TriCo Bancshares' (TCBK) "Hold (C+)" Rating Reaffirmed at Weiss Ratings

Key Points

• TriCo Bancshares has had its "hold (C+)" rating reaffirmed by Weiss Ratings, with analysts currently averaging a consensus target price of $47.60 for the stock.
• The stock price opened at $43.61, showing a 12-month range between a low of $35.20 and a high of $51.06, with a market cap of $1.42 billion.
• Institutional investors own 59.11% of TriCo Bancshares, indicating strong investor interest with notable stake increases from firms like Vanguard Group and Franklin Resources.

TriCo Bancshares (NASDAQ:TCBK - Get Free Report)'s stock had its "hold (c+)" rating reaffirmed by stock analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

Several other equities research analysts have also recently issued reports on the stock. Raymond James Financial restated an "outperform" rating and set a $45.00 price objective (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 research report on Friday, September 26th. Piper Sandler raised their price objective on shares of TriCo Bancshares from $52.00 to $55.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Finally, DA Davidson raised their price objective on shares of TriCo Bancshares from $43.00 to $45.00 and gave the stock a "neutral" rating in a research report on Friday, July 25th. Three research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $47.60.

TriCo Bancshares Price Performance

TriCo Bancshares stock opened at $43.61 on Wednesday. TriCo Bancshares has a 12-month low of $35.20 and a 12-month high of $51.06. The stock has a market cap of $1.42 billion, a P/E ratio of 12.83 and a beta of 0.63. The company has a 50-day moving average price of $44.02 and a 200 day moving average price of $41.41. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.09.

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

Institutional Investors Weigh In On TriCo Bancshares

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of TriCo Bancshares by 1.5% during the first quarter. Vanguard Group Inc. now owns 1,839,668 shares of the financial services provider's stock valued at $73,532,000 after acquiring an additional 27,348 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of TriCo Bancshares by 7.9% in the second quarter. Franklin Resources Inc. now owns 1,725,857 shares of the financial services provider's stock valued at $69,880,000 after purchasing an additional 126,571 shares during the period. Davis Asset Management L.P. boosted its stake in shares of TriCo Bancshares by 2.6% in the second quarter. Davis Asset Management L.P. now owns 1,046,900 shares of the financial services provider's stock valued at $42,389,000 after purchasing an additional 26,100 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of TriCo Bancshares by 4.4% in the first quarter. Goldman Sachs Group Inc. now owns 643,656 shares of the financial services provider's stock valued at $25,727,000 after purchasing an additional 27,193 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of TriCo Bancshares by 0.7% in the first quarter. The Manufacturers Life Insurance Company now owns 464,986 shares of the financial services provider's stock valued at $18,585,000 after purchasing an additional 3,147 shares during the period. 59.11% of the stock is currently owned by institutional investors and hedge funds.

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.

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