Jacobs Levy Equity Management Inc. Raises Position in TriCo Bancshares $TCBK

Key Points

• Jacobs Levy Equity Management Inc. significantly increased its stake in TriCo Bancshares by 133.4%, now holding approximately 0.10% of the company, valued at $1.3 million.
• TriCo Bancshares recently reported earnings per share of $0.84 for the last quarter, exceeding analysts' expectations of $0.82, with revenue reaching $103.61 million.
• The company declared a quarterly dividend of $0.36 per share, an increase from the previous dividend of $0.33, indicating a growing financial stability.

Jacobs Levy Equity Management Inc. grew its position in TriCo Bancshares (NASDAQ:TCBK - Free Report) by 133.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 32,303 shares of the financial services provider's stock after buying an additional 18,460 shares during the period. Jacobs Levy Equity Management Inc. owned approximately 0.10% of TriCo Bancshares worth $1,291,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. Vanguard Group Inc. grew its position in TriCo Bancshares by 1.5% during the first quarter. Vanguard Group Inc. now owns 1,839,668 shares of the financial services provider's stock valued at $73,532,000 after buying an additional 27,348 shares during the period. The Manufacturers Life Insurance Company raised its stake in TriCo Bancshares by 0.7% during the first quarter. The Manufacturers Life Insurance Company now owns 464,986 shares of the financial services provider's stock valued at $18,585,000 after purchasing an additional 3,147 shares in the last quarter. Curi RMB Capital LLC raised its stake in shares of TriCo Bancshares by 4.6% in the first quarter. Curi RMB Capital LLC now owns 369,264 shares of the financial services provider's stock valued at $14,759,000 after acquiring an additional 16,160 shares during the period. Hotchkis & Wiley Capital Management LLC purchased a new stake in shares of TriCo Bancshares in the first quarter valued at $8,810,000. Finally, Sweeney & Michel LLC purchased a new position in TriCo Bancshares in the 1st quarter worth about $4,963,000. 59.11% of the stock is owned by hedge funds and other institutional investors.

TriCo Bancshares Trading Up 0.9%

Shares of TCBK stock opened at $45.73 on Friday. The stock has a market cap of $1.49 billion, a price-to-earnings ratio of 13.45 and a beta of 0.68. TriCo Bancshares has a twelve month low of $35.20 and a twelve month high of $51.06. The company's 50-day moving average price is $43.18 and its 200-day moving average price is $41.01. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.09.

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

TriCo Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a dividend yield of 3.1%. This is a boost from TriCo Bancshares's previous quarterly dividend of $0.33. The ex-dividend date is Friday, September 5th. TriCo Bancshares's dividend payout ratio (DPR) is currently 42.35%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Piper Sandler lifted their target price on TriCo Bancshares from $52.00 to $55.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Zacks Research upgraded shares of TriCo Bancshares from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 28th. DA Davidson increased their price objective on shares of TriCo Bancshares from $43.00 to $45.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Finally, Raymond James Financial reissued an "outperform" rating and set a $45.00 price target (up from $43.00) on shares of TriCo Bancshares in a research report on Friday, July 25th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price 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.

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