TriCo Bancshares (NASDAQ:TCBK) Stock Price Expected to Rise, DA Davidson Analyst Says

Key Points

• DA Davidson raised its price target on TriCo Bancshares from $55 to $66 while keeping a neutral rating, implying about 12% upside from the prior close.
• Analyst sentiment remains mixed: Piper Sandler, Zacks Research, and Raymond James all recently cut their views, while the overall consensus from MarketBeat is still “Hold” with a $56.60 target.
• The stock is also being boosted by merger news, with TriCo Bancshares agreeing to be acquired by First Hawaiian in an all-stock deal that investors see as adding strategic value.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) had its price objective hoisted by DA Davidson from $55.00 to $66.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a "neutral" rating on the financial services provider's stock. DA Davidson's target price suggests a potential upside of 12.02% from the stock's previous close.

TCBK has been the topic of a number of other research reports. Piper Sandler downgraded shares of TriCo Bancshares from an "overweight" rating to a "neutral" rating and set a $61.00 price objective on the stock. in a research report on Tuesday. Weiss Ratings reaffirmed a "buy (b)" rating on shares of TriCo Bancshares in a research report on Wednesday, July 8th. Zacks Research lowered shares of 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, the company presently has a consensus rating of "Hold" and a consensus target price of $56.60.

TriCo Bancshares Stock Performance

NASDAQ:TCBK traded down $1.15 during mid-day trading on Tuesday, reaching $58.92. The company's stock had a trading volume of 399,113 shares, compared to its average volume of 171,635. The company has a current ratio of 0.87, a quick ratio of 0.86 and a debt-to-equity ratio of 0.04. The stock has a market cap of $1.88 billion, a P/E ratio of 14.92 and a beta of 0.60. The firm's fifty day moving average price is $51.72 and its two-hundred day moving average price is $49.97. TriCo Bancshares has a 12-month low of $39.69 and a 12-month high of $60.42.

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

Institutional Investors Weigh In On TriCo Bancshares

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Fermata Advisors LLC bought a new position in TriCo Bancshares in the 2nd quarter worth $209,000. Parallel Advisors LLC grew its holdings in TriCo Bancshares by 88.5% during the first quarter. Parallel Advisors LLC now owns 1,440 shares of the financial services provider's stock valued at $68,000 after purchasing an additional 676 shares during the period. Bank of America Corp DE grew its holdings in TriCo Bancshares by 39.4% during the first quarter. Bank of America Corp DE now owns 86,742 shares of the financial services provider's stock valued at $4,124,000 after purchasing an additional 24,500 shares during the period. California State Teachers Retirement System increased its position in TriCo Bancshares by 13.3% in the first quarter. California State Teachers Retirement System now owns 32,720 shares of the financial services provider's stock worth $1,556,000 after buying an additional 3,837 shares in the last quarter. Finally, Quantinno Capital Management LP increased its position in TriCo Bancshares by 22.8% in the first quarter. Quantinno Capital Management LP now owns 10,836 shares of the financial services provider's stock worth $515,000 after buying an additional 2,014 shares in the last quarter. 59.11% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about TriCo Bancshares

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

• Positive Sentiment: TriCo Bancshares agreed to be acquired by First Hawaiian in an all-stock deal, which is the main driver behind the stock’s strong move higher as investors price in acquisition value. First Hawaiian to Merge With TriCo Bancshares in $2 Billion All-Stock Deal
• Positive Sentiment: The announced exchange ratio implies TriCo shareholders will own a meaningful stake in the combined company, supporting the stock’s rally and signaling that the market sees real strategic value in the transaction. First Hawaiian Makes a Bid for Mainland U.S. Banking With $2B TriCo Bancshares Deal

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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