TriCo Bancshares (NASDAQ:TCBK) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• TriCo Bancshares has been rated as a "Moderate Buy" by five brokerages, with an average 12-month price target of $47.60.
• The company reported quarterly earnings of $0.84 EPS, beating estimates, alongside a net margin of 21.11% and revenue of $103.61 million.
• TriCo Bancshares recently announced a quarterly dividend of $0.33 per share, resulting in an annualized yield of 3.2%.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) has been given an average rating of "Moderate Buy" by the five brokerages that are presently covering the company, MarketBeat reports. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $47.60.

A number of brokerages recently commented on TCBK. Keefe, Bruyette & Woods lowered 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 restated an "overweight" rating and set 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 issued a $45.00 price objective (up from $43.00) on shares of TriCo Bancshares in a research report on Friday, July 25th. Piper Sandler raised their price target on shares of TriCo Bancshares from $52.00 to $55.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Finally, DA Davidson boosted their price objective on TriCo Bancshares from $43.00 to $45.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th.

TriCo Bancshares Price Performance

Shares of TCBK opened at $40.95 on Tuesday. The stock has a 50 day moving average of $41.13 and a 200-day moving average of $41.02. TriCo Bancshares has a 52 week low of $35.20 and a 52 week high of $51.06. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of 12.04 and a beta of 0.64. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.15.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last posted 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 business had revenue of $103.61 million during the quarter, compared to analyst estimates of $101.15 million. As a group, analysts forecast that TriCo Bancshares will post 3.35 EPS for the current year.

TriCo Bancshares Announces Dividend

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

Institutional Investors Weigh In On TriCo Bancshares

Institutional investors have recently added to or reduced their stakes in the company. FMR LLC lifted its stake in TriCo Bancshares by 18.1% during 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. increased its holdings in shares of TriCo Bancshares by 1.5% in the first 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 in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of 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 acquiring an additional 39,684 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of 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 worth $25,727,000 after acquiring an additional 27,193 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of TriCo Bancshares by 0.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 464,986 shares of the financial services provider's stock worth $18,585,000 after acquiring an additional 3,147 shares in the last quarter. 59.11% of the stock is currently owned by institutional investors and hedge funds.

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.

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