Hsbc Holdings PLC Invests $815,000 in TriCo Bancshares $TCBK

Key Points

• HSBC Holdings PLC disclosed a new fourth-quarter stake in TriCo Bancshares, buying 17,400 shares valued at about $815,000. The holding represented roughly 0.05% of the bank’s shares.
• TriCo Bancshares has seen mixed analyst action recently, with several firms lowering ratings while DA Davidson raised its price target to $66. The overall consensus from MarketBeat is still Hold, with an average price target of $56.60.
• The stock has been trading near its highs, opening at $58.81 and sitting close to its 52-week peak of $60.42. TriCo also recently paid a $0.36 quarterly dividend, equal to a 2.4% annualized yield.

Hsbc Holdings PLC acquired a new stake in shares of TriCo Bancshares (NASDAQ:TCBK - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 17,400 shares of the financial services provider's stock, valued at approximately $815,000. Hsbc Holdings PLC owned about 0.05% of TriCo Bancshares as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. AQR Capital Management LLC grew its position in TriCo Bancshares by 28.9% during the first quarter. AQR Capital Management LLC now owns 32,711 shares of the financial services provider's stock worth $1,307,000 after buying an additional 7,334 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in TriCo Bancshares by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,011 shares of the financial services provider's stock valued at $760,000 after acquiring an additional 820 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of TriCo Bancshares by 4.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 643,656 shares of the financial services provider's stock worth $25,727,000 after acquiring an additional 27,193 shares during the period. Empowered Funds LLC lifted its position in shares of TriCo Bancshares by 8.4% in the 1st quarter. Empowered Funds LLC now owns 51,204 shares of the financial services provider's stock worth $2,047,000 after acquiring an additional 3,951 shares during the period. Finally, Jane Street Group LLC grew its holdings in shares of TriCo Bancshares by 280.1% during the 1st quarter. Jane Street Group LLC now owns 49,452 shares of the financial services provider's stock worth $1,977,000 after purchasing an additional 36,443 shares in the last quarter. Institutional investors own 59.11% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on TCBK shares. Zacks Research cut TriCo Bancshares from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 5th. Piper Sandler cut TriCo Bancshares from an "overweight" rating to a "neutral" rating and reduced their target price for the stock from $63.00 to $61.00 in a research report on Tuesday. Weiss Ratings reiterated a "buy (b)" rating on shares of TriCo Bancshares in a research note on Wednesday, July 8th. DA Davidson boosted their price target on shares of TriCo Bancshares from $55.00 to $66.00 and gave the company a "neutral" rating in a report on Tuesday. Finally, Raymond James Financial cut shares of TriCo Bancshares from an "outperform" rating to a "market perform" rating in a research note on Tuesday. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $56.60.

TriCo Bancshares Stock Down 2.1%

Shares of NASDAQ:TCBK opened at $58.81 on Wednesday. The company's fifty day moving average is $51.88 and its 200-day moving average is $50.04. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.86 and a current ratio of 0.87. TriCo Bancshares has a 52 week low of $39.69 and a 52 week high of $60.42. The company has a market capitalization of $1.88 billion, a PE ratio of 14.89 and a beta of 0.60.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last announced its earnings results on Monday, March 2nd. The financial services provider reported $1.03 earnings per share (EPS) for the quarter. TriCo Bancshares had a net margin of 23.71% and a return on equity of 9.87%. The business had revenue of $111.21 million during the quarter. Equities research analysts predict that TriCo Bancshares will post 4.22 earnings per share for the current fiscal year.

TriCo Bancshares Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were issued a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.44 annualized dividend and a dividend yield of 2.4%. TriCo Bancshares's dividend payout ratio (DPR) is presently 36.46%.

TriCo Bancshares News Summary

Here are the key news stories impacting TriCo Bancshares this week:

• Positive Sentiment: TriCo agreed to be acquired by First Hawaiian in an all-stock transaction, which is the main catalyst behind the stock’s surge and reflects a significant acquisition premium. TriCo Bancshares (TCBK) Stock Jumps 12%: Here's Why the Stock Is Trending Today
• Positive Sentiment: DA Davidson raised its price target on TriCo, signaling a higher estimated valuation even while keeping a neutral rating. Benzinga report on DA Davidson price target increase
• Neutral Sentiment: Multiple shareholder law firms have announced investigations into whether TriCo’s board obtained a fair price and followed a proper process in the sale. TriCo Bancshares Investor Alert: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of TriCo Bancshares - TCBK
• Negative Sentiment: Those legal and process challenges could create uncertainty around deal approval, timing, or terms, which may temper upside if investors worry the transaction could face scrutiny. Shareholder Alert: Ademi LLP investigates whether TriCo Bancshares is obtaining a Fair Price for Public Shareholders

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.