North Reef Capital Management LP Has $17.74 Million Holdings in TriCo Bancshares $TCBK

Key Points

• North Reef Capital Management cut its TriCo Bancshares stake by 23.1% in Q1, but still held 373,141 shares valued at about $17.74 million, or roughly 1.17% of the company.
• TriCo Bancshares reported better-than-expected quarterly earnings, posting $1.06 EPS versus the $1.03 estimate, while revenue also slightly topped forecasts at $111.88 million.
• Analyst sentiment has turned more cautious: recent downgrades left the stock with a consensus Hold rating and a target price of $56.40, even as the company continues to pay a quarterly dividend of $0.36.

North Reef Capital Management LP lessened its holdings in shares of TriCo Bancshares (NASDAQ:TCBK - Free Report) by 23.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 373,141 shares of the financial services provider's stock after selling 112,282 shares during the quarter. North Reef Capital Management LP owned approximately 1.17% of TriCo Bancshares worth $17,739,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Larson Financial Group LLC lifted its position in shares of TriCo Bancshares by 337.5% in 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 in the last quarter. Danske Bank A S acquired a new stake in shares of TriCo Bancshares during the fourth quarter worth approximately $28,000. Farther Finance Advisors LLC grew its position in TriCo Bancshares by 40.3% during the fourth quarter. Farther Finance Advisors LLC now owns 735 shares of the financial services provider's stock valued at $35,000 after purchasing an additional 211 shares in the last quarter. Abound Financial LLC purchased a new position in TriCo Bancshares during the fourth quarter valued at approximately $43,000. Finally, Parallel Advisors LLC increased its stake in TriCo Bancshares by 88.5% in 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. Institutional investors and hedge funds own 59.11% of the company's stock.

TriCo Bancshares Price Performance

NASDAQ TCBK opened at $58.12 on Friday. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.04. The stock has a market capitalization of $1.85 billion, a PE ratio of 13.94 and a beta of 0.60. TriCo Bancshares has a 12-month low of $39.84 and a 12-month high of $61.71. The company has a 50 day moving average price of $53.44 and a two-hundred day moving average price of $50.70.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.06 EPS for the quarter, topping the consensus estimate of $1.03 by $0.03. The company had revenue of $111.88 million for the quarter, compared to analyst estimates of $110.99 million. TriCo Bancshares had a net margin of 24.67% and a return on equity of 10.27%. As a group, equities analysts predict that TriCo Bancshares will post 4.22 earnings per share for the current fiscal year.

TriCo Bancshares Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were issued a $0.36 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.44 dividend on an annualized basis and a yield of 2.5%. TriCo Bancshares's dividend payout ratio is currently 36.46%.

Analyst Upgrades and Downgrades

TCBK has been the subject of a number of research analyst reports. Raymond James Financial downgraded shares of TriCo Bancshares from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 14th. Zacks Research cut shares of TriCo Bancshares from a "strong-buy" rating to a "hold" rating in a report on Friday, June 5th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of TriCo Bancshares in a research note on Wednesday, July 8th. DA Davidson increased their price objective on TriCo Bancshares from $55.00 to $66.00 and gave the stock a "neutral" rating in a report on Tuesday, July 14th. Finally, Stephens lowered TriCo Bancshares from an "overweight" rating to an "equal weight" rating and set a $54.00 price objective for the company. in a report on Wednesday, July 15th. One analyst has rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $56.40.

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.

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