JPMorgan Chase & Co. Increases Stake in TriCo Bancshares $TCBK

Key Points

• JPMorgan Chase increased its stake in TriCo Bancshares by 13.4% in Q3 to 361,435 shares (about a 1.11% ownership) valued at roughly $16.05 million.
• Analysts hold a consensus Moderate Buy rating with an average target price of $53.80, after several firms raised targets (four Buys vs. three Holds).
• TriCo slightly beat quarterly estimates with $1.03 EPS vs. $1.01 expected and $109.4M revenue, and it pays a quarterly dividend of $0.36 (annualized yield ~3.0%).

JPMorgan Chase & Co. grew its holdings in TriCo Bancshares (NASDAQ:TCBK - Free Report) by 13.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 361,435 shares of the financial services provider's stock after acquiring an additional 42,657 shares during the period. JPMorgan Chase & Co. owned 1.11% of TriCo Bancshares worth $16,051,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Larson Financial Group LLC grew its position in shares of TriCo Bancshares by 337.5% during the 3rd quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider's stock valued at $26,000 after acquiring an additional 459 shares during the period. State of Alaska Department of Revenue bought a new position in TriCo Bancshares in the 3rd quarter worth $58,000. PNC Financial Services Group Inc. purchased a new position in TriCo Bancshares during the third quarter valued at $76,000. Federated Hermes Inc. lifted its position in TriCo Bancshares by 17.7% during the second quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider's stock valued at $78,000 after purchasing an additional 290 shares in the last quarter. Finally, CWM LLC grew its holdings in TriCo Bancshares by 74.0% during the third quarter. CWM LLC now owns 2,001 shares of the financial services provider's stock valued at $89,000 after purchasing an additional 851 shares during the period. Hedge funds and other institutional investors own 59.11% of the company's stock.

Analyst Ratings Changes

TCBK has been the subject of a number of analyst reports. Zacks Research cut TriCo Bancshares from a "strong-buy" rating to a "hold" rating in a research report on Thursday, December 25th. DA Davidson boosted their price objective on TriCo Bancshares from $51.00 to $54.00 and gave the company a "neutral" rating in a research note on Friday, January 23rd. Keefe, Bruyette & Woods increased their target price on shares of TriCo Bancshares from $50.00 to $55.00 and gave the stock a "market perform" rating in a report on Monday, January 26th. Piper Sandler raised their target price on shares of TriCo Bancshares from $57.00 to $59.00 and gave the stock an "overweight" rating in a research note on Monday, January 26th. Finally, Stephens lifted their price target on shares of TriCo Bancshares from $54.00 to $55.00 and gave the company an "overweight" rating in a report on Monday, January 26th. Four analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, TriCo Bancshares has a consensus rating of "Moderate Buy" and an average target price of $53.80.

TriCo Bancshares Price Performance

NASDAQ:TCBK opened at $47.28 on Friday. The business's 50-day simple moving average is $49.13 and its two-hundred day simple moving average is $47.14. TriCo Bancshares has a 52 week low of $35.20 and a 52 week high of $53.18. The stock has a market cap of $1.52 billion, a PE ratio of 12.74 and a beta of 0.63. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last released its quarterly earnings data on Thursday, January 22nd. The financial services provider reported $1.03 earnings per share for the quarter, topping analysts' consensus estimates of $1.01 by $0.02. TriCo Bancshares had a return on equity of 9.43% and a net margin of 22.56%.The firm had revenue of $109.40 million during the quarter, compared to analyst estimates of $108.19 million. As a group, analysts forecast that TriCo Bancshares will post 3.35 EPS for the current fiscal year.

TriCo Bancshares Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 3.0%. The ex-dividend date was Friday, March 6th. TriCo Bancshares's dividend payout ratio is presently 38.81%.

TriCo Bancshares Profile

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.