Zacks Investment Research upgraded shares of TriCo Bancshares (NASDAQ:TCBK) from a sell rating to a hold rating in a report released on Wednesday.
According to Zacks, “TriCo Bancshares is a bank holding company for Tri Counties Bank. The Bank conducts a commercial banking business including accepting demand, savings and time deposits and making commercial, real estate, and consumer loans. “
Several other equities research analysts also recently issued reports on TCBK. FIG Partners downgraded TriCo Bancshares from an outperform rating to a market perform rating in a report on Tuesday, August 2nd. Keefe, Bruyette & Woods downgraded TriCo Bancshares from an outperform rating to a market perform rating and lowered their price target for the stock from $30.00 to $29.00 in a report on Friday, July 29th.
TriCo Bancshares (NASDAQ:TCBK) opened at 26.60 on Wednesday. TriCo Bancshares has a 52 week low of $23.47 and a 52 week high of $29.65. The company has a market capitalization of $607.07 million, a P/E ratio of 13.85 and a beta of 1.06. The company has a 50 day moving average price of $26.70 and a 200-day moving average price of $26.82.
TriCo Bancshares (NASDAQ:TCBK) last announced its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by $0.10. TriCo Bancshares had a return on equity of 9.65% and a net margin of 20.72%. On average, equities analysts anticipate that TriCo Bancshares will post $1.84 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Wednesday, September 14th were given a dividend of $0.15 per share. The ex-dividend date was Monday, September 12th. This represents a $0.60 annualized dividend and a dividend yield of 2.26%. TriCo Bancshares’s dividend payout ratio is currently 31.09%.
In other news, EVP Craig B. Carney sold 4,679 shares of the company’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $27.01, for a total transaction of $126,379.79. Following the completion of the transaction, the executive vice president now directly owns 10,288 shares of the company’s stock, valued at $277,878.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Carol A. Ward sold 3,944 shares of the company’s stock in a transaction dated Tuesday, July 12th. The stock was sold at an average price of $28.11, for a total value of $110,865.84. The disclosure for this sale can be found here. Insiders own 10.60% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Huntington Asset Advisors Inc. purchased a new position in TriCo Bancshares during the first quarter valued at $149,000. Paloma Partners Management Co bought a new position in shares of TriCo Bancshares during the second quarter valued at approximately $204,000. KCG Holdings Inc. bought a new position in shares of TriCo Bancshares during the second quarter valued at approximately $223,000. BlackRock Inc. boosted its position in shares of TriCo Bancshares by 422.9% in the second quarter. BlackRock Inc. now owns 9,119 shares of the financial services provider’s stock valued at $252,000 after buying an additional 7,375 shares during the period. Finally, O Shaughnessy Asset Management LLC boosted its position in shares of TriCo Bancshares by 55.7% in the second quarter. O Shaughnessy Asset Management LLC now owns 10,097 shares of the financial services provider’s stock valued at $279,000 after buying an additional 3,613 shares during the period. 66.43% of the stock is owned by institutional investors.
About TriCo Bancshares
TriCo Bancshares is the bank holding company of Tri Counties Bank (the Bank). The Company operates through community banking segment. The Bank is engaged in the general commercial banking business in approximately 30 counties in Northern and Central California. The Bank operates from over 50 traditional branches and over 10 in-store branches.