TriCo Bancshares (NASDAQ:TCBK) Stock Price Expected to Rise, Piper Sandler Analyst Says

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.

TriCo Bancshares (NASDAQ:TCBK - Free Report) had its target price raised by Piper Sandler from $52.00 to $55.00 in a research note issued to investors on Monday,Benzinga reports. They currently have an overweight rating on the financial services provider's stock.

Several other research analysts have also issued reports on the stock. Stephens restated an "overweight" rating and issued a $47.00 price target on shares of TriCo Bancshares in a research report on Monday, April 28th. Raymond James Financial reiterated an "outperform" rating and set a $45.00 price objective (up from $43.00) on shares of TriCo Bancshares in a research report on Friday, July 25th. DA Davidson lifted their price objective on shares of TriCo Bancshares from $43.00 to $45.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of TriCo Bancshares from $48.00 to $46.00 and set a "market perform" rating on the stock in a research report on Monday, April 28th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, TriCo Bancshares has a consensus rating of "Moderate Buy" and a consensus target price of $47.60.

TriCo Bancshares Price Performance

TriCo Bancshares stock traded down $0.66 during mid-day trading on Monday, hitting $41.12. The company's stock had a trading volume of 77,268 shares, compared to its average volume of 106,325. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $1.35 billion, a P/E ratio of 12.09 and a beta of 0.60. TriCo Bancshares has a twelve month low of $35.20 and a twelve month high of $51.06. The stock's fifty day moving average price is $41.02 and its two-hundred day moving average price is $41.07.

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 (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.02. The firm had revenue of $103.61 million for the quarter, compared to analyst estimates of $101.15 million. TriCo Bancshares had a net margin of 21.11% and a return on equity of 9.04%. Research analysts forecast that TriCo Bancshares will post 3.35 earnings per share for the current year.

TriCo Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 3.2%. The ex-dividend date was Friday, June 6th. TriCo Bancshares's payout ratio is currently 38.82%.

Hedge Funds Weigh In On TriCo Bancshares

Institutional investors and hedge funds have recently modified their holdings of the stock. Deutsche Bank AG grew its holdings 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 valued at $1,334,000 after acquiring an additional 10,422 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of 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 lifted its stake in shares of 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 lifted its stake in shares of 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, Franklin Resources Inc. lifted its stake in shares of TriCo Bancshares by 2.4% in the 4th quarter. Franklin Resources Inc. now owns 1,568,560 shares of the financial services provider's stock valued at $68,546,000 after purchasing an additional 37,191 shares during the last quarter. 59.11% of the stock is currently owned by hedge funds and other institutional investors.

TriCo Bancshares Company 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.