TriCo Bancshares (NASDAQ:TCBK) Upgraded at Wall Street Zen

Key Points

• TriCo Bancshares has been upgraded from a "sell" rating to a "hold" rating by investment analysts at Wall Street Zen.
• Various analyst reports show mixed opinions, with Raymond James maintaining an "outperform" rating and a target price increase to $46, while Zacks Research downgraded the stock to a "hold" rating.
• The company reported $1.04 earnings per share for the last quarter, exceeding analysts' expectations of $0.92.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Saturday.

Several other equities research analysts have also recently issued reports on TCBK. Raymond James Financial restated an "outperform" rating and set a $46.00 price objective (up previously from $45.00) on shares of TriCo Bancshares in a report on Friday. Piper Sandler increased their target price on TriCo Bancshares from $52.00 to $55.00 and gave the company an "overweight" rating in a research note on Monday, July 28th. Weiss Ratings reiterated a "hold (c+)" rating on shares of TriCo Bancshares in a research note on Wednesday, October 8th. DA Davidson lifted their target price on TriCo Bancshares from $43.00 to $45.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Finally, Zacks Research downgraded TriCo Bancshares from a "strong-buy" rating to a "hold" rating in a research report on Friday, September 26th. Three research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $47.80.

TriCo Bancshares Price Performance

TriCo Bancshares stock opened at $43.26 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market capitalization of $1.41 billion, a PE ratio of 12.15 and a beta of 0.63. The business has a 50 day simple moving average of $44.19 and a 200-day simple moving average of $41.68. TriCo Bancshares has a 12 month low of $35.20 and a 12 month high of $51.06.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) last issued its earnings results on Thursday, October 23rd. The financial services provider reported $1.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.92 by $0.12. TriCo Bancshares had a return on equity of 9.37% and a net margin of 21.87%.The business had revenue of $18.01 million during the quarter, compared to the consensus estimate of $107.08 million. Equities analysts predict that TriCo Bancshares will post 3.35 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in 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 worth $73,532,000 after purchasing an additional 27,348 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of TriCo Bancshares by 7.9% during the second quarter. Franklin Resources Inc. now owns 1,725,857 shares of the financial services provider's stock worth $69,880,000 after purchasing an additional 126,571 shares in the last quarter. Davis Asset Management L.P. raised its holdings in shares of TriCo Bancshares by 2.6% during the second quarter. Davis Asset Management L.P. now owns 1,046,900 shares of the financial services provider's stock worth $42,389,000 after acquiring an additional 26,100 shares during the period. Goldman Sachs Group Inc. increased its stake in TriCo Bancshares by 4.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 643,656 shares of the financial services provider's stock valued at $25,727,000 after buying an additional 27,193 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in TriCo Bancshares by 0.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 464,986 shares of the financial services provider's stock valued at $18,585,000 after buying an additional 3,147 shares during the last quarter. 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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