TriCo Bancshares (NASDAQ:TCBK) Receives Consensus Recommendation of "Hold" from Analysts

Key Points

• Consensus Recommendation: TriCo Bancshares has received a consensus recommendation of "Hold" from seven research firms, with four analysts recommending a hold and three a buy.
• Dividend Increase: The company announced a quarterly dividend increase from $0.33 to $0.36 per share, representing an annualized dividend of $1.44 with a yield of 3.5%.
• Price Target Updates: Analysts have raised their price targets for TriCo Bancshares, with notable increases from DA Davidson and Raymond James to $45.00, and Piper Sandler raising it to $55.00.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) has been given a consensus recommendation of "Hold" by the seven research firms that are covering the stock, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $47.60.

A number of equities research analysts have weighed in on the stock. DA Davidson lifted their price target on shares of TriCo Bancshares from $43.00 to $45.00 and gave the company a "neutral" rating in a research report on Friday, July 25th. Raymond James Financial reiterated an "outperform" rating and set a $45.00 price target (up from $43.00) on shares of TriCo Bancshares in a research report on Friday, July 25th. Zacks Research cut shares of TriCo Bancshares from a "strong-buy" rating to a "hold" rating in a report on Friday, September 26th. Weiss Ratings reiterated a "hold (c+)" rating on shares of TriCo Bancshares in a report on Wednesday, October 8th. Finally, 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 report on Monday, July 28th.

TriCo Bancshares Price Performance

Shares of TCBK opened at $41.17 on Friday. TriCo Bancshares has a 1-year low of $35.20 and a 1-year high of $51.06. The stock has a market cap of $1.34 billion, a PE ratio of 12.11 and a beta of 0.63. The firm has a 50-day simple moving average of $44.19 and a two-hundred day simple moving average of $41.50. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.86 and a quick ratio of 0.86.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The financial services provider reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates of $0.82 by $0.02. TriCo Bancshares had a net margin of 21.11% and a return on equity of 8.99%. The business had revenue of $103.61 million during the quarter, compared to analysts' expectations of $101.15 million. As a group, analysts forecast that TriCo Bancshares will post 3.35 EPS for the current year.

TriCo Bancshares Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change from TriCo Bancshares's previous quarterly dividend of $0.33. TriCo Bancshares's payout ratio is presently 42.35%.

Institutional Investors Weigh In On TriCo Bancshares

Hedge funds have recently bought and sold shares of the stock. Federated Hermes Inc. grew its position in shares of TriCo Bancshares by 17.7% during the second quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider's stock worth $78,000 after buying an additional 290 shares in the last quarter. Allworth Financial LP lifted its stake in TriCo Bancshares by 4.5% in the first quarter. Allworth Financial LP now owns 8,294 shares of the financial services provider's stock worth $327,000 after acquiring an additional 357 shares during the last quarter. CWM LLC grew its holdings in 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 acquiring an additional 415 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of TriCo Bancshares by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,011 shares of the financial services provider's stock valued at $760,000 after purchasing an additional 820 shares during the last quarter. Finally, Abound Financial LLC acquired a new stake in shares of TriCo Bancshares in the 1st quarter valued at $36,000. Institutional investors and hedge funds own 59.11% of the company's stock.

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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