San Luis Wealth Advisors LLC Lowers Stake in TriCo Bancshares $TCBK

Key Points

• San Luis Wealth Advisors LLC has reduced its stake in TriCo Bancshares by 34.4%, now holding about 0.11% of the company, valued at approximately $1.425 million.
• TriCo Bancshares recently increased its quarterly dividend to $0.36 per share, with a current dividend yield of 3.2% and a dividend payout ratio of 42.35%.
• Analysts have a consensus “Moderate Buy” rating for TriCo Bancshares, with price targets rising to as high as $55.00 from Piper Sandler.

San Luis Wealth Advisors LLC lessened its stake in TriCo Bancshares (NASDAQ:TCBK - Free Report) by 34.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 35,188 shares of the financial services provider's stock after selling 18,412 shares during the quarter. San Luis Wealth Advisors LLC owned approximately 0.11% of TriCo Bancshares worth $1,425,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of TCBK. Abound Financial LLC purchased a new stake in TriCo Bancshares during the first quarter valued at $36,000. CWM LLC raised its holdings 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 in the last quarter. KBC Group NV purchased a new stake in shares of TriCo Bancshares during the first quarter valued at about $61,000. Public Employees Retirement System of Ohio raised its position in shares of TriCo Bancshares by 591.1% in 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 purchasing an additional 2,524 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in TriCo Bancshares by 26.0% in the 1st quarter. Handelsbanken Fonder AB now owns 6,300 shares of the financial services provider's stock worth $252,000 after buying an additional 1,300 shares during the period. Hedge funds and other institutional investors own 59.11% of the company's stock.

TriCo Bancshares Stock Performance

TriCo Bancshares stock opened at $44.88 on Friday. The stock's 50 day moving average price is $43.75 and its 200 day moving average price is $41.23. TriCo Bancshares has a one year low of $35.20 and a one year high of $51.06. The firm has a market capitalization of $1.46 billion, a PE ratio of 13.20 and a beta of 0.68. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.86 and a current ratio of 0.86.

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 for the quarter, beating analysts' consensus estimates of $0.82 by $0.02. The business had revenue of $103.61 million during the quarter, compared to the consensus estimate of $101.15 million. TriCo Bancshares had a return on equity of 8.99% and a net margin of 21.11%. As a group, sell-side analysts expect that TriCo Bancshares will post 3.35 EPS for the current fiscal year.

TriCo Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were issued 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 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend was Friday, September 5th. TriCo Bancshares's dividend payout ratio (DPR) is currently 42.35%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Piper Sandler raised their price objective on shares of TriCo Bancshares from $52.00 to $55.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Raymond James Financial reiterated an "outperform" rating and set a $45.00 price target (up from $43.00) on shares of TriCo Bancshares in a research note on Friday, July 25th. DA Davidson boosted their price objective on shares of TriCo Bancshares from $43.00 to $45.00 and gave the stock a "neutral" rating 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 report on Thursday, August 28th. 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 company's stock. Based on data from MarketBeat, TriCo Bancshares has a consensus rating of "Moderate Buy" and a consensus price target of $47.60.

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.

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