Zacks Research Upgrades TriCo Bancshares (NASDAQ:TCBK) to Strong-Buy

Key Points

• TriCo Bancshares has been upgraded to a "strong-buy" rating by Zacks Research, signaling increased analyst confidence in the stock's performance.
• Multiple analysts have raised their target prices for TriCo Bancshares, with Raymond James setting a new target of $45.00 and Piper Sandler increasing it to $55.00, indicating a positive outlook for the company's shares.
• TriCo Bancshares reported earnings of $0.84 per share for the last quarter, surpassing the consensus estimate and demonstrating solid financial performance.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued to investors on Thursday,Zacks.com reports.

Several other research firms also recently issued reports on TCBK. Raymond James Financial restated an "outperform" rating and set a $45.00 price objective (up previously from $43.00) on shares of TriCo Bancshares in a report on Friday, July 25th. Piper Sandler upped their price objective on shares of TriCo Bancshares from $52.00 to $55.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Finally, DA Davidson upped their price objective on shares of TriCo Bancshares from $43.00 to $45.00 and gave the company a "neutral" rating in a report on Friday, July 25th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.60.

TriCo Bancshares Stock Down 0.4%

Shares of TCBK stock traded down $0.20 during mid-day trading on Thursday, hitting $45.39. 59,780 shares of the stock traded hands, compared to its average volume of 103,248. The stock has a market cap of $1.48 billion, a P/E ratio of 13.35 and a beta of 0.68. The stock's fifty day moving average is $42.61 and its two-hundred day moving average is $40.94. TriCo Bancshares has a 52-week low of $35.20 and a 52-week high of $51.06. 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 released 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. The business had revenue of $103.61 million during the quarter, compared to analyst estimates of $101.15 million. TriCo Bancshares had a net margin of 21.11% and a return on equity of 8.99%. Equities analysts predict that TriCo Bancshares will post 3.35 EPS for the current year.

Institutional Investors Weigh In On TriCo Bancshares

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Federated Hermes Inc. grew its stake in shares of TriCo Bancshares by 17.7% during the 2nd quarter. Federated Hermes Inc. now owns 1,928 shares of the financial services provider's stock worth $78,000 after purchasing an additional 290 shares during the period. Allworth Financial LP lifted its holdings in TriCo Bancshares by 4.5% in the 1st quarter. Allworth Financial LP now owns 8,294 shares of the financial services provider's stock valued at $327,000 after purchasing an additional 357 shares in the last quarter. CWM LLC raised its holdings in shares of 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 during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of TriCo Bancshares by 3.5% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,191 shares of the financial services provider's stock worth $795,000 after acquiring an additional 616 shares during the period. Finally, Two Sigma Investments LP raised its holdings in shares of TriCo Bancshares by 2.3% during the 4th quarter. Two Sigma Investments LP now owns 37,745 shares of the financial services provider's stock worth $1,649,000 after acquiring an additional 855 shares during the period. Institutional investors and hedge funds own 59.11% of the company's stock.

TriCo Bancshares Company Profile

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.