TriCo Bancshares (NASDAQ:TCBK) Downgraded to Equal Weight Rating by Stephens

Key Points

• Stephens downgraded TriCo Bancshares from Overweight to Equal Weight and set a $54 price target, implying downside from the current share price.
• Other analysts have also turned more cautious recently, with Piper Sandler and Raymond James both cutting their ratings while DA Davidson raised its target to $66. Overall, the stock’s consensus rating remains Hold with an average target of $56.40.
• TriCo Bancshares was trading at $58.81, near its 52-week high of $60.42, and the company reported Q1 EPS of $1.03 on $111.21 million in revenue. Analysts expect full-year EPS of 4.22.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) was downgraded by equities researchers at Stephens from an "overweight" rating to an "equal weight" rating in a research report issued to clients and investors on Wednesday. They currently have a $54.00 price objective on the financial services provider's stock. Stephens' price objective suggests a potential downside of 8.18% from the stock's current price.

A number of other equities analysts have also commented on TCBK. DA Davidson increased their price target on TriCo Bancshares from $55.00 to $66.00 and gave the company a "neutral" rating in a research note on Tuesday. Piper Sandler cut TriCo Bancshares from an "overweight" rating to a "neutral" rating and dropped their target price for the stock from $63.00 to $61.00 in a report on Tuesday. Raymond James Financial downgraded TriCo Bancshares from an "outperform" rating to a "market perform" rating in a research report on Tuesday. Weiss Ratings restated a "buy (b)" rating on shares of TriCo Bancshares in a report on Wednesday, July 8th. Finally, Zacks Research downgraded TriCo Bancshares from a "strong-buy" rating to a "hold" rating in a research report on Friday, June 5th. One investment analyst has rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $56.40.

TriCo Bancshares Price Performance

Shares of TriCo Bancshares stock opened at $58.81 on Wednesday. The stock's 50-day simple moving average is $51.88 and its 200-day simple moving average is $50.04. TriCo Bancshares has a 52 week low of $39.69 and a 52 week high of $60.42. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of 14.89 and a beta of 0.60. The company has a quick ratio of 0.86, a current ratio of 0.87 and a debt-to-equity ratio of 0.04.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last issued its earnings results on Monday, March 2nd. The financial services provider reported $1.03 earnings per share (EPS) for the quarter. The company had revenue of $111.21 million for the quarter. TriCo Bancshares had a return on equity of 9.87% and a net margin of 23.71%. As a group, analysts expect that TriCo Bancshares will post 4.22 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC boosted its position in TriCo Bancshares by 28.9% in the 1st quarter. AQR Capital Management LLC now owns 32,711 shares of the financial services provider's stock valued at $1,307,000 after buying an additional 7,334 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of TriCo Bancshares by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,011 shares of the financial services provider's stock worth $760,000 after acquiring an additional 820 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of TriCo Bancshares by 4.4% during the first quarter. Goldman Sachs Group Inc. now owns 643,656 shares of the financial services provider's stock valued at $25,727,000 after acquiring an additional 27,193 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of TriCo Bancshares by 8.4% in the first quarter. Empowered Funds LLC now owns 51,204 shares of the financial services provider's stock valued at $2,047,000 after purchasing an additional 3,951 shares during the period. Finally, Jane Street Group LLC boosted its holdings in shares of TriCo Bancshares by 280.1% in the first quarter. Jane Street Group LLC now owns 49,452 shares of the financial services provider's stock valued at $1,977,000 after purchasing an additional 36,443 shares during the period. 59.11% of the stock is currently owned by institutional investors.

TriCo Bancshares News Summary

Here are the key news stories impacting TriCo Bancshares this week:

• Positive Sentiment: TriCo Bancshares’ agreed buyout by First Hawaiian is the main catalyst behind the stock’s recent strength, as merger terms imply a premium and create takeover value for shareholders.
• Positive Sentiment: DA Davidson raised its price target on TriCo Bancshares to $66 from $55 while keeping a neutral rating, signaling a higher valuation framework following the deal announcement.
• Neutral Sentiment: Several articles compared TriCo with other regional banks and noted mixed analyst views, but these pieces do not appear to change the fundamental deal-driven outlook.
• Negative Sentiment: Law firms including KSF, Halper Sadeh, Brodsky & Smith, and Ademi LLP have launched shareholder investigations into whether TriCo is receiving a fair price, which could add legal overhang and delay sentiment.

About TriCo Bancshares

TriCo Bancshares, Inc is the bank holding company for Tri Counties Bank, a community-oriented financial institution headquartered in Chico, California. Through its wholly owned subsidiary, the company provides a comprehensive range of banking and financial services to individuals, small businesses, and commercial clients. Offering a full suite of deposit accounts, lending solutions and digital banking tools, TriCo Bancshares combines personalized service with modern technology to meet the evolving needs of its customers.

The company's core products and services include commercial and consumer lending, deposit and cash management solutions, mortgage banking, and agricultural financing.

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