Bridgeway Capital Management LLC Boosts Stock Position in TriCo Bancshares $TCBK

Key Points

• Bridgeway Capital Management LLC increased its stake in TriCo Bancshares by 11.5% in the first quarter, now holding 109,404 shares valued at approximately $4.37 million.
• TriCo Bancshares recently upgraded its quarterly dividend from $0.33 to $0.36, resulting in an annual yield of 3.2% for shareholders.
• Analysts have a consensus rating of "Moderate Buy" for TriCo Bancshares, with price targets ranging from $45.00 to $55.00, indicating positive expectations for the stock's performance.

Bridgeway Capital Management LLC raised its position in shares of TriCo Bancshares (NASDAQ:TCBK - Free Report) by 11.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 109,404 shares of the financial services provider's stock after purchasing an additional 11,251 shares during the quarter. Bridgeway Capital Management LLC owned 0.33% of TriCo Bancshares worth $4,373,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Abound Financial LLC bought a new stake in shares of TriCo Bancshares during the 1st quarter valued at $36,000. CWM LLC increased its stake in TriCo Bancshares by 59.2% in 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 in the last quarter. KBC Group NV purchased a new stake in TriCo Bancshares in the 1st quarter worth $61,000. Public Employees Retirement System of Ohio raised its holdings in TriCo Bancshares by 591.1% during the fourth 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 during the period. Finally, Focus Partners Wealth bought a new position in shares of TriCo Bancshares in the fourth quarter worth about $208,000. 59.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on TCBK shares. DA Davidson increased their target price on TriCo Bancshares from $43.00 to $45.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Raymond James Financial reaffirmed an "outperform" rating and set a $45.00 price objective (up from $43.00) on shares of TriCo Bancshares in a report on Friday, July 25th. Piper Sandler boosted their target price on shares of TriCo Bancshares from $52.00 to $55.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Finally, Zacks Research upgraded shares of TriCo Bancshares from a "hold" rating to a "strong-buy" rating in a research 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. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $47.60.

TriCo Bancshares Price Performance

NASDAQ:TCBK traded up $0.42 during trading hours on Thursday, reaching $45.73. The stock had a trading volume of 81,304 shares, compared to its average volume of 80,238. The stock has a market capitalization of $1.49 billion, a PE ratio of 13.45 and a beta of 0.68. TriCo Bancshares has a 52 week low of $35.20 and a 52 week high of $51.06. The company has a 50 day moving average price of $43.18 and a two-hundred day moving average price of $41.01. 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 posted its earnings results on Thursday, July 24th. The financial services provider reported $0.84 EPS for the quarter, beating analysts' consensus estimates of $0.82 by $0.02. TriCo Bancshares had a return on equity of 8.99% and a net margin of 21.11%.The firm had revenue of $103.61 million during the quarter, compared to the consensus estimate of $101.15 million. As a group, sell-side analysts anticipate that TriCo Bancshares will post 3.35 earnings per share for the current fiscal year.

TriCo Bancshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend is Friday, September 5th. This is an increase from TriCo Bancshares's previous quarterly dividend of $0.33. TriCo Bancshares's dividend payout ratio is 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.