Raymond James Financial Reaffirms "Outperform" Rating for TriCo Bancshares (NASDAQ:TCBK)

Key Points

• Raymond James Financial has restated its "outperform" rating for TriCo Bancshares (NASDAQ: TCBK) and increased its price target to $45.00, implying a potential upside of 6.59%.
• TriCo Bancshares posted earnings of $0.84 per share, surpassing analyst expectations of $0.82, with revenues of $103.61 million for the quarter.
• Institutional investors and hedge funds own 59.11% of TriCo Bancshares' stock, reflecting strong institutional interest in the company.
• The stock has seen a 12-month trading range between a low of $35.20 and a high of $51.06, currently trading at approximately $42.22.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report)'s stock had its "outperform" rating reaffirmed by equities research analysts at Raymond James Financial in a report released on Friday, Marketbeat.com reports. They presently have a $45.00 price target on the financial services provider's stock, up from their prior price target of $43.00. Raymond James Financial's target price would indicate a potential upside of 4.42% from the stock's current price.

Several other research analysts have also issued reports on the stock. Keefe, Bruyette & Woods cut their target price on shares of TriCo Bancshares from $48.00 to $46.00 and set a "market perform" rating on the stock in a research note on Monday, April 28th. Stephens reissued an "overweight" rating and set a $47.00 target price on shares of TriCo Bancshares in a research note on Monday, April 28th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $47.60.

TriCo Bancshares Trading Down 1.0%

NASDAQ TCBK traded down $0.46 on Friday, hitting $43.10. The company's stock had a trading volume of 23,910 shares, compared to its average volume of 106,129. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 0.15. TriCo Bancshares has a 1-year low of $35.20 and a 1-year high of $51.06. The company's 50-day moving average is $40.98 and its 200 day moving average is $41.06. The firm has a market cap of $1.42 billion, a PE ratio of 12.66 and a beta of 0.60.

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

Institutional Investors Weigh In On TriCo Bancshares

A number of hedge funds have recently made changes to their positions in the business. FMR LLC raised its holdings in TriCo Bancshares by 18.1% during the 4th quarter. FMR LLC now owns 2,889,943 shares of the financial services provider's stock valued at $126,291,000 after buying an additional 443,858 shares during the last quarter. Vanguard Group Inc. raised its holdings in TriCo Bancshares by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 1,839,668 shares of the financial services provider's stock valued at $73,532,000 after buying an additional 27,348 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in TriCo Bancshares by 2.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,634,684 shares of the financial services provider's stock valued at $71,436,000 after buying an additional 39,684 shares during the last quarter. Franklin Resources Inc. raised its holdings in TriCo Bancshares by 2.4% during 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 buying an additional 37,191 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in TriCo Bancshares by 4.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 643,656 shares of the financial services provider's stock valued at $25,727,000 after buying an additional 27,193 shares during the last quarter. 59.11% of the stock is currently owned by 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.