.98% of TriCo Bancshares as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Larson Financial Group LLC lifted its holdings in TriCo Bancshares by 337.5% in 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 in the last quarter. Danske Bank A S acquired a new position in shares of TriCo Bancshares in the fourth quarter valued at approximately $28,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of TriCo Bancshares during the second quarter valued at approximately $36,000. Farther Finance Advisors LLC boosted its position 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 acquiring an additional 211 shares during the last quarter. Finally, Abound Financial LLC acquired a new stake in TriCo Bancshares during the fourth quarter worth approximately $43,000. Institutional investors and hedge funds own 59.11% of the company's stock.

TriCo Bancshares Price Performance

TCBK opened at $53.81 on Friday. The company has a fifty day simple moving average of $56.34 and a 200 day simple moving average of $51.93. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of 12.90 and a beta of 0.60. TriCo Bancshares has a twelve month low of $40.44 and a twelve month high of $61.71. 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 data on Wednesday, July 22nd. The financial services provider reported $1.06 EPS for the quarter, topping analysts' consensus estimates of $1.03 by $0.03. The firm had revenue of $111.88 million for the quarter, compared to analyst estimates of $110.99 million. TriCo Bancshares had a net margin of 24.67% and a return on equity of 10.23%. Equities research analysts expect that TriCo Bancshares will post 4.28 EPS for the current fiscal year.

TriCo Bancshares Dividend Announcement

The firm 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 payout ratio is 34.53%.

Analyst Ratings Changes

A number of brokerages have weighed in on TCBK. Stephens raised TriCo Bancshares from an "equal weight" rating to an "overweight" rating in a research note on Thursday, August 6th. Raymond James Financial cut TriCo Bancshares from an "outperform" rating to a "market perform" rating in a report on Tuesday, July 14th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of TriCo Bancshares in a research note on Wednesday, July 8th. DA Davidson decreased their target price on shares of TriCo Bancshares from $66.00 to $65.00 and set a "neutral" rating on the stock in a research report on Monday, July 27th. Finally, Zacks Research lowered shares of TriCo Bancshares from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 5th. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, TriCo Bancshares has a consensus rating of "Hold" and a consensus price target of $56.60.

About TriCo Bancshares

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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