Vanguard Group Inc. Increases Stake in TriCo Bancshares $TCBK

Key Points

• Vanguard Group Inc. increased its stake in TriCo Bancshares by 1.5%, acquiring an additional 27,348 shares, bringing its total ownership to 1,839,668 shares valued at approximately $73.5 million.
• TriCo Bancshares reported earnings of $0.84 per share for the last quarter, exceeding analysts' expectations of $0.82, with revenues of $103.61 million.
• Analysts have set new price targets for TriCo Bancshares, with Piper Sandler increasing its target from $52 to $55 and a consensus target price of $47.60 resulting in a "Moderate Buy" rating among three analysts.

Vanguard Group Inc. lifted its stake in shares of TriCo Bancshares (NASDAQ:TCBK - Free Report) by 1.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,839,668 shares of the financial services provider's stock after buying an additional 27,348 shares during the quarter. Vanguard Group Inc. owned about 5.59% of TriCo Bancshares worth $73,532,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Deutsche Bank AG lifted its position in shares of TriCo Bancshares by 51.8% during the 4th quarter. Deutsche Bank AG now owns 30,525 shares of the financial services provider's stock worth $1,334,000 after buying an additional 10,422 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in TriCo Bancshares by 13.5% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 72,108 shares of the financial services provider's stock valued at $3,151,000 after purchasing an additional 8,588 shares during the last quarter. Public Employees Retirement System of Ohio raised its position in 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. GAMMA Investing LLC raised its position in TriCo Bancshares by 5,584.8% in the 1st quarter. GAMMA Investing LLC now owns 29,618 shares of the financial services provider's stock valued at $1,184,000 after purchasing an additional 29,097 shares during the last quarter. Finally, Two Sigma Investments LP raised its position in TriCo Bancshares by 2.3% in the 4th quarter. Two Sigma Investments LP now owns 37,745 shares of the financial services provider's stock valued at $1,649,000 after purchasing an additional 855 shares during the last quarter. Hedge funds and other institutional investors own 59.11% of the company's stock.

Analyst Upgrades and Downgrades

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

TriCo Bancshares Price Performance

Shares of NASDAQ:TCBK traded down $0.37 on Thursday, reaching $45.17. 27,695 shares of the company were exchanged, compared to its average volume of 103,233. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.09. TriCo Bancshares has a 1-year low of $35.20 and a 1-year high of $51.06. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 13.29 and a beta of 0.64. The company has a 50-day moving average of $42.14 and a 200-day moving average of $40.93.

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, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $101.15 million. Equities analysts forecast 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. Investors 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 yield of 3.2%. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from TriCo Bancshares's previous quarterly dividend of $0.33. TriCo Bancshares's dividend payout ratio is currently 42.35%.

About TriCo Bancshares

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.