TriCo Bancshares $TCBK Shares Bought by Jacobs Levy Equity Management Inc.

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. increased its position in TriCo Bancshares (NASDAQ:TCBK - Free Report) by 133.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,303 shares of the financial services provider's stock after purchasing an additional 18,460 shares during the quarter. 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 and other institutional investors also recently bought and sold shares of TCBK. Ameriprise Financial Inc. bought a new position in TriCo Bancshares in the fourth quarter worth approximately $1,199,000. Bank of America Corp DE grew its stake in TriCo Bancshares by 8.2% in the fourth quarter. Bank of America Corp DE now owns 42,138 shares of the financial services provider's stock worth $1,841,000 after purchasing an additional 3,199 shares in the last quarter. Deutsche Bank AG lifted its holdings in TriCo Bancshares by 51.8% during the fourth quarter. Deutsche Bank AG now owns 30,525 shares of the financial services provider's stock worth $1,334,000 after buying an additional 10,422 shares during the period. Focus Partners Wealth purchased a new stake in TriCo Bancshares during the fourth quarter worth $208,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in TriCo Bancshares by 3.5% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,191 shares of the financial services provider's stock worth $795,000 after buying an additional 616 shares during the period. Institutional investors own 59.11% of the company's stock.

Wall Street Analysts Forecast Growth

TCBK has been the subject of a number of analyst reports. Raymond James Financial restated an "outperform" rating and set a $45.00 target price (up previously from $43.00) on shares of TriCo Bancshares in a report on Friday, July 25th. Piper Sandler upped their target price on TriCo Bancshares from $52.00 to $55.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Zacks Research upgraded TriCo Bancshares from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 28th. Finally, DA Davidson upped their target price on TriCo Bancshares from $43.00 to $45.00 and gave the stock a "neutral" rating in a report on Friday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, TriCo Bancshares has a consensus rating of "Moderate Buy" and a consensus target price of $47.60.

TriCo Bancshares Stock Up 0.8%

Shares of TCBK traded up $0.35 during midday trading on Wednesday, hitting $45.05. 97,219 shares of the company's stock traded hands, compared to its average volume of 77,388. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of 13.25 and a beta of 0.68. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.09. The firm's fifty day moving average is $43.36 and its 200-day moving average is $41.06. TriCo Bancshares has a 1 year low of $35.20 and a 1 year high of $51.06.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last issued its 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. The company had revenue of $103.61 million during the quarter, compared to analyst estimates of $101.15 million. TriCo Bancshares had a return on equity of 8.99% and a net margin of 21.11%. As a group, sell-side analysts anticipate 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. Shareholders of record on Friday, September 5th will be given a dividend of $0.36 per share. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.44 annualized dividend and a yield of 3.2%. This is an increase from TriCo Bancshares's previous quarterly dividend of $0.33. TriCo Bancshares's payout ratio is 42.35%.

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.