Northern Trust Corp Cuts Stock Position in TriCo Bancshares $TCBK

Key Points

• Northern Trust Corp reduced its stake in TriCo Bancshares by 3.8%, now holding approximately $16.15 million worth of shares, accounting for 1.23% of the company's total outstanding stock.
• TriCo Bancshares recently increased its quarterly dividend from $0.33 to $0.36 per share, reflecting a 3.2% yield and a dividend payout ratio of 38.82%.
• Analysts have a favorable outlook for TriCo Bancshares with an average price target of $47.60 and ratings ranging from "strong buy" to "hold" following recent upgrades.

Northern Trust Corp reduced its holdings in shares of TriCo Bancshares (NASDAQ:TCBK - Free Report) by 3.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 403,970 shares of the financial services provider's stock after selling 15,748 shares during the quarter. Northern Trust Corp owned approximately 1.23% of TriCo Bancshares worth $16,147,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of TCBK. Raymond James Financial Inc. purchased a new stake in TriCo Bancshares in the fourth quarter worth $271,000. Mariner LLC purchased a new position in shares of TriCo Bancshares in the fourth quarter valued at $204,000. Price T Rowe Associates Inc. MD grew its position in shares of TriCo Bancshares by 8.5% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 30,747 shares of the financial services provider's stock valued at $1,344,000 after purchasing an additional 2,405 shares in the last quarter. Aquatic Capital Management LLC grew its position in shares of TriCo Bancshares by 129.5% in the fourth quarter. Aquatic Capital Management LLC now owns 2,295 shares of the financial services provider's stock valued at $100,000 after purchasing an additional 1,295 shares in the last quarter. Finally, Ameriprise Financial Inc. purchased a new position in shares of TriCo Bancshares in the fourth quarter valued at $1,199,000. 59.11% of the stock is currently owned by institutional investors.

TriCo Bancshares Price Performance

TriCo Bancshares stock traded down $0.88 during midday trading on Friday, hitting $45.12. 93,341 shares of the company's stock were exchanged, compared to its average volume of 79,850. TriCo Bancshares has a 52-week low of $35.20 and a 52-week high of $51.06. The stock has a 50-day moving average price of $42.89 and a two-hundred day moving average price of $40.98. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.86 and a current ratio of 0.86. The company has a market cap of $1.47 billion, a P/E ratio of 13.27 and a beta of 0.68.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last posted its earnings results on Thursday, July 24th. The financial services provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.82 by $0.02. TriCo Bancshares had a return on equity of 8.99% and a net margin of 21.11%.The business had revenue of $103.61 million during the quarter, compared to analysts' expectations of $101.15 million. On average, equities research analysts forecast that TriCo Bancshares will post 3.35 earnings per share for the current year.

TriCo Bancshares Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Friday, September 5th. This is an increase from TriCo Bancshares's previous quarterly dividend of $0.33. TriCo Bancshares's dividend payout ratio (DPR) is currently 42.35%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on TCBK shares. DA Davidson lifted their price target on TriCo Bancshares from $43.00 to $45.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Piper Sandler lifted their price target 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 TriCo Bancshares from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 28th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $45.00 price target (up from $43.00) on shares of TriCo Bancshares in a research report on Friday, July 25th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus 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.