Russell Investments Group Ltd. Reduces Stock Holdings in TriCo Bancshares $TCBK

Key Points

• Russell Investments Group Ltd. has reduced its stake in TriCo Bancshares by 13.5%, now owning approximately $2.77 million worth of shares after selling 10,774 during the first quarter.
• Vanguard Group Inc. and Bridgeway Capital Management LLC have increased their holdings in TriCo Bancshares, highlighting a trend among institutional investors in the company.
• TriCo Bancshares reported earnings of $0.84 per share, beating analyst expectations, and has an average price target of $47.60, indicating a moderately positive outlook from analysts.

Russell Investments Group Ltd. lowered its position in TriCo Bancshares (NASDAQ:TCBK - Free Report) by 13.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 69,235 shares of the financial services provider's stock after selling 10,774 shares during the quarter. Russell Investments Group Ltd. owned 0.21% of TriCo Bancshares worth $2,767,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Wells Fargo & Company MN boosted its stake in shares of TriCo Bancshares by 23.4% during the fourth quarter. Wells Fargo & Company MN now owns 21,445 shares of the financial services provider's stock valued at $937,000 after acquiring an additional 4,063 shares during the last quarter. Invesco Ltd. boosted its stake in shares of TriCo Bancshares by 2.7% during the fourth quarter. Invesco Ltd. now owns 65,620 shares of the financial services provider's stock valued at $2,868,000 after acquiring an additional 1,718 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of TriCo Bancshares during the fourth quarter valued at $271,000. Barclays PLC boosted its stake in shares of TriCo Bancshares by 7.0% during the fourth quarter. Barclays PLC now owns 61,948 shares of the financial services provider's stock valued at $2,707,000 after acquiring an additional 4,069 shares during the last quarter. Finally, Mariner LLC acquired a new stake in shares of TriCo Bancshares during the fourth quarter valued at $204,000. Hedge funds and other institutional investors own 59.11% of the company's stock.

Analysts Set New Price Targets

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

TriCo Bancshares Trading Down 0.5%

NASDAQ:TCBK traded down $0.25 during mid-day trading on Friday, reaching $45.42. The company's stock had a trading volume of 57,137 shares, compared to its average volume of 85,448. The company's fifty day simple moving average is $42.41 and its two-hundred day simple moving average is $40.93. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.86 and a quick ratio of 0.86. TriCo Bancshares has a twelve month low of $35.20 and a twelve month high of $51.06. The stock has a market cap of $1.48 billion, a P/E ratio of 13.36 and a beta of 0.64.

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 analyst estimates of $101.15 million. TriCo Bancshares had a return on equity of 8.99% and a net margin of 21.11%. On average, equities analysts predict that TriCo Bancshares will post 3.35 EPS 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 is a positive change from TriCo Bancshares's previous quarterly dividend of $0.33. The ex-dividend date is Friday, September 5th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.2%. TriCo Bancshares's dividend payout ratio (DPR) is 38.82%.

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.