TriCo Bancshares (NASDAQ:TCBK) Earns "Outperform" Rating from Raymond James Financial

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 reissued by Raymond James Financial in a report released on Friday,Benzinga 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 indicates a potential upside of 5.19% from the stock's previous close.

A number of other equities research analysts have also recently weighed in on TCBK. Keefe, Bruyette & Woods reduced their price objective on TriCo Bancshares from $48.00 to $46.00 and set a "market perform" rating for the company in a research note on Monday, April 28th. Stephens reiterated an "overweight" rating and issued a $47.00 price objective on shares of TriCo Bancshares in a research note on Monday, April 28th. Three 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, the stock currently has an average rating of "Moderate Buy" and an average price target of $46.60.

TriCo Bancshares Stock Up 1.9%

TriCo Bancshares stock traded up $0.81 during mid-day trading on Friday, hitting $42.78. The company had a trading volume of 128,848 shares, compared to its average volume of 94,448. The stock has a market cap of $1.41 billion, a price-to-earnings ratio of 12.58 and a beta of 0.60. TriCo Bancshares has a 1 year low of $35.20 and a 1 year high of $51.06. 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 business has a fifty day moving average of $40.93 and a 200 day moving average of $41.05.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.84 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $101.15 million. On average, sell-side analysts expect that TriCo Bancshares will post 3.35 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Abound Financial LLC purchased a new position in shares of TriCo Bancshares in the 1st quarter valued at approximately $36,000. Sterling Capital Management LLC raised its stake in shares of TriCo Bancshares by 800.0% during the 4th quarter. Sterling Capital Management LLC now owns 1,008 shares of the financial services provider's stock worth $44,000 after buying an additional 896 shares in the last quarter. CWM LLC raised its stake in shares of TriCo Bancshares by 59.2% during the 1st 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 during the 1st quarter worth approximately $61,000. Finally, Aquatic Capital Management LLC raised its stake in shares of TriCo Bancshares by 129.5% during the 4th quarter. Aquatic Capital Management LLC now owns 2,295 shares of the financial services provider's stock worth $100,000 after buying an additional 1,295 shares in the last quarter. 59.11% of the stock is currently owned by hedge funds and other institutional investors.

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.