TriCo Bancshares (NASDAQ:TCBK) Sees Large Volume Increase on Analyst Upgrade

Key Points

• TriCo Bancshares shares saw a surge in trading volume after DA Davidson raised its price target to $66 from $55, even though it kept a neutral rating. The stock traded around $59.39, above the prior close of $60.07.
• Analyst sentiment remains mixed, with Piper Sandler and Raymond James cutting ratings while Weiss Ratings reiterated a buy. Overall, MarketBeat shows the stock with an average Hold rating and a $56.60 target price.
• The company is in the middle of a major acquisition process, with First Hawaiian agreeing to buy TriCo Bancshares in an all-stock deal. The announcement has drawn investor interest as well as shareholder-fairness investigations, adding uncertainty around the transaction.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) shares saw an uptick in trading volume on Tuesday after DA Davidson raised their price target on the stock from $55.00 to $66.00. DA Davidson currently has a neutral rating on the stock. Approximately 282,272 shares were traded during trading, an increase of 66% from the previous session's volume of 169,871 shares.The stock last traded at $59.39 and had previously closed at $60.07.

TCBK has been the subject of several other research reports. Piper Sandler downgraded TriCo Bancshares from an "overweight" rating to a "neutral" rating and set a $61.00 price objective on the stock. in a report on Tuesday. Weiss Ratings restated a "buy (b)" rating on shares of TriCo Bancshares in a research report on Wednesday, July 8th. Zacks Research lowered TriCo Bancshares from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 5th. Finally, Raymond James Financial cut TriCo Bancshares from an "outperform" rating to a "market perform" rating in a report on Tuesday. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $56.60.

Key Stories Impacting TriCo Bancshares

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

• Positive Sentiment: First Hawaiian agreed to buy TriCo Bancshares in an all-stock deal. The transaction creates a larger Pacific banking franchise and gives TriCo shareholders a clear exit value, which typically supports the stock. Article: TriCo Bancshares (TCBK) Stock Jumps 12%: Here's Why the Stock Is Trending Today
• Positive Sentiment: DA Davidson raised its price target on TriCo Bancshares to $66 from $55. While the firm kept a neutral rating, the higher target suggests the shares may still have some upside relative to recent trading levels. Article: TriCo Bancshares price target raised by DA Davidson
• Neutral Sentiment: Analysts and market commentators are debating whether the stock is fully valued after the deal announcement. Some coverage framed the move as a valuation question rather than a fresh catalyst, which may limit additional near-term enthusiasm. Article: TriCo Bancshares (TCBK) Agreed To A $2b Deal, Is The Stock Above Fair Value?
• Negative Sentiment: Law firms and shareholder groups have launched investigations into whether the sale price is fair. These challenges can add uncertainty around the transaction process and keep some pressure on the shares. Article: Shareholder Alert: Ademi LLP investigates whether TriCo Bancshares is obtaining a Fair Price for Public Shareholders

Hedge Funds Weigh In On TriCo Bancshares

Hedge funds and other institutional investors have recently bought and sold shares of the business. North Reef Capital Management LP bought a new stake in shares of TriCo Bancshares during the 4th quarter valued at $22,994,000. Mercer Global Advisors Inc. ADV bought a new position in shares of TriCo Bancshares in the 3rd quarter worth $6,972,000. Millennium Management LLC boosted its position in shares of TriCo Bancshares by 292.7% in the 3rd quarter. Millennium Management LLC now owns 135,318 shares of the financial services provider's stock worth $6,009,000 after purchasing an additional 100,858 shares during the last quarter. Rice Hall James & Associates LLC bought a new position in shares of TriCo Bancshares in the 1st quarter worth $4,527,000. Finally, FJ Capital Management LLC acquired a new stake in shares of TriCo Bancshares during the fourth quarter worth $4,381,000. 59.11% of the stock is owned by institutional investors.

TriCo Bancshares Trading Down 1.5%

The business has a 50 day moving average of $51.72 and a 200 day moving average of $49.97. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of 14.98 and a beta of 0.60. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.87 and a quick ratio of 0.86.

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

TriCo Bancshares Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 5th were paid a $0.36 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.4%. TriCo Bancshares's dividend payout ratio is 36.46%.

TriCo Bancshares Company Profile

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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