Ridgewood Investments LLC Invests $417,000 in TriCo Bancshares $TCBK

Key Points

• Ridgewood Investments LLC has acquired a new stake in TriCo Bancshares, purchasing 10,306 shares valued at approximately $417,000 in Q2 2023.
• Several institutional investors have increased their stakes in TriCo Bancshares, with hedge funds and other institutions owning 59.11% of the stock.
• TriCo Bancshares has recently increased its quarterly dividend from $0.33 to $0.36, reflecting a yield of 3.2% per annum.

Ridgewood Investments LLC purchased a new stake in TriCo Bancshares (NASDAQ:TCBK - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 10,306 shares of the financial services provider's stock, valued at approximately $417,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Allworth Financial LP lifted its stake in TriCo Bancshares by 4.5% in the first quarter. Allworth Financial LP now owns 8,294 shares of the financial services provider's stock valued at $327,000 after acquiring an additional 357 shares during the last quarter. CWM LLC lifted its stake 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 worth $45,000 after buying an additional 415 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of TriCo Bancshares by 3.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,191 shares of the financial services provider's stock worth $795,000 after buying an additional 616 shares during the last quarter. Two Sigma Investments LP lifted its stake in shares of TriCo Bancshares by 2.3% during the 4th quarter. Two Sigma Investments LP now owns 37,745 shares of the financial services provider's stock worth $1,649,000 after buying an additional 855 shares during the last quarter. Finally, Abound Financial LLC acquired a new stake in shares of TriCo Bancshares during the 1st quarter worth about $36,000. Institutional investors and hedge funds own 59.11% of the company's stock.

TriCo Bancshares Trading Down 0.2%

NASDAQ:TCBK traded down $0.07 during mid-day trading on Monday, hitting $45.13. 81,122 shares of the company's stock were exchanged, compared to its average volume of 93,963. The company has a 50 day simple moving average of $43.53 and a 200-day simple moving average of $41.11. 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 has a fifty-two week low of $35.20 and a fifty-two week high of $51.06. The firm has a market capitalization 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 issued its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.82 by $0.02. The firm had revenue of $103.61 million for the quarter, compared to the consensus estimate of $101.15 million. TriCo Bancshares had a net margin of 21.11% and a return on equity of 8.99%. As a group, research analysts expect that TriCo Bancshares will post 3.35 earnings per share for the current year.

TriCo Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were paid a dividend of $0.36 per share. This is a boost from TriCo Bancshares's previous quarterly dividend of $0.33. The ex-dividend date was Friday, September 5th. This represents a $1.44 dividend on an annualized basis and a yield of 3.2%. TriCo Bancshares's dividend payout ratio (DPR) is presently 42.35%.

Wall Street Analyst Weigh In

TCBK has been the subject of a number of research reports. DA Davidson raised their target price on shares of TriCo Bancshares from $43.00 to $45.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Zacks Research raised shares of TriCo Bancshares from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 28th. Raymond James Financial reaffirmed an "outperform" rating and set a $45.00 price target (up from $43.00) on shares of TriCo Bancshares in a research report on Friday, July 25th. Finally, Piper Sandler raised their price target on shares of TriCo Bancshares from $52.00 to $55.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. 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's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $47.60.

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.