Legal & General Group Plc Invests $1.34 Million in TriCo Bancshares $TCBK

Key Points

• Legal & General Group Plc acquired 24,842 TriCo Bancshares shares worth approximately $1.34 million, representing about 0.08% of the company. Institutional investors collectively own 59.11% of TCBK.
• TriCo Bancshares exceeded quarterly expectations, reporting $1.06 in EPS versus the $1.03 consensus estimate and revenue of $111.88 million. The company posted a 24.67% net margin and 10.23% return on equity.
• The bank declared a quarterly dividend of $0.36, equivalent to a $1.44 annualized payout and 2.6% yield. Analysts maintain a consensus “Hold” rating with an average price target of $56.60.

Legal & General Group Plc bought a new position in TriCo Bancshares (NASDAQ:TCBK - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 24,842 shares of the financial services provider's stock, valued at approximately $1,338,000. Legal & General Group Plc owned about 0.08% of TriCo Bancshares as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the stock. Larson Financial Group LLC raised its stake in TriCo Bancshares by 337.5% during the third quarter. Larson Financial Group LLC now owns 595 shares of the financial services provider's stock worth $26,000 after purchasing an additional 459 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of TriCo Bancshares during the 2nd quarter valued at $36,000. Abound Financial LLC purchased a new stake in shares of TriCo Bancshares during the 4th quarter valued at $43,000. Parallel Advisors LLC grew its stake in shares of TriCo Bancshares by 88.5% during the 1st quarter. Parallel Advisors LLC now owns 1,440 shares of the financial services provider's stock valued at $68,000 after buying an additional 676 shares during the period. Finally, Federated Hermes Inc. increased its holdings in shares of TriCo Bancshares by 17.7% during the 2nd quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider's stock worth $78,000 after buying an additional 290 shares during the last quarter. 59.11% of the stock is currently owned by hedge funds and other institutional investors.

TriCo Bancshares Price Performance

TriCo Bancshares stock opened at $54.40 on Monday. The firm has a fifty day moving average of $56.41 and a 200-day moving average of $52.04. TriCo Bancshares has a 52-week low of $40.44 and a 52-week high of $61.71. The company has a quick ratio of 0.87, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $1.74 billion, a P/E ratio of 13.05 and a beta of 0.59.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last posted its earnings results on Wednesday, July 22nd. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.03 by $0.03. TriCo Bancshares had a net margin of 24.67% and a return on equity of 10.23%. The business had revenue of $111.88 million for the quarter, compared to analyst estimates of $110.99 million. As a group, analysts predict that TriCo Bancshares will post 4.28 EPS for the current year.

TriCo Bancshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be given a $0.36 dividend. The ex-dividend date of this dividend is Friday, September 11th. This represents a $1.44 annualized dividend and a yield of 2.6%. TriCo Bancshares's dividend payout ratio (DPR) is 34.53%.

Analyst Ratings Changes

TCBK has been the topic of several research reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of TriCo Bancshares in a research report on Wednesday, July 8th. Piper Sandler boosted their price target on TriCo Bancshares from $61.00 to $63.00 and gave the company a "neutral" rating in a research report on Monday, July 27th. Zacks Research lowered TriCo Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 5th. DA Davidson cut their price objective on TriCo Bancshares from $66.00 to $65.00 and set a "neutral" rating on the stock in a report on Monday, July 27th. Finally, Raymond James Financial lowered TriCo Bancshares from an "outperform" rating to a "market perform" rating in a research note on Tuesday, July 14th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $56.60.

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.

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