Connor Clark & Lunn Investment Management Ltd. Buys New Holdings in TriCo Bancshares $TCBK

Key Points

• Connor Clark & Lunn Investment Management initiated a 39,951-share position in TriCo Bancshares during the second quarter, valued at approximately $2.15 million. Institutional investors and hedge funds collectively own 59.11% of the company.
• TriCo Bancshares exceeded quarterly expectations, reporting EPS of $1.06 versus the $1.03 consensus estimate and revenue of $111.88 million. Analysts project full-year EPS of $4.28.
• The company declared a quarterly dividend of $0.36 per share, equivalent to an annualized $1.44 payout and a 2.7% yield. Analyst sentiment remains mixed, with an overall “Hold” rating and an average price target of $56.60.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in TriCo Bancshares (NASDAQ:TCBK - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 39,951 shares of the financial services provider's stock, valued at approximately $2,151,000. Connor Clark & Lunn Investment Management Ltd. owned 0.12% of TriCo Bancshares as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Davis Asset Management L.P. purchased a new stake in shares of TriCo Bancshares in the second quarter worth about $56,376,000. Quantbot Technologies LP purchased a new stake in shares of TriCo Bancshares during the 2nd quarter valued at about $527,000. Ieq Capital LLC purchased a new stake in shares of TriCo Bancshares during the 2nd quarter valued at about $710,000. Heartland Advisors Inc. acquired a new position in TriCo Bancshares during the 2nd quarter worth approximately $13,462,000. Finally, Allworth Financial LP acquired a new position in TriCo Bancshares during the 2nd quarter worth approximately $6,999,000. 59.11% of the stock is owned by institutional investors and hedge funds.

TriCo Bancshares Stock Performance

TCBK stock opened at $53.81 on Friday. The company has a market capitalization of $1.72 billion, a P/E ratio of 12.90 and a beta of 0.60. The company has a 50-day simple moving average of $56.34 and a 200 day simple moving average of $51.93. TriCo Bancshares has a fifty-two week low of $40.44 and a fifty-two week high of $61.71. 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 (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, 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 company had revenue of $111.88 million for the quarter, compared to analysts' expectations of $110.99 million. Sell-side analysts predict that TriCo Bancshares will post 4.28 earnings per share for the current fiscal year.

TriCo Bancshares Announces Dividend

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

Analysts Set New Price Targets

Several equities research analysts have issued reports on TCBK shares. Weiss Ratings restated a "buy (b)" rating on shares of TriCo Bancshares in a report on Wednesday, July 8th. Piper Sandler increased their target price on TriCo Bancshares from $61.00 to $63.00 and gave the company a "neutral" rating in a research note on Monday, July 27th. Stephens raised shares of TriCo Bancshares from an "equal weight" rating to an "overweight" rating in a research report on Thursday, August 6th. Zacks Research lowered shares of TriCo Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 5th. 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 investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target 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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