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Piper Sandler Raises TriCo Bancshares (NASDAQ:TCBK) Price Target to $55.00

TriCo Bancshares logo with Finance background

Key Points

  • Analysts at Piper Sandler have increased their price target for TriCo Bancshares from $52.00 to $55.00, suggesting a potential upside of 25.67% from the current stock price.
  • The company reported earnings of $0.84 per share, surpassing analysts' expectations of $0.82, with revenue of $103.61 million for the quarter.
  • The stock is currently rated as a "Moderate Buy" by analysts, with an average target price of $47.60 based on recent ratings from various brokerages.
  • MarketBeat previews top five stocks to own in August.
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TriCo Bancshares (NASDAQ:TCBK - Get Free Report) had its target price lifted by analysts at Piper Sandler from $52.00 to $55.00 in a research note issued on Monday,Benzinga reports. The firm presently has an "overweight" rating on the financial services provider's stock. Piper Sandler's price target would suggest a potential upside of 25.67% from the stock's current price.

Several other brokerages have also recently commented on TCBK. DA Davidson set a $45.00 price target on TriCo Bancshares and gave the company a "neutral" rating in a research note on Friday. Raymond James Financial restated an "outperform" rating and issued a $45.00 target price (up from $43.00) on shares of TriCo Bancshares in a research note on Friday. Keefe, Bruyette & Woods decreased their price target on TriCo Bancshares from $48.00 to $46.00 and set a "market perform" rating on the stock in a report on Monday, April 28th. Finally, Stephens restated an "overweight" rating and set a $47.00 target price on shares of TriCo Bancshares in a report on Monday, April 28th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $47.60.

Read Our Latest Stock Report on TCBK

TriCo Bancshares Stock Performance

Shares of TCBK traded up $0.99 during midday trading on Monday, hitting $43.77. 31,669 shares of the stock traded hands, compared to its average volume of 106,083. TriCo Bancshares has a 1-year low of $35.20 and a 1-year high of $51.06. The firm has a market capitalization of $1.44 billion, a PE ratio of 12.88 and a beta of 0.60. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.86 and a current ratio of 0.86. The business's 50 day moving average price is $40.93 and its two-hundred day moving average price is $41.04.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The financial services provider reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates of $0.82 by $0.02. TriCo Bancshares had a net margin of 21.11% and a return on equity of 9.04%. The business had revenue of $103.61 million for the quarter, compared to analysts' expectations of $101.15 million. Equities research analysts predict that TriCo Bancshares will post 3.35 EPS for the current fiscal year.

Institutional Trading of TriCo Bancshares

Several institutional investors and hedge funds have recently modified their holdings of TCBK. FMR LLC raised its position in TriCo Bancshares by 18.1% in the fourth quarter. FMR LLC now owns 2,889,943 shares of the financial services provider's stock valued at $126,291,000 after purchasing an additional 443,858 shares during the last quarter. Vanguard Group Inc. grew its stake in TriCo Bancshares by 1.5% during the first 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 during the period. Dimensional Fund Advisors LP boosted its holdings in TriCo Bancshares by 2.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,634,684 shares of the financial services provider's stock worth $71,436,000 after acquiring an additional 39,684 shares in the last quarter. Franklin Resources Inc. boosted its holdings in TriCo Bancshares by 2.4% in the fourth quarter. Franklin Resources Inc. now owns 1,568,560 shares of the financial services provider's stock worth $68,546,000 after acquiring an additional 37,191 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in TriCo Bancshares by 4.4% in the first quarter. Goldman Sachs Group Inc. now owns 643,656 shares of the financial services provider's stock worth $25,727,000 after acquiring an additional 27,193 shares in the last quarter. 59.11% of the stock is currently owned by institutional investors.

TriCo Bancshares Company Profile

(Get Free Report)

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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Analyst Recommendations for TriCo Bancshares (NASDAQ:TCBK)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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