Connor Clark & Lunn Investment Management Ltd. Increases Stock Position in TriCo Bancshares (NASDAQ:TCBK)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has increased its stake in TriCo Bancshares by 64.3% during the first quarter, owning 47,642 shares worth approximately $1.9 million.
• Analysts have provided varying ratings and target prices for TriCo Bancshares, with an average price target of $47.60 and a consensus rating of "Moderate Buy."
• TriCo Bancshares recently reported earnings of $0.84 EPS for the last quarter, surpassing analyst expectations and generating revenue of $103.61 million.

Connor Clark & Lunn Investment Management Ltd. raised its holdings in TriCo Bancshares (NASDAQ:TCBK - Free Report) by 64.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 47,642 shares of the financial services provider's stock after purchasing an additional 18,646 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.14% of TriCo Bancshares worth $1,904,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in TCBK. Abound Financial LLC purchased a new stake in shares of TriCo Bancshares during the 1st quarter worth approximately $36,000. Sterling Capital Management LLC boosted its stake in shares of TriCo Bancshares by 800.0% during the 4th quarter. Sterling Capital Management LLC now owns 1,008 shares of the financial services provider's stock worth $44,000 after acquiring an additional 896 shares in the last quarter. CWM LLC boosted its stake in shares of TriCo Bancshares by 59.2% during the 1st quarter. CWM LLC now owns 1,116 shares of the financial services provider's stock worth $45,000 after acquiring an additional 415 shares in the last quarter. KBC Group NV purchased a new stake in shares of TriCo Bancshares during the 1st quarter worth approximately $61,000. Finally, Aquatic Capital Management LLC boosted its stake in shares of TriCo Bancshares by 129.5% during the 4th quarter. Aquatic Capital Management LLC now owns 2,295 shares of the financial services provider's stock worth $100,000 after acquiring an additional 1,295 shares in the last quarter. Hedge funds and other institutional investors own 59.11% of the company's stock.

Wall Street Analyst Weigh In

TCBK has been the topic of a number of recent research reports. Stephens reaffirmed an "overweight" rating and issued a $47.00 target price on shares of TriCo Bancshares in a research note on Monday, April 28th. Piper Sandler upped their target price on TriCo Bancshares from $52.00 to $55.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Raymond James Financial reaffirmed an "outperform" rating and issued a $45.00 target price (up previously from $43.00) on shares of TriCo Bancshares in a research note on Friday, July 25th. Keefe, Bruyette & Woods reduced their target price on TriCo Bancshares from $48.00 to $46.00 and set a "market perform" rating on the stock in a research note on Monday, April 28th. Finally, DA Davidson upped their target price on TriCo Bancshares from $43.00 to $45.00 and gave the company a "neutral" rating in a research note on Friday, July 25th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $47.60.

TriCo Bancshares Trading Down 1.8%

TCBK stock opened at $42.58 on Friday. The company has a market cap of $1.39 billion, a price-to-earnings ratio of 12.52 and a beta of 0.64. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.09. The business has a fifty day simple moving average of $41.50 and a 200-day simple moving average of $40.95. TriCo Bancshares has a 52 week low of $35.20 and a 52 week high of $51.06.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.82 by $0.02. The business had revenue of $103.61 million during the quarter, compared to the consensus estimate of $101.15 million. TriCo Bancshares had a return on equity of 8.99% and a net margin of 21.11%. On average, equities research analysts expect that TriCo Bancshares will post 3.35 EPS for the current year.

TriCo Bancshares Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date was Friday, June 6th. TriCo Bancshares's dividend payout ratio is presently 38.82%.

TriCo Bancshares Profile

TriCo Bancshares operates as a bank holding company for Tri Counties Bank that provides commercial banking services to individual and corporate customers. The company accepts demand, savings, and time deposits. It also provides small business loans; real estate mortgage loans, such as residential and commercial loans; consumer loans; mortgage, auto, other vehicle, and personal loans; commercial loans, including agricultural loans; and real estate construction loans.

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