Hotchkis & Wiley Capital Management LLC Invests $8.81 Million in TriCo Bancshares $TCBK

Key Points

• Hotchkis & Wiley Capital Management LLC has acquired 220,410 shares of TriCo Bancshares, valued at approximately $8.81 million, indicating a significant institutional interest in the company.
• Analysts have an average rating of "Moderate Buy" for TriCo Bancshares, with a consensus price target of $47.60, reflecting positive expectations for the stock's performance.
• TriCo Bancshares reported an EPS of $0.84 for the last quarter, exceeding the consensus estimate by $0.02, alongside revenue of $103.61 million, suggesting strong financial performance.

Hotchkis & Wiley Capital Management LLC purchased a new stake in shares of TriCo Bancshares (NASDAQ:TCBK - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 220,410 shares of the financial services provider's stock, valued at approximately $8,810,000. Hotchkis & Wiley Capital Management LLC owned 0.67% of TriCo Bancshares as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Deutsche Bank AG grew its stake in shares of TriCo Bancshares by 51.8% in the 4th quarter. Deutsche Bank AG now owns 30,525 shares of the financial services provider's stock valued at $1,334,000 after purchasing an additional 10,422 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of TriCo Bancshares by 13.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 72,108 shares of the financial services provider's stock valued at $3,151,000 after purchasing an additional 8,588 shares during the period. Vanguard Group Inc. grew its stake in shares of TriCo Bancshares by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 1,839,668 shares of the financial services provider's stock valued at $73,532,000 after purchasing an additional 27,348 shares during the period. Public Employees Retirement System of Ohio grew its stake in shares of TriCo Bancshares by 591.1% in the 4th quarter. Public Employees Retirement System of Ohio now owns 2,951 shares of the financial services provider's stock valued at $129,000 after purchasing an additional 2,524 shares during the period. Finally, GAMMA Investing LLC grew its stake in shares of TriCo Bancshares by 5,584.8% in the 1st quarter. GAMMA Investing LLC now owns 29,618 shares of the financial services provider's stock valued at $1,184,000 after purchasing an additional 29,097 shares during the period. 59.11% of the stock is currently owned by institutional investors.

TriCo Bancshares Trading Down 0.5%

TriCo Bancshares stock traded down $0.25 during mid-day trading on Friday, hitting $45.42. 22,631 shares of the company's stock were exchanged, compared to its average volume of 103,260. The company's 50 day simple moving average is $42.28 and its 200-day simple moving average is $40.94. TriCo Bancshares has a fifty-two week low of $35.20 and a fifty-two week high of $51.06. The firm has a market capitalization of $1.48 billion, a P/E ratio of 13.36 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.

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

TriCo Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be given a $0.36 dividend. This is an increase from TriCo Bancshares's previous quarterly dividend of $0.33. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Friday, September 5th. TriCo Bancshares's dividend payout ratio (DPR) is presently 38.82%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Raymond James Financial reiterated an "outperform" rating and issued a $45.00 price objective (up from $43.00) on shares of TriCo Bancshares in a research note on Friday, July 25th. Piper Sandler increased their price target on TriCo Bancshares from $52.00 to $55.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Finally, DA Davidson increased their price target on TriCo Bancshares from $43.00 to $45.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $47.60.

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.