Woodward Diversified Capital LLC Buys New Shares in TriCo Bancshares $TCBK

Key Points

• Woodward Diversified Capital LLC acquired 24,581 shares of TriCo Bancshares valued at approximately $995,000, increasing its ownership to 0.07% as of the latest SEC filing.
• Analysts have mixed opinions on TriCo Bancshares, with price targets ranging from $45.00 to $55.00, indicating a consensus average rating of "Moderate Buy."
• TriCo Bancshares recently increased its quarterly dividend to $0.36 per share, representing an annualized yield of 3.3% and reflecting a payout ratio of 42.35%.

Woodward Diversified Capital LLC acquired a new stake in TriCo Bancshares (NASDAQ:TCBK - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 24,581 shares of the financial services provider's stock, valued at approximately $995,000. Woodward Diversified Capital LLC owned approximately 0.07% of TriCo Bancshares as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Abound Financial LLC purchased a new position in TriCo Bancshares in the 1st quarter worth approximately $36,000. CWM LLC lifted its holdings in shares of TriCo Bancshares by 59.2% in the first 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 position in shares of TriCo Bancshares in the first quarter worth $61,000. Public Employees Retirement System of Ohio lifted its holdings in shares of TriCo Bancshares by 591.1% in the fourth quarter. Public Employees Retirement System of Ohio now owns 2,951 shares of the financial services provider's stock worth $129,000 after buying an additional 2,524 shares in the last quarter. Finally, Handelsbanken Fonder AB lifted its holdings in shares of TriCo Bancshares by 26.0% in the first 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 in the last quarter. 59.11% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on the stock. Piper Sandler boosted their price target 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. DA Davidson boosted 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. Zacks Research downgraded TriCo Bancshares from a "strong-buy" rating to a "hold" rating in a research report on Friday, September 26th. Finally, 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. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $47.60.

TriCo Bancshares Stock Performance

Shares of NASDAQ:TCBK opened at $43.65 on Thursday. The firm has a market cap of $1.42 billion, a PE ratio of 12.84 and a beta of 0.63. The firm's 50 day simple moving average is $43.88 and its 200-day simple moving average is $41.30. TriCo Bancshares has a one year low of $35.20 and a one year high of $51.06. 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 released its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.82 by $0.02. The company had revenue of $103.61 million for 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, equities analysts predict that TriCo Bancshares will post 3.35 EPS for the current year.

TriCo Bancshares Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, September 5th were paid a dividend of $0.36 per share. This is an increase from TriCo Bancshares's previous quarterly dividend of $0.33. This represents a $1.44 annualized dividend and a dividend yield of 3.3%. The ex-dividend date was Friday, September 5th. TriCo Bancshares's payout ratio is 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.

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