TriCo Bancshares $TCBK Shares Sold by Trexquant Investment LP

Key Points

• Trexquant Investment LP has reduced its shares in TriCo Bancshares by 71.7%, now holding 7,684 shares worth approximately $307,000 after selling 19,431 shares.
• TriCo Bancshares announced a quarterly dividend increase from $0.33 to $0.36 per share, with a yield of 3.2% for shareholders of record.
• Analysts have upgraded TriCo Bancshares, with a consensus rating of "Moderate Buy" and a price target averaging $47.60.

Trexquant Investment LP trimmed its holdings in TriCo Bancshares (NASDAQ:TCBK - Free Report) by 71.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,684 shares of the financial services provider's stock after selling 19,431 shares during the period. Trexquant Investment LP's holdings in TriCo Bancshares were worth $307,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Ameriprise Financial Inc. purchased a new stake in shares of TriCo Bancshares in the fourth quarter valued at about $1,199,000. Bank of America Corp DE grew its holdings in shares of TriCo Bancshares by 8.2% in the fourth quarter. Bank of America Corp DE now owns 42,138 shares of the financial services provider's stock valued at $1,841,000 after purchasing an additional 3,199 shares during the period. Balyasny Asset Management L.P. grew its holdings in shares of TriCo Bancshares by 602.4% in the fourth quarter. Balyasny Asset Management L.P. now owns 33,841 shares of the financial services provider's stock valued at $1,479,000 after purchasing an additional 29,023 shares during the period. Deutsche Bank AG grew its holdings in shares of TriCo Bancshares by 51.8% in the fourth quarter. Deutsche Bank AG now owns 30,525 shares of the financial services provider's stock valued at $1,334,000 after purchasing an additional 10,422 shares during the period. Finally, Focus Partners Wealth purchased a new stake in shares of TriCo Bancshares in the fourth quarter valued at about $208,000. 59.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

TriCo Bancshares Trading Down 0.7%

TCBK stock traded down $0.33 during mid-day trading on Friday, hitting $45.40. 72,120 shares of the company were exchanged, compared to its average volume of 80,826. 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 firm has a market capitalization of $1.48 billion, a P/E ratio of 13.35 and a beta of 0.68. The business has a fifty day simple moving average of $43.23 and a 200-day simple moving average of $41.03. TriCo Bancshares has a 12-month low of $35.20 and a 12-month high of $51.06.

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 the consensus estimate of $0.82 by $0.02. The business had revenue of $103.61 million for the quarter, compared to analysts' expectations of $101.15 million. TriCo Bancshares had a net margin of 21.11% and a return on equity of 8.99%. On average, equities research analysts predict that TriCo Bancshares will post 3.35 earnings per share for the current fiscal year.

TriCo Bancshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be given a dividend of $0.36 per share. This is a boost 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 is Friday, September 5th. TriCo Bancshares's dividend payout ratio is currently 42.35%.

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.