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 research analysts also recently issued reports on TCBK. ValuEngine downgraded shares of TriCo Bancshares from a hold rating to a sell rating in a report on Monday, July 22nd. Stephens restated a neutral rating on shares of TriCo Bancshares in a report on Monday, July 29th. BidaskClub upgraded shares of TriCo Bancshares from a sell rating to a hold rating in a report on Thursday. Raymond James dropped their price objective on shares of TriCo Bancshares from $42.00 to $41.00 and set an outperform rating on the stock in a report on Thursday, August 29th. Finally, Piper Jaffray Companies started coverage on shares of TriCo Bancshares in a report on Friday, July 12th. They set a neutral rating and a $41.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $41.50.
TriCo Bancshares (NASDAQ:TCBK) last released its earnings results on Thursday, July 25th. The financial services provider reported $0.75 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.73 by $0.02. TriCo Bancshares had a net margin of 26.74% and a return on equity of 10.14%. The firm had revenue of $77.89 million during the quarter, compared to analyst estimates of $77.76 million. Equities analysts anticipate that TriCo Bancshares will post 2.95 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.22 per share. This is an increase from TriCo Bancshares’s previous quarterly dividend of $0.19. The ex-dividend date is Thursday, September 12th. This represents a $0.88 annualized dividend and a dividend yield of 2.36%. TriCo Bancshares’s payout ratio is presently 28.25%.
In other news, EVP Craig B. Carney sold 5,166 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $37.02, for a total transaction of $191,245.32. Following the transaction, the executive vice president now owns 26,018 shares in the company, valued at approximately $963,186.36. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Craig B. Carney sold 5,122 shares of the business’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $36.38, for a total transaction of $186,338.36. Following the transaction, the executive vice president now owns 20,896 shares in the company, valued at approximately $760,196.48. The disclosure for this sale can be found here. Insiders own 10.30% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of TCBK. BNP Paribas Arbitrage SA increased its stake in TriCo Bancshares by 374.6% in the first quarter. BNP Paribas Arbitrage SA now owns 5,311 shares of the financial services provider’s stock valued at $209,000 after acquiring an additional 4,192 shares during the period. SG Americas Securities LLC bought a new stake in TriCo Bancshares in the first quarter valued at about $182,000. Alps Advisors Inc. bought a new stake in TriCo Bancshares in the first quarter valued at about $399,000. Victory Capital Management Inc. increased its stake in TriCo Bancshares by 14.2% in the first quarter. Victory Capital Management Inc. now owns 56,807 shares of the financial services provider’s stock valued at $2,232,000 after acquiring an additional 7,057 shares during the period. Finally, Cetera Advisor Networks LLC bought a new stake in TriCo Bancshares in the first quarter valued at about $379,000. 60.86% of the stock is currently owned by institutional investors and hedge funds.
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. It accepts demand, savings, and money market accounts, as well as time deposits. It also provides small business loans; real estate mortgage loans, such as residential and commercial loans; consumer loans; commercial loans, including agricultural loans; and real estate construction loans.
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