Renaissance Technologies LLC Has $7.46 Million Stock Position in TriCo Bancshares $TCBK

Key Points

• Renaissance Technologies reduced its TriCo Bancshares stake by 13.6% in the first quarter, but still held 156,943 shares worth approximately $7.46 million. Institutional investors collectively own 59.11% of TCBK.
• Analyst sentiment is largely neutral: one analyst rates the stock a Buy while six rate it Hold, resulting in a consensus “Hold” rating and a $56.60 price target.
• TriCo Bancshares beat quarterly expectations with EPS of $1.06 versus the $1.03 consensus and revenue of $111.88 million. The company also maintains a quarterly dividend of $0.36 per share, representing a 2.5% yield.

Renaissance Technologies LLC lessened its stake in TriCo Bancshares (NASDAQ:TCBK - Free Report) by 13.6% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 156,943 shares of the financial services provider's stock after selling 24,600 shares during the quarter. Renaissance Technologies LLC owned about 0.49% of TriCo Bancshares worth $7,461,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. AQR Capital Management LLC lifted its stake in TriCo Bancshares by 28.9% in the first quarter. AQR Capital Management LLC now owns 32,711 shares of the financial services provider's stock valued at $1,307,000 after buying an additional 7,334 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of TriCo Bancshares by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,011 shares of the financial services provider's stock worth $760,000 after acquiring an additional 820 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of TriCo Bancshares by 4.4% during the first quarter. Goldman Sachs Group Inc. now owns 643,656 shares of the financial services provider's stock worth $25,727,000 after acquiring an additional 27,193 shares during the period. Empowered Funds LLC lifted its position in TriCo Bancshares by 8.4% in the 1st quarter. Empowered Funds LLC now owns 51,204 shares of the financial services provider's stock valued at $2,047,000 after acquiring an additional 3,951 shares in the last quarter. Finally, Jane Street Group LLC lifted its position in TriCo Bancshares by 280.1% in the 1st quarter. Jane Street Group LLC now owns 49,452 shares of the financial services provider's stock valued at $1,977,000 after acquiring an additional 36,443 shares in the last quarter. Institutional investors own 59.11% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on TCBK. Zacks Research cut TriCo Bancshares from a "strong-buy" rating to a "hold" rating in a report on Friday, June 5th. Stephens lowered TriCo Bancshares from an "overweight" rating to an "equal weight" rating and set a $54.00 price target on the stock. in a report on Wednesday, July 15th. Raymond James Financial cut TriCo Bancshares from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 14th. Piper Sandler increased their price objective on TriCo Bancshares from $61.00 to $63.00 and gave the stock a "neutral" rating in a report on Monday, July 27th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of TriCo Bancshares in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat.com, TriCo Bancshares presently has a consensus rating of "Hold" and a consensus target price of $56.60.

TriCo Bancshares Price Performance

Shares of TCBK opened at $58.04 on Tuesday. The company's 50-day moving average is $54.35 and its 200-day moving average is $51.13. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.86. The firm has a market capitalization of $1.85 billion, a PE ratio of 13.92 and a beta of 0.60. TriCo Bancshares has a fifty-two week low of $40.33 and a fifty-two week high of $61.71.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.03. The business had revenue of $111.88 million during the quarter, compared to the consensus estimate of $110.99 million. TriCo Bancshares had a return on equity of 10.27% and a net margin of 24.67%. Equities analysts forecast that TriCo Bancshares will post 4.28 EPS for the current year.

TriCo Bancshares Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, June 5th were given a dividend of $0.36 per share. The ex-dividend date was Friday, June 5th. This represents a $1.44 annualized dividend and a dividend yield of 2.5%. TriCo Bancshares's dividend payout ratio (DPR) is currently 34.53%.

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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