Nuveen LLC Takes Position in TriCo Bancshares $TCBK

Key Points

• Nuveen LLC has acquired 89,264 shares of TriCo Bancshares for approximately $3.57 million, increasing its stake to 0.27% as of the latest SEC filing.
• TriCo Bancshares recently announced a quarterly dividend increase to $0.36 per share, up from $0.33, reflecting a dividend yield of 3.2%.
• Analysts have revised price targets for TriCo Bancshares, with DA Davidson and Piper Sandler now targeting prices of $45.00 and $55.00, respectively, indicating a positive outlook for the stock.

Nuveen LLC purchased a new position in TriCo Bancshares (NASDAQ:TCBK - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 89,264 shares of the financial services provider's stock, valued at approximately $3,568,000. Nuveen LLC owned about 0.27% of TriCo Bancshares as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in TriCo Bancshares by 1.5% during the first quarter. Vanguard Group Inc. now owns 1,839,668 shares of the financial services provider's stock worth $73,532,000 after purchasing an additional 27,348 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in TriCo Bancshares by 2.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,634,684 shares of the financial services provider's stock worth $71,436,000 after purchasing an additional 39,684 shares in the last quarter. Sweeney & Michel LLC acquired a new stake in TriCo Bancshares during the first quarter worth approximately $4,963,000. Bridgeway Capital Management LLC raised its holdings in TriCo Bancshares by 42.8% during the fourth quarter. Bridgeway Capital Management LLC now owns 98,153 shares of the financial services provider's stock worth $4,289,000 after purchasing an additional 29,419 shares in the last quarter. Finally, Tudor Investment Corp ET AL raised its holdings in TriCo Bancshares by 62.7% during the fourth quarter. Tudor Investment Corp ET AL now owns 78,908 shares of the financial services provider's stock worth $3,448,000 after purchasing an additional 30,405 shares in the last quarter. Hedge funds and other institutional investors own 59.11% of the company's stock.

TriCo Bancshares Price Performance

TCBK stock traded up $0.17 during trading on Tuesday, hitting $45.59. The stock had a trading volume of 106,697 shares, compared to its average volume of 79,903. The company's 50 day moving average price is $42.61 and its two-hundred day moving average price is $40.94. TriCo Bancshares has a 1-year low of $35.20 and a 1-year high of $51.06. The stock has a market cap of $1.48 billion, a price-to-earnings ratio of 13.41 and a beta of 0.68. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.86 and a current ratio of 0.86.

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

TriCo Bancshares Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 3.2%. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from TriCo Bancshares's previous quarterly dividend of $0.33. TriCo Bancshares's dividend payout ratio is presently 38.82%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Piper Sandler boosted their price objective on shares of TriCo Bancshares from $52.00 to $55.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Zacks Research raised shares of TriCo Bancshares from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 28th. Raymond James Financial reissued an "outperform" rating and issued a $45.00 price objective (up from $43.00) on shares of TriCo Bancshares in a research note on Friday, July 25th. Finally, DA Davidson boosted their price objective on shares of TriCo Bancshares from $43.00 to $45.00 and gave the company a "neutral" rating in a research note 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 given 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 $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.