89,264 Shares in TriCo Bancshares $TCBK Purchased by Nuveen LLC

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 stake in shares of TriCo Bancshares (NASDAQ:TCBK - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. 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 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Abound Financial LLC acquired a new stake in shares of TriCo Bancshares during the 1st quarter valued at about $36,000. CWM LLC increased its holdings in shares of TriCo Bancshares by 59.2% during the 1st quarter. CWM LLC now owns 1,116 shares of the financial services provider's stock valued at $45,000 after acquiring an additional 415 shares during the last quarter. KBC Group NV acquired a new position in shares of TriCo Bancshares during the 1st quarter valued at about $61,000. Aquatic Capital Management LLC increased its holdings in shares of TriCo Bancshares by 129.5% during the 4th quarter. Aquatic Capital Management LLC now owns 2,295 shares of the financial services provider's stock valued at $100,000 after acquiring an additional 1,295 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of TriCo Bancshares by 591.1% during the 4th quarter. Public Employees Retirement System of Ohio now owns 2,951 shares of the financial services provider's stock valued at $129,000 after acquiring an additional 2,524 shares during the last quarter. 59.11% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have recently commented on TCBK shares. Piper Sandler increased their price objective on TriCo Bancshares from $52.00 to $55.00 and gave the company an "overweight" rating in a report on Monday, July 28th. DA Davidson boosted their price objective on TriCo Bancshares from $43.00 to $45.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Raymond James Financial reissued an "outperform" rating and set a $45.00 price objective (up previously from $43.00) on shares of TriCo Bancshares in a research report on Friday, July 25th. Finally, Zacks Research raised TriCo Bancshares from a "hold" rating to a "strong-buy" rating in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, TriCo Bancshares currently has an average rating of "Moderate Buy" and an average price target of $47.60.

TriCo Bancshares Stock Performance

TCBK stock traded down $0.25 during trading on Friday, reaching $45.42. 57,137 shares of the stock were exchanged, compared to its average volume of 85,448. TriCo Bancshares has a twelve month low of $35.20 and a twelve month high of $51.06. The company has a market capitalization of $1.48 billion, a P/E ratio of 13.36 and a beta of 0.64. The stock has a 50 day simple moving average of $42.41 and a 200-day simple moving average of $40.93. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.09.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last released its earnings results on Thursday, July 24th. The financial services provider reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $101.15 million. As a group, sell-side analysts anticipate that TriCo Bancshares will post 3.35 earnings per share for the current 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 given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a yield of 3.2%. This is a boost from TriCo Bancshares's previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Friday, September 5th. TriCo Bancshares's dividend payout ratio (DPR) is 42.35%.

About TriCo Bancshares

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.