American Century Companies Inc. Sells 11,768 Shares of TriCo Bancshares $TCBK

Key Points

• American Century Companies Inc. reduced its stake in TriCo Bancshares by 2.5%, holding approximately 1.39% of the company worth $18.25 million after selling 11,768 shares.
• TriCo Bancshares reported $0.84 EPS for the quarter, exceeding the consensus estimate of $0.82, with a revenue of $103.61 million during the same period.
• Equities research analysts have set a consensus price target of $47.60 for TriCo Bancshares, with ratings reflecting a "Moderate Buy" sentiment from several analysts.

American Century Companies Inc. cut its stake in shares of TriCo Bancshares (NASDAQ:TCBK - Free Report) by 2.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 456,669 shares of the financial services provider's stock after selling 11,768 shares during the period. American Century Companies Inc. owned about 1.39% of TriCo Bancshares worth $18,253,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Nuveen LLC purchased a new stake in shares of TriCo Bancshares in the 1st quarter worth $3,568,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of TriCo Bancshares by 64.3% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 47,642 shares of the financial services provider's stock worth $1,904,000 after purchasing an additional 18,646 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of TriCo Bancshares by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 1,839,668 shares of the financial services provider's stock worth $73,532,000 after purchasing an additional 27,348 shares in the last quarter. XTX Topco Ltd purchased a new stake in shares of TriCo Bancshares in the 1st quarter worth $361,000. Finally, MQS Management LLC purchased a new stake in shares of TriCo Bancshares in the 1st quarter worth $542,000. 59.11% of the stock is currently owned by hedge funds and other institutional investors.

TriCo Bancshares Trading Down 0.2%

NASDAQ TCBK traded down $0.10 during trading on Friday, hitting $45.57. The stock had a trading volume of 14,612 shares, compared to its average volume of 103,218. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.86 and a current ratio of 0.86. The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of 13.40 and a beta of 0.64. TriCo Bancshares has a one year low of $35.20 and a one year high of $51.06. The stock has a 50 day simple moving average of $42.28 and a 200 day simple moving average of $40.94.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.84 earnings per share for the quarter, beating 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 firm had revenue of $103.61 million during the quarter, compared to the consensus estimate of $101.15 million. Sell-side analysts predict that TriCo Bancshares will post 3.35 earnings per share for the current year.

TriCo Bancshares Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be paid 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 payout ratio is presently 38.82%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on TCBK shares. DA Davidson upped their price objective on TriCo Bancshares from $43.00 to $45.00 and gave the stock a "neutral" rating in a research note on Friday, July 25th. Piper Sandler upped 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, Raymond James Financial reaffirmed an "outperform" rating and issued a $45.00 target price (up previously from $43.00) on shares of TriCo Bancshares in a report on Friday, July 25th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average 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.