Russell Investments Group Ltd. Sells 10,774 Shares of 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. reduced its holdings in TriCo Bancshares (NASDAQ:TCBK - Free Report) by 13.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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 reporting period.

Other large investors have also recently bought and sold shares of the company. Abound Financial LLC bought a new position in shares of TriCo Bancshares during the first quarter worth approximately $36,000. CWM LLC increased its stake in shares of TriCo Bancshares by 59.2% in the 1st quarter. CWM LLC now owns 1,116 shares of the financial services provider's stock valued at $45,000 after purchasing an additional 415 shares during the last quarter. KBC Group NV bought a new position in shares of TriCo Bancshares in the 1st quarter valued at $61,000. Aquatic Capital Management LLC boosted 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 in the last quarter. Finally, Public Employees Retirement System of Ohio boosted 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 in the last quarter. 59.11% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TCBK has been the topic of several recent research reports. Raymond James Financial reaffirmed an "outperform" rating and set a $45.00 target price (up from $43.00) on shares of TriCo Bancshares in a report on Friday, July 25th. Piper Sandler boosted their price objective on TriCo Bancshares from $52.00 to $55.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Finally, DA Davidson boosted their target price on TriCo Bancshares from $43.00 to $45.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $47.60.

TriCo Bancshares Trading Down 0.2%

Shares of TriCo Bancshares stock traded down $0.10 during trading on Friday, reaching $45.57. 14,612 shares of the stock were exchanged, compared to its average volume of 103,218. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.09. The stock's fifty day moving average is $42.28 and its 200 day moving average is $40.94. The firm has a market cap of $1.48 billion, a price-to-earnings ratio of 13.40 and a beta of 0.64. TriCo Bancshares has a 1 year low of $35.20 and a 1 year high of $51.06.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.84 EPS for the quarter, topping 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 business had revenue of $103.61 million during the quarter, compared to analyst estimates of $101.15 million. As a group, equities research analysts expect that TriCo Bancshares will post 3.35 earnings per share for the current fiscal year.

TriCo Bancshares Increases Dividend

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

TriCo Bancshares Company 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.